Underwriting and claims are the two key pillars of risk management for insurers. These elements determine how profitable and secure a portfolio is and whether or not the insurance risk will ultimately materialize. Additionally, underwriting and claims handling processes have a significant influence on your image and reputation as an insurer. Your clients and sales partners want simple processes delivered with optimum speed and efficiency, short waiting periods and maximum convenience when it comes to processing applications and claims.
With challenging markets, the claims and underwriting functions have become a critical focus area for insurers. Automated, digitalized underwriting and claims handling are the keys to success.
Let’s dive into the Israeli ecosystem which offers technologies that ensure greater claims and underwriting effectiveness, while still achieving customer experience improvements.
Some examples of Underwriting and claims management companies from Israel:
Gynisus uses artificial intelligence to improve the way people are diagnosed and treated. The company’s SPAI platform provides intelligent insights and predictions for the healthcare space. Gynisus seeks to help hospitals and physicians focus on patients at higher risk for complications and disease as well as to enable better forecasting in the areas of resource utilization and cost management.
2. Digital Owl:
DigitalOwl offers a solution designed to automatically analyze insurance claims in order to estimate the correct settlement fee or locate factors to support its rejection. The company’s goal is to eliminate repetitive and time-consuming tasks and ensure a fuller, more in-depth examination of medical documents.
- Five Sigma:
Five Sigma leverages advanced artificial intelligence and deep learning to assist in the process of managing casualty and property insurance claims. Five Sigma integrates AI engines with various data sources to predict the claim lifecycle, automate the claim process, detect emerging patterns, and provide actionable insights.
MedinTec offers MediClaims, a platform that enables the centralized management of interactions between insurers, medical providers, and the insured, offering a streamlined, cost-efficient solution for processing medical claims.
MediClaims automatically processes claims filed under any type of insurance that covers medical expenses, such as health, workers’ compensation, liability, bodily injury, travel, personal accident, and malpractice. It also can share, process in parallel, and cross-check claims data from different claims, plans, and types of insurance.
A high level of automation and flexibility help ensure that all processes and verifications are carried out precisely according to the organization’s decision tree and rules.
- Serenus AI:
Serenus.AI develops solutions to improve healthcare delivery and patient outcomes. The company’s patent-pending technology was developed to help medical professionals and patients make better medical decisions at the post-diagnostic stage to save lives and valuable resources.
The system’s algorithms replicate the objective decision-making processes of top physicians by combining up-to-date medical practices, professional knowledge, and machine-learning technologies.
For further information on Underwriting and Claims management solutions from Israel, contact the Economic and Trade Department at the Consulate General of Israel in Mumbai.
Siddhant Gupte; Trade Officer, Mumbai