Verisk has unveiled two new accelerators, wcPrism and wcNavigator, intended to ease processing of workers’ compensation claims in Guidewire ClaimCenter.
These tools use advanced analytics and automation to speed up the handling of claims and increase precision in claims management.
The wcPrism accelerator simplifies the reporting of mandatory state-level workers’ compensation claims.
It automates data extraction and conversion, promoting the precision and timeliness of compliance by using a comprehensive data feed.
This feed automates the generation of necessary data reports, adhering to industry and state-specific reporting needs.
It also applies validations used by states and data collection groups to enable precise reporting.
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The wcNavigator accelerator employs predictive analytics to identify and manage high-severity workers’ compensation claims.
By pinpointing claim severity at the initial notice of injury, the solution helps adjusters as well as claims managers deal with potential issues and assign resources efficiently.
This tool aids in improving claims outcomes by analysing the severity of claims from the start and offers alerts for treatment changes and medication monitoring.
Verisk casualty solutions president Carrie Barr said: “wcPrism can make workers’ compensation claim reporting more efficient, accurate and stress-free.
“By automating the reporting process, our solution allows claims professionals to dedicate more time to managing claims and providing exceptional service to their clients.”
Commenting on wcNavigator, she added: “Claimants and insurers benefit from the faster severity detection, which is vital to enabling workers’ compensation cases to be managed better. With wcNavigator, adjusters can make informed decisions earlier in the claims process, leading to improved outcomes and reduced costs.”
The Guidewire Marketplace offers more than 30 solutions from Verisk, helping insurers complete processes from underwriting to renewal.
The latest development comes shortly after Verisk announced collaborations with FRISS and Globlue Technologies to bolster fraud detection in insurance.
