ClaimsX Ultra helps insurers detect fraud early, uncover connections between parties, and analyze vendor risk across all open claims.
October 31st, 2023
SANTA BARBARA, Calif.–(BUSINESS WIRE)– Carpe Data, the next-generation online data provider for insurers, today announced ClaimsX Ultra, a new AI-assisted fraud detection system that builds on ClaimsX’s original award-winning claim monitoring technology. ClaimsX Ultra automates customer data collection and analysis, eliminating manual processes and filling in missing information gaps; employs AI to detect early fraud indicators, avoiding late discoveries; and uses advanced algorithms to manage vendor risk and determine connections between involved parties. This automation streamlines claim processing, significantly reducing manual efforts and enhancing fraud prevention.
“We’ve pinpointed five critical challenges that persist across the industry, hindering the quest for precision and efficiency in claim processing,” said Max Drucker, CEO of Carpe Data. “These challenges include limited early insights from FNOL data, blind spots in early fraud detection, inadequate data on vendor and household connections, and insufficient identity validation. ClaimsX Ultra is our response to these challenges, aimed at tackling the most significant inefficiencies in claim processing so insurers can do more with less while ensuring claim handling that is both fast and fair.”
In a landscape where triage, vendor insights, and fraud detection often fall short, ClaimsX Ultra will be key for carriers to supercharge the claim process for both accuracy and speed, allowing them to detect fraud earlier, streamline operations, and deliver a superior customer experience.
ClaimsX Ultra provides the most comprehensive review of any given claim, with benefits such as:
- Evidence-Based Alerts for All Claim Types – From auto collision and workers comp to general liability and more, ClaimsX Ultra streamlines processing, reduces delays, and collects evidence to prevent fraud before online information is scrubbed. Historically available for bodily injury claims, Ultra expands these capabilities to include APD, workers comp, GL claims and more.
- Validated FNOL and Customer Insights – Provides a smoother customer experience, lowers operating costs tied to manual research, and deters minor fraud in the process.
- Vendor Risk Analysis – Reduces provider fraud incidents directing claimants to trusted vendors known for customer success, therefore reducing claim costs and research time improving the overall experience.
“We’ve always believed in pushing the boundaries of innovation to meet the changing needs of our customers,” said Scot Barton, Chief Product Officer at Carpe Data. “ClaimsX Ultra represents a natural evolution of our successful ClaimsX platform. What sets the new ClaimsX Ultra release apart is its ability to provide a holistic picture of every open claim, turbocharging FNOL processing with early, actionable information, enhancing fraud prevention, and offering universal applicability across various claim types. We also pride ourselves on its seamless integration into existing workflows, eliminating the need for additional portals and ensuring your team can make well-informed decisions while processing claims efficiently.”
With nearly a decade of innovation in data science and AI, ClaimsX Ultra is the pinnacle of Carpe Data’s commitment to enhancing insurance carriers’ efficiency, from the FNOL to claim settlement and subrogation, catering to the broad spectrum of claim types and processes. To learn more about ClaimsX Ultra, please visit www.carpe.io/products/claims/
The original release can be read on BusinessWire here.
About Carpe Data
Collaborating with insurance carriers to navigate the chaotic, ever-expanding data landscape, Carpe Data contextualizes online data bringing it into focus. We transform online information into predictive and actionable data, enabling automation and improving insurance outcomes across the policy lifecycle. Headquartered in Santa Barbara, CA, Carpe Data employees span the US, UK and Portugal with a commitment to helping insurers achieve peak efficiency. See how Carpe Data works to improve insurance outcomes at www.carpe.io or on our social channels for the latest information – LinkedIn, Facebook, and Instagram.
For more information, please visit https://carpe.io.
Media contact:
Stacy Slayden
INK Communications for Carpe Data
carpedata@ink-co.com
