Infinilytics’ AI platform will lower costs, improve customer experience, and increase efficiency of claims management in a remote environment
Infinilytics, an enterprise artificial intelligence (AI) and analytics provider delivering solutions for insurance organizations, is pleased to announce Intellagents, provider of an API ecosystem for insurers and Insurtechs which facilitates faster connections and profitable innovation, has selected the company’s AI-based solution, CHARLEE, to add insurance claims insights to the Intellagents Marketplace.
Infinilytics’ Charlee provides four insights in managing insurance claims, including best practices, red flag alerts, quality control (QC) alerts, and litigation prediction. Leveraging AI, Charlee serves as an “early warning system,” identifying hidden patterns or insights which help to expedite or fast track the claims process and predict which claims may eventually lead to litigation. Charlee literally predicts litigation thereby allowing for mitigation early on in the claims process. Specifically, Charlee is designed to help reduce allocated loss adjustment expense (ALAE) and claims severity.
“Infinilytics is the perfect addition to our inventory of state-of-the-art Insurtech capabilities,” said Mark Stender, co-founder and president of Intellagents. “Infinilytics is very rich in claims insights and has an incredible data science team. Connecting them with other partners in the Intellagents Marketplace can be a game changer for insurers seeking rapid, efficient claims capability, especially in a potentially high-claim pandemic environment.”
The Intellagents Marketplace is an ecosystem of innovative, Insurtech solutions which utilize state-of-the art application programming interfaces (APIs) to connect insurers with modern platforms. Intellagents connects to an insurer’s existing assets (files, databases, API web services, messages) using adaptors which make secure APIs available to the greater insurance ecosystem, thereby seamlessly integrating new capabilities.
“We are honored and very excited to be partnered with Intellagents,” said John Standish, co-founder and chief innovation officer of Infinilytics. “Charlee utilizes machine learning (ML), deep learning (DL), and natural language processing (NLP) to accurately predict if a claim will proceed into litigation and provides recommendations starting from the first notice of loss (FNOL) through the claim investigation to the final settlement. In our current national and global pandemic crisis, Charlee will increase efficiency in managing claims while the claims team is working remotely and away from the office.”