Nov 16, 2021, 09:00 ET
SAN ANTONIO, Nov. 16, 2021 /PRNewswire/ -- Claimatic, the intelligent insurance claims startup, today announced the United States Patent and Trademark Office (USPTO) granted a patent for the company's intelligent decisioning software that automatically triages, routes and assigns thousands of claims in seconds. Patent No. 11,151,658 is the invention of the first patented claims triage and assignment technology capable of leveraging real-time, dynamic geo-location of field resources.
The patent issuance validates the level of innovation Claimatic's proprietary software delivers through intelligent insurance claims decisioning, routing and resource management used by both top-tier traditional insurance firms and digitally disruptive carriers.
"This patent is further proof of Claimatic's commitment to the optimization and streamlining of insurance claims processing," said Larry Cochran, Claimatic Founder and CEO. "The insurance industry is a minefield of complexities that we strive to simplify through the integration of industry expertise and technology. We are constantly working to develop new solutions that enable our clients to serve their customers more efficiently."
The invention uses an algorithmic software system that triages the insurance claims intake details to determine severity, perils, location, and other attributes. The software then uses collected data to identify optimal internal and external resources and vendors to apply to each claim based on location, availability, licensing, severity, complexity and other data elements. In just seconds, the algorithm considers millions of different permutations helping carriers drastically increase operational speed.
The newly issued patent reinforces Claimatic's commitment to developing highly sophisticated, intelligent technologies to enhance insurance claims platforms and accommodate the industry's real-world operational challenges.
Claimatic is a SaaS solution for the insurance industry that streamlines and automates claims distribution and work force balancing to optimize resources based on real-time, dynamic data. The company helps insurance carriers and vendors meet their customers' increasing expectations with expedited claim processing and a highly improved experience, all while streamlining costs. In seconds, Claimatic performs the complex task of evaluating thousands of potential decisions, using multiple dimensions such as location tracking, license qualification, skill sets, schedule availability, vendor panel preferences, and other data, removing days from the typical claim cycle time, reducing loss adjustment expenses (LAE), and improving policyholder experience. For more information, visit Claimatic's website at www.claimatic.com.
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