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INDIANAPOLIS, Jan. 17, 2019 (GLOBE NEWSWIRE) — Equian, a leader in innovative P&C payment integrity solutions announced today that its Data Analytics Division created the first NLP based AI platform called EquianAI built exclusively for the P&C subrogation market. After piloting and testing the platform, it has proven to:
- eliminate leakage associated with subrogation identification,
- reduce false positives up to 36%,
- enable productivity gains up to 20%,
- and improve cycle time over 30%.
EquianAI’s greatest impact is improving operational performance and recovery cycle times, and it easily integrates into existing workflows with minimal technology resources required. Equian’s Subject Matter Experts worked alongside the Analytics Division to develop the model. The Analytics Division utilized Equian’s data repository of P&C subrogation data to formulate a unique set of algorithms to predict outcomes and improve the existing process.
Sam Cooper, Senior Vice President of Client Solutions, stated, “P&C organizations have unique challenges when it comes to subrogation. Most carriers rely on manual evaluation of free text with some predictive analytics on a limited amount of structured data to identify losses with subrogation opportunity. EquianAI provides automation that removes tedious human intervention by analyzing the free text, the structured data, and the unstructured data simultaneously. The technology performs in-depth analyses that result in the ability to prioritize claims by scoring recoverable files as High, Medium or Low based on recoverability. Rules based technology then directs the scored cases to appropriate investigation and recovery experts.”
Gary Liter, President of the Subrogation Division, further offered, “As a result of our experts’ deep dive, we found significant areas of improvement could be made by deploying technology logic as a critical part of the subrogation payment integrity value chain. Key automation incorporated into our data engine that drives our successful outcomes includes Artificial Intelligence, Digital Robotics and Machine Learning, Predictive Analytics, and Mobile Technology.”
A video explaining the solution functionality and process can be accessed through the link below:
Next Gen –EquianAI Video
Equian is a leading end-to-end payment integrity organization. The company manages over $500 billion in claims data annually on its innovative platform designed to assist clients by avoiding, identifying, pricing, analyzing clinical codes, and ultimately recovering inaccurate transactions in the complex environments of healthcare, workers’ compensation, and property & casualty markets. Equian acts on data to pay the right party, the right amount, at the right time delivering over $2.5 billion annually in actionable savings throughout the payment spectrum.
Mike Morrison, CRO
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