WAKEFIELD, MA – (October 12th, 2018) DAVID Corporation, a California-based insurance software company, on October 31st NAVRISK VISION will begin to roll out Version 3.0 of their powerful, outcomes-driven solution NAVRISK VISION. Existing customers will be the first to experience the new system, and new customers who sign in November will platform onto this latest release.
“The new NAVRISK VISION 3.0 Release fulfills our product roadmap for improving the productivity of internal client resources to achieve better strategic results. The new program helps users stay focused on the highest value risk and claim outcomes on a real-time basis. Our exclusive Risk Performance Optimization platform now features early intervention capabilities for high-risk claims using predictive analytics. These insights are key for success in realizing lower average claim costs, shorter claim duration, and fraud identification,” said Mark Dorn, President & CEO.
The release offers new optional programs that provide a built-in predictive analytics engine that analyzes a customer’s claims database to identify high-risk claims and works through a smart scoring algorithm to determine the claims severity. The claims score pairs to a comprehensive adjuster profile for better matching of claim severity to adjuster experience and expertise and balance workload by total score rather than the bulk number of claims per person.
This relevant, productivity functionality couples with dynamic reserving. The new release technology leverages key claim characteristic such as loss type, litigation status, and injury detail to predict a claim settlement costs.
“The result of employing predictive analytics is a more balanced workload and reserve profile across the organization. This can lead to productivity and loss savings for our clients,” said Michael Hamann, Vice President of Development.
Other significant upgrades in NRV 3.0 include enhanced Analytics with improved, visually engaging dashboards. These now reflect the claims scoring, KPI’s and signaling of requests that need extra or special attention. Reports now compare actual reserve vs. predicted reserve in real-time. For additional insights, measures, and cross-comparison with aggregate third part or public data, NRV 3.0 integrates with optionally licensed IBM Watson software, for enhanced data analysis and visualization.
Significant new search on disability guidelines are now part of the new system. Outlook users will have the ability to push content and attachments from the email into the claim record. Also, from the claim record, users can download a .zip file of all associated documents and attachments, for easier file management and archiving.
DAVID Corporation specializes in risk, claims, and policy management solutions for self-administered organizations. We serve brokers, insurance carriers, risk pools, third party administrators (TPAs), self-insured companies and other organizations managing property and casualty risk. Founded in 1985, for more than three decades we help organizations run their operations more efficiently and better control their total cost of risk outcomes.
NAVRISK VISION Suite is a cloud-based risk, claim and policy management solution that leading insurance professionals use to reduce costs, improve productivity, and meet compliance requirements, by leveraging a powerful Risk Performance Optimization platform.
Learn More at www.davidcorp.com