About NovaData Solutions LLC
NovaData Solutions LLC is a Philadelphia-based insure-tech, software as a service (SaaS) company offering a secure platform for automated invoice review, validation, and reconciliation.
The platform, Rest-Assured™, leverages advanced data strategies and AI learning to drive operational efficiencies, increase recoveries and, ultimately, realize savings in time and expense.
The Rest-Assured™ platform provides a much-needed update to the manual review process currently utilized by the insurance industry to audit invoices for restoration services. Insurance companies and their policyholders reportedly experience significant financial leakage in the resolution of claims for property restoration services; the leakage is estimated to be between 8-15%, translating to approximately $1.9B in overpayments every year.
Our mission: To serve our network of customers and craft the most efficient platform for streamlining complex bill auditing, reconciliation, and remediation processes between restoration companies and insurance providers while maintaining a neutral position.
We Help:
Vendors
- Have more time for value-add activities
- Help contribute to modernizing industry – align w/ carrier goals
- Mitigation companies will be paid faster
- Competitive advantage for early adapters when marketing to brokers/insureds/insurers
- Improving customer satisfaction by completing thorough invoice audits quickly and efficiently
Insurers
- Shorten tail of claim lifecycle via unbiased source
- Manage typically uncontrollable cost (insured pays this and insurer reimburses)
- Service pays for itself
- Will provide valuable data for the future that can be utilized in trend analytics
- Marketing tool as differentiator to clients
- Claims contributing to bottom line
Insured
- Engage expert and unbiased source in rates and expected costs for restoration
- Service pays for itself
- Will get you to finalization of loss/damage repair faster – $ in hand
- For SIR portion, helps control costs with fact based automated process
- Help budget constrained teams thoroughly evaluate invoices
- Reference for evaluating multiple vendors
What We ARE:
- AI platform for automated mitigation bill review
- Claims cycle accelerator
- Tool for itemizing bill entries requiring further review
- Fast, unbiased and consistent
What We Are NOT:
- An estimate review software
- A replacement for claims professionals
- A party to any negotiations
- A manual mitigation review service