How Captives and Companies with High-SIRs Are Stepping Into the Future of Claims Management

During hard property insurance markets, companies oftentimes elect elevated deductibles/self-insured retentions (“SIRs”) and, in some cases, captive insurance structures. These risk transfer options offer several benefits to an organization, including premium cost savings and additional control over their loss management spend. Alongside the benefits is the responsibility for the management of property losses that do not exceed the retentions. In other words, the tasks otherwise handled by the insurers and their teams of claims adjusters and consultants are left for the organization’s risk and facilities teams to manage.

The Problem

The review and evaluation of lengthy mitigation bills can be time-consuming and expensive, particularly for large organizations with high claims volumes. Property owners and their facilities personnel have neither the time nor the expertise to perform a proper evaluation of the charges. Even if the company has a captive insurance structure, and utilizes third-party administrators (TPAs), they typically do not perform a comprehensive review, if any. Thus, these invoices are often paid without audit.

The Solution

NovaData’s platform leverages AI/ML technology to streamline reviews, reducing time and expense required to identify overcharges. An owner, facilities manager or TPA can email the mitigation invoice in PDF format to NovaData’s inbox, and the audit report is returned typically within 24 – 48 hours of invoice submission; this quick turnaround allows clients to promptly open a dialogue with their restoration contractor to address the billing anomalies. And, the savings go directly to the clients’ bottom line.
In addition to the speed and financial benefits, the platform improves consistency in audit results, and optimizes efficiency and performance of the captive’s/self-insured’s internal claim programs.

The Results – Speed, Increased Access to Claim/Loss Data and Analysis

For many organizations, accessing and analyzing their own claim/loss data can be a challenge, as this data is often spread across different systems and platforms. This makes it difficult to integrate and analyze the data without increase cost for data storage and management.

NovaData provides a single platform for quick retrieval of claim/loss data. In addition to providing support and leverage for the clients’ negotiation with contractors, ready access to the information will facilitate more data-driven decisions regarding vendor performance and aid in determining areas for improvement in the clients’ loss management process.


NovaData’s best in class mitigation bill review technology changes the way self-insured organizations handle losses. The platform significantly reduces manual work and creates efficiencies in the bill review process, while providing the client organizations valuable insights from accumulated claim/loss data.

NovaData clients improve the accuracy and integrity of their captive/SIR loss management programs, avoiding overpayments for mitigation work and audits of the related invoices. Capture the value of cutting edge AI/ML-based technology and eliminate reliance on expensive, inefficient, and inconsistent manual review processes.