Streamlining Personal Injury Claims Is Key, Amid AI's Massive Upheaval Of The Insurance Industry, Says Claimbrite

Artificial intelligence is having a huge impact on the insurance industry, just like almost every other industry today. More insurance companies are adopting AI algorithms that can rapidly assess claims and determine their validity in a much faster manner than the usual manual methods.

Furthermore, AI's capability to process huge amounts of data in a matter of seconds can allow it to better detect fraud, as it can easily identify patterns in the claims data that are indicative of attempts to make false or exaggerated claims. AI allows insurers to flag these cases early on, reducing the amount of fraud-related losses, which drive up premium prices for everyone.

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Outside of claims, AI's unmatched data analysis capability can help insurers improve their underwriting and better assess risk by taking into account a wider range of data points and variables. It can also provide predictive analytics that estimates the likelihood of an insurable event, such as a car accident or flood, happening. Other benefits include improved data and market insights, personalization of the customer experience, and automation of routine tasks.

With AI having such a huge impact on the insurance industry, this technology can also prove valuable in the personal injury claims space. Data from the US Department of Justice's Bureau of Justice Statistics shows that there are over 400,000 personal injury claims made in the country each year, or roughly 1,100 claims every day. Only 4% of these claims end up in trial, with the remainder being settled out of court. 

However, out-of-court settlement can still be stressful to the injured person. Since they will be claiming from the liable party's insurance policy, there is a negotiation process between the claimant and the insurer's claims adjuster. Having to deal with the process and, at the same time, recovering from their injury, claimants may accept a settlement amount that is much lower than what they spent on treatment or might have received if the case went to trial. This often leaves them very dissatisfied with the outcome, especially since they're likely thousands of dollars out of pocket due to how expensive healthcare is in the US.

To help businesses and their insurers streamline the personal injury claims process, technology startup Claimbrite created its AI-powered, third-party personal injury mediation platform. This platform, which can be used by both claimants and liable parties, provides fast and fair adjudication of personal injury claims – allowing claimants to receive adequate compensation while helping companies and insurers fight off claims inflation, which contributes to everyone's insurance rates rising.

According to Claimbrite co-founder Devin Bostick, the platform is an independent third party that seeks to provide impartial settlement analysis that satisfies both parties' interests. Its AI has access to more than 30,000 data points via API with multiple insurers' systems, and it uses these data points to predict outcomes and settlement values. Additionally, Claimbrite can be integrated with existing third-party claims management systems, ensuring more robust data capabilities for companies.

To make a claim, claimants can enter the nature of their injuries into the Claimbrite platform, as well as upload supporting medical documents. There is also a tab for non-medical expenses, such as lost wages or having to miss an important life event like their wedding. A sentiment analysis feature also helps manage the social side, keeping in mind the differing emotional sensitivity, pain tolerance, and reactions among individuals.

Liable parties, such as large businesses that pay out millions of dollars in personal injury claims due to accidents on their premises, can use Claimbrite's dashboard to view and manage their expenses. The dashboard allows for nimble, high-impact data management and can be neatly integrated into existing data and analytics tools used by the business. Additionally, the increased transparency of the process can also potentially mitigate fraud.

Bostick also points out that Claimbrite as an AI-assisted platform has no interest in inflating the amount of the claims, as it charges only a flat fee from each settlement, ranging from $500 to $1,500 depending on the severity of the injury. This is in contrast to personal injury lawyers who may charge a contingency of around 30%-40% of the final settlement fee.

"Our mission aligns with the original goal of insurance, which is to help make people whole again after suffering a loss due to an accident," Bostick says. "No business wants anyone to get hurt on their premises, but unfortunate accidents do happen, and Claimbrite helps people to get back up and continue with their life. By using our AI-powered mediation platform to streamline the process, we are allowing the personal injury space to keep up with the times, as AI is significantly transforming the insurance industry by making it more efficient, accurate, and customer-centric."

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