JumpStart Invests $250,000 in Casentric, LLC

Company's Software Optimizes Insurance Claims Process

Feb 06, 2013, 10:00 ET from JumpStart Inc.

CLEVELAND, Feb. 6, 2013 /PRNewswire/ -- Nonprofit venture development organization JumpStart Inc. (www.jumpstartinc.org) has committed $250,000 to Casentric, LLC (casentric.com), which has developed a cloud-based, Software-as-a-Service (SaaS) application that helps evaluate and resolve property and injury cases faster and more accurately.  CaseXpert™ is an intuitive and cost-effective software product that brings critical thinking to the challenging work of handling claims.

"The property and casualty insurance industry spends $225 billion annually on claims, and yet most companies today do not use any automated solution to evaluate and resolve claims," says Casentric CEO Jim Kaiser. "Simply put, we address an urgent need. CaseXpert™ converts the art of the claims process to the analytical science of settlement." CaseXpert™ consists of several components—covering the areas of liability and damages, data analysis and reporting, and real-time negotiation guidance—which can be subscribed to individually or together.  

"CaseXpert™'s balanced approach to organizing and presenting information in a single, integrated application significantly improves claims handlers' ability to use information from an accident to create an accurate value for a claim," Kaiser says. "This also improves their ability to amicably resolve cases faster, even in difficult cases where responsibility for an accident is shared by multiple parties."

CaseXpert™ is also fully customizable, which means that companies can create a tailored, proprietary approach to claim handling. "Casentric's solution helps insurance companies, as well as organizations that self-insure, pay the correct settlement amount by providing claims handlers with the resources and information they need to negotiate settlements that are fair and reasonable," says Jerry Frantz, JumpStart's Managing Venture Partner. "In addition, CaseXpert™ helps minimize the length of time cases remain outstanding, allowing companies to more efficiently manage their workload."

Casentric will use JumpStart's investment to further expand CaseXpert™ product components and build a team to help drive customer growth. 

CASENTRIC, LLC.  Shaker Heights, Ohio-based Casentric offers CaseXpert™, a cloud-based, Software-as-a-Service (SaaS) application that builds claims handler expertise and optimizes settlement timing and costs. CaseXpert™ leverages essential information currently not captured by other applications to construct a case's value and helps claims handlers achieve improved claims outcomes. For more information, visit www.casentric.com.

JUMPSTART INC. JumpStart accelerates the successes of diverse entrepreneurs, their companies and the ecosystems supporting them. Since 2004, the nonprofit development organization has given intensive business assistance to more than 365 entrepreneurial clients and been an investor in 69 early stage Northeast Ohio companies. For more information on JumpStart, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.

SOURCE JumpStart Inc.