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EIS Launches ClaimSmart™ to Drive Down the Cost of Claims
EIS, a leading SaaS platform provider to the insurance industry, has today announced the launch of ClaimSmart, an intelligent cloud solution designed to redefine the claims management landscape. Leveraging the power of Artificial Intelligence
and Machine Learning, ClaimSmart enables insurers to dramatically reduce the cost of claims, while significantly increasing the quality of the customer experience.
ClaimSmart drives down loss costs, by addressing key inefficiencies and waste drivers, such as redundant manual work, fraudulent claims, and claims leakage. In addition, its versatile and unified digital front-end portal ensures insurers can deliver fully digital customer experiences that prioritise self-service, cut friction, and make the full life-cycle more consumer-friendly and flexible.
“We’re proud to be one of ClaimSmart’s first users,” said Atsushi Wada, Claim Dept. Team Manager, Tokio Marine. “It’s helping to revolutionise our claims management process for both customers and employees. Inefficient and costly systems and processes have been transformed, delivering faster resolutions, increased customer satisfaction, and large-scale operational savings.”
The launch of ClaimSmart represents a significant leap forward for EIS and an advancement in its expertise in data science. It lays the groundwork for a comprehensive Data Science (DS) suite of solutions, enhancing automation and efficiency across the insurance sector. The integration of DS methodologies is pivotal in developing algorithms that can analyse patterns, make predictions, and ultimately drive smarter, more efficient operations in the insurance industry.
Alec Miloslavsky, EIS CEO, said: “Claims platforms are in desperate need of transformation. They’re bogged down by manual tasks and ineffective processes that not only drive-up costs but also degrade customer experiences. In response, we’ve developed ClaimSmart to address these challenges head-on.”
“Engineered to streamline operational tasks, ClaimSmart significantly alleviates tedious administration and enhances the digital front-end experience for customers. It ensures rapidprocessing of legitimate claims while minimising claim leakage and the risk of fraud. This is acrucial expansion to our offerings, integrating ML and AI to enhance our platform’s capabilities and deliver a comprehensive end-to-end claim management solution.”
ClaimSmart is core-agnostic, allowing it to integrate seamlessly with most policy and claims management systems. When paired with ClaimCore, EIS existing claims system, ClaimSmart’s combined capabilities offer a holistic solution that accelerates claim resolution and delivers a customised and seamless experience for insurers and policyholders. This synergy is instrumental in reshaping the insurance claims operations landscape.
“With ClaimSmart, we’re embracing the transformative potential of data science to revolutionise insurance claims management. Our commitment to data fluidity, intelligence, and extensibility is crucial as we assist insurers in building their future ecosystems. This vision has been recognised by industry experts, such as Celent, who have named our Claims Platform a 2024 Tech Standout. As we continue to evolve our platform and collaborate with various insurtechs, our goal remains to deliver the best possible claims management outcomes, setting new standards in the industry.” said Miloslavsky.
ClaimSmart includes two products, ClaimPulse™ and ClaimGuard™. ClaimPulse introduces a new level of efficiency and technological sophistication utilising digital first notice of loss (Digital FNOL), an automated claims processing layer, and integrated front- end digital portal. ClaimGuard is an AI and ML solution specialising in fraud detection and risk scoring that enhances the security and integrity of the claims process, and improves over time as it processes more claims.
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