SAN FRANCISCO and DALLAS, July 21, 2022 (GLOBE NEWSWIRE) -- Charlee.ai (Charlee), a provider of cloud-based artificial intelligence (AI) solutions for property and casualty (P&C) insurers, and the provider of the industry’s leading SaaS-based, process-driven litigation management platform, ClaimDeck, are pleased to announce a newly-formed partnership.
According to the Insurance Litigation Report 2022 by Lex Machina Inc., insurance lawsuit frequency increased approximately 47 percent over the last five years. Litigation challenges insurers and claims organizations in an environment where it is already difficult to achieve profitability organically.
“We live in an increasingly litigious society and claims costs already account for the bulk of the premium dollars insurance companies bring in,” said Sri Ramaswamy, CEO for Charlee. “This partnership ensures insurers will be able to more accurately predict which claims have the highest likelihood of litigation to ensure settlement and it is, therefore, easier to proactively manage the process to mitigate soaring loss costs.”
Charlee inspects all sources of data within the claim file to predict which claims will require litigation and attorney involvement with better than 80 percent accuracy. Charlee then delivers claim-level insights on the claims predicted to require litigation and prioritizes those claims before sending via API integration to ClaimDeck for mitigation and management of the settlement. ClaimDeck captures over 500 categories of data that contribute to the predictive analytics effort and achieve double digit percentage reduction in legal and indemnity spend and average case life. This end-to-end process helps reduce claims cycle time, produce better settlement insights, and reduce overall claims expenses.
“ClaimDeck and Charlee share many common goals and a passion for improving the claim process,” said Dwayne Hermes, co-founder and CEO of ClaimDeck. “Getting predicted claims into a litigation workflow management software, like ClaimDeck, streamlines the process early so staff or panel counsel can work on action plans to help mitigate them.”
About Charlee.ai (formerly Infinilytics)
Starting in January 2016, Charlee™ entered the commercial market with the vision to empower every insurance business with unstructured data-based insights and predictions. Charlee.ai obtained a patent on deriving unstructured data insights and its application in machine learning and predictive analytics in early 2022. Headquartered in the San Francisco Bay Area, with a subsidiary in Chennai, India, Charlee™ vision is to become the backbone for insurance through its AI based predictive analytics engine (insights and predictive analytics). For more information, please visit www.charlee.ai.
About ClaimDeck
ClaimDeck is a SaaS platform that puts the claims professional and legal counsel on a shared platform for the management and execution of the insurance claims and legal defense process. It does this on a secure and user-friendly platform that tackles the inefficiencies in the claims litigation processes by bringing transparency, control, uniformity, and data analytics thereby enabling continuous process improvement to reduce indemnity, legal spend, and claim life. For more information, please visit www.claim-deck.com.
Media Contact:
Jennifer Overhulse
St. Nick Media Services
jen@stnickmedia.com
859-803-6597
