Verisk’s GenAI speeds up insurance claims processing with cutting-edge tool.

February 14, 2024
1 min read

TLDR: Verisk, a global data analytics and technology provider, has launched a new automated Generative AI tool to support faster insurance claims processing. The tool will reside within Verisk’s Discovery Navigator platform and aims to enhance the claims settlement process by automating the extraction and organisation of treatment data and medical information. The tool has already demonstrated improvements in claims handling efficiency, with up to 90% faster manual record review and up to 95% accuracy rates. Verisk developed the tool using Amazon Bedrock, a fully managed service from Amazon Web Services.

Verisk has launched an automated AI tool to speed up insurance claims processing. The AI tool is part of the Discovery Navigator platform and aims to streamline the claims settlement process by automating the extraction and organisation of treatment data and medical information. The tool is designed to solve challenges faced by claims professionals, such as a shrinking skilled workforce and rising costs. Verisk claims that the tool can deliver comprehensive record summaries in a fraction of the time previously required, improving claims handling efficiency by up to 90%. The offering is a part Verisk’s commitment to utilising advanced technologies to enhance productivity and operational efficiency.

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