The financial loss due to inaccuracies with restoration bills has an estimated value of $1.9B annually; NovaData Solutions’ new Rest-Assured™ platform is a tool to drive down costs, reduce leakage, and accelerate turn-around times in the reconciliation of restoration invoices.
Philadelphia PA – October 19, 2022
NovaData-Solutions LLC is a software as a service (SaaS) company offering a secure platform for automated restoration invoice audit and analysis. The insurance industry currently utilizes a manual process for auditing property restoration claims invoices. The turnaround time for audits is slow and the labor cost of reviewing bills is high. In the wake of catastrophic natural disasters, wait times are extended even further due to the significant increase in claim volumes also known as “CAT” periods. This is where NovaData’s first product, Rest-Assured™, steps in to deliver an automated solution.
Insurance industry data confirms that insurance companies and their policyholders experience significant financial leakage in the resolution of claims for property restoration services. The leakage is estimated to be between 8-15% of total claims, translating to approximately $1.9B in overpayments every year. Rest-Assured is an expert tool designed for insurance claims professionals to maximize efficiency and consistency in the invoice audit process, drive down loss adjustment expense, and shorten the turnaround time for payment of undisputed claim amounts. Rest-Assured technology produces automated assessments of all supported invoice formats and is able to process non-standard bills that would otherwise require lengthy and potentially inaccurate manual entry. This allows reviewers and adjusters to focus their time on analyzing the audit results and less on manual review and entry activities.
Over the course of a 6-month BETA period, NovaData partnered with AXA XL and Swiss Re to test and refine the Rest-Assured platform. During the BETA, Rest-Assured uncovered leakage in 75% of AXA XL’s invoices. While working with SwissRe, the platform was leveraged to evaluate ~$72M of invoices for 69 schools impacted by Hurricane Ida. The Rest-Assured platform processed 15,000 pages of invoices, produced individualized audits across the 69 invoices and found material issues. The platform delivered in just a matter of days what would typically take months. Since the BETA, both AXA XL and Swiss Re have made the decision to utilize the Rest-Assured platform for the reconciliation of all restoration invoices submitted to them on a going forward basis.
During the BETA, Rest-Assured also worked with property loss restoration giant First Onsite as well as adjusting firms and consults routinely retained by AXA XL and Swiss Re. This unique partnership helped the company shape the platform to provide benefits to everyone involved in the claim audit process, making it much more efficient and cohesive where claims are audited and settled in weeks rather than months.
“We are extremely excited to launch Rest-Assured and thank our Beta partners in working with us on this exciting opportunity”, said Anthony Troy, Co-Founder & CEO/CTO of NovaData. “As utilization of the platform becomes more widespread, the value proposition for not only the insurers, but also their adjusters and consultants, will become evident. We also anticipate that our client base will expand beyond the insurance industry to include companies that are self-insured or have high per-occurrence deductibles for property damage. This is truly a no-lose scenario for all companies that become a part of the network.”
Troy continued, “It is very clear that the purely manual audit process is outdated, time-consuming, inefficient, and expensive. Our AI technology platform is a tool to assist those who audit restoration invoices, not replace them. Utilization of the tool will undoubtedly bring about positive change for insurers, claims professionals, property owners, and restoration companies. We are here, and our aim is to become the new industry standard for restoration invoice audit and reconciliation.”
For additional information, please contact Anthony Troy, Co-Founder & CEO/CTO, NovaData-Solutions.com
