LOSS RUN INSIGHTS

COGNISURE LOSSRUN INSIGHTS AUTOMATES the END to END PROCESS of LOSS RUNS

Jessica Tan
Jeff Goldberg, EVP
Jessica Tan

 Loss run processing is a major pain point for insurers, and improving and automating the intake of loss runs is a significant opportunity for growth, reduction of operating costs, and improvement of risk assessment.

Insurers are losing business due to long turnaround times driven by loss run processing, insurers are miscategorizing and improperly pricing risks due to the error prone manual loss run process, and insurers are wasting time and money on every incoming new business and renewal application that can be better spent on higher value tasks. 

Watch our LossRun Video  
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Procurement of Loss Runs

  • With the Robotic Process Automation (RPA) Bots – loss runs can be downloaded from carrier websites at the desired frequency.
  • Loss runs can be directly forwarded to the CogniSure AI Platform.
  • CogniSure is establishing partnerships with carriers to directly download loss runs from Carriers for Brokers with Agent of Record.
  • Users can directly upload loss runs into CogniSure platform or send as an email.

Extract Structured data

  • Understand “150+ Carrier Loss runs”. We expect to have the top 250 Carrier loss runs trained by end of 2022.
  • Users can download – Excel Download ( Claim Detail and Summary in the desired format for Rating system input) from the PDF Loss Runs.
  • CogniSure converts cryptic carrier codes into a consistent industry canonical loss run data set.
  • Structured Data is delivered in a client desired Json output format.
  • CogniSure can bundle loss runs from multiple carriers ( for the same insured) into a Single Summary for historic experience.
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Data & Insights

  • CogniSure NLP algorithms read the loss descriptions and predict Cause of the loss and body part etc.
  • Brokers can visualize Claim Insights across their book of business.
  • CogniSure Insights portal gives you ability to drill down for actionable insights into the data.