With the current hard market that the property insurance industry is experiencing, for both direct and reinsurance products, the job of risk managers has become increasingly complex and of the utmost importance. There is more risk to be managed, and the consequences of overpaying losses are more drastic than they have been in over a generation.
NovaData Solutions is responding to this heightened risk and complexity by helping self-insured and captive markets leverage AI technology that can automate their mitigation bill review process.
Mitigation costs are often incurred shortly after a loss is sustained with a flurry of work for risk and facilities management teams that surfaces during an already stressful time. During this often-chaotic time, overcharges can easily go unnoticed, resulting in overpayment of restoration invoices. NovaData is helping to address this by offering an efficient, cost-effective approach to manage the risk of overpayment.
“Through our experience working with a high deductible healthcare facility conglomerate we were able to find savings of 35% of their total invoices submitted. The expense ratio for this work by NovaData equated to 1.25% – paying for itself repeatedly. And we turned around the invoices in one business day!”, said Chris Troy, President of NovaData. “The insured was able to effectively negotiate with their restoration company using our peer-to-peer data analysis—negotiations are less contentious when you rely on facts! Additionally, we have seen that restoration companies are much more open to engaging in negotiations when the process commences within a few days of issuing an invoice vs. weeks or months in cases where the bills are reviewed manually. Time is literally money to the restoration companies who are financing the jobs and must wait to get paid. It’s truly a win-win.”
Another example of the power of NovaData Solutions’ data-backed technology is reflected in a case that involved a governmental risk pool with a large annual aggregate.
“Our unbiased peer-to-peer review provided a credible basis for negotiations with this client’s restoration company and resulted in a quick payment. In fact, the restoration company immediately accepted the results as presented and the client was able to save over 30% of their invoice without missing a beat.”
Whether your loss is above the insurance attachment layer or not, NovaData Solutions adds value to your organization.
Property owners will benefit from a fair, consistent, and accurate assessment of restoration invoices while paying a fraction of the cost associated with manual review. And the power of AI delivers results quickly – minutes/hours vs. weeks or months. Use NovaData’s Rest-Assured platform and Capture the Value!