Rest-Assured is the AI-based software that our company, NovaData Solutions, developed to automate the restoration bill review process. The platform solves many problems created by the time-consuming, labor-intensive, manual review processes. The result is a fast, consistent, efficient and unbiased audit.
What does your software do?
We utilize AI to review and summarize audit findings of restoration/mitigation bills - we do it quickly and for a 1-2% expense ratio in an unbiased manner - computers don’t have feelings about companies or claims!
What output do we get from NovaData?
You get a summary of items that were flagged and the detail backing up the findings. We have parameters set (which you can certainly change if a specific scenario calls for it) that are industry norms. Our info comes from peer-to-peer data and is constantly updated.
Key Metrics Evaluated:
- Management to Staff Ratio
- Overtime Ratio
- Lunch Time Audit
- Travel Time Audit
- Mark-up Audit (reimbursables, labor etc.)
- Equipment Term Discount
- Labor, Equipment & Material Rate - Adherence (based on peer-to-peer pricing)
Why did you come up with this product?
The restoration portion of a loss is following the damage/loss occurring. It not only can set the stage for the entire lifecycle of repairs/rebuilding or the claim, but it can also make the following steps easier or more complicated than needed. We wanted to take the manual review of these invoices out of the equation by automating them - which in turn makes the review faster, more cost effective and consistent. This technology helps insurers get to an undisputed amount for payment much more quickly than manual reviews. Property owners realize benefits, as well - - they get back to business (or into their homes) faster and avoid overpaying for mitigation work.
Does what you do replace the need for an adjuster?
We think we compliment what the adjuster does - we are a tool to help them quickly focus their attention on items in the invoice that require a second look. The adjuster can choose whether to follow the recommendations or not. We know claims can be complex and that there is an art to the claim resolution process. We take care of the scientific part (in less than 24 hours usually).
What have you seen so far from using your tool?
We have seen that on average there is a 20% indemnity savings, with a review turnaround of 2 days on average (>50% are returned in 24 hours) with a cost of 1-2% expense ratio. We can help shorten the life cycle of your claim with an unbiased technology-driven solution that reviews every single bill with the same depth and detail - whether it’s a $2K claim or a $10M claim.
Do you only provide your service to property insurers?
Nope! We can help anyone looking to help manage their restoration and mitigation costs - we can work with property owners directly, third party independent adjusters, or claims professionals/consultants of all types. We also can work with other first or third party types of losses including Marine, Environmental, Specialty and Casualty - basically anyone that may have a restoration bill for review.
Are you geared more towards large losses?
We can add value to any size of loss - typically small losses or restoration bills are overlooked and not reviewed. If they are reviewed, it takes time ($) and when done manually, there may not be a consistent format for reviewing them.
Can you handle my volume?
Yes! Because we are an AI based platform, we are able to review even the largest bills - thousands of pages - in minutes.
How do you know your reviews are correct?
With our state of the art technology, we are able to use peer-to-peer data to ensure our rates and parameters are in line with reality and are completely up to date in an ever evolving world.
What’s the cost for your service and how do I sign up? Can I just try it without committing?
Contact us to learn more and schedule a demo or quick chat. Our expense ratio is 1-2% for in network clients.