IMS platform developed
Real-time demand and capacity management
Automated load balancing/workforce management
Ability to revise automated triage/assignment logic on the fly without involving IT resources
Ability to directly ingest other data points to augment FNOL data and provide enhanced triage/assignment capabilities at the start
Its earliest inspirations came from real-life experience with the technology infrastructure challenges faced by insurance adjusting firms. For each insurance claim, there can be over a million possible decision permutations, so it’s easy to understand how any manual touch points in the decision process and workflows of a claim can be inefficient and error-prone causing friction with the insured and additional time/overhead cost to the carrier.
In 2006, with a vision to take advantage of new technologies and the obvious need for the insurance industry to go through a period of vendor consolidation, Larry Cochran acquired IAS Claims, a Texas-based, small regional independent adjusting firm. Soon after the acquisition, Larry began building claims management software to help facilitate the growth plans. This was the birth of Claimatic. As the company grew and began managing hundreds and then thousands of resources to deploy for multiple P&C carriers, the challenge to quickly evaluate the claim, find the optimal resources to assign, and then continuously monitor, route, and assign claims became a major choke point.
Once IAS had solved this, one of their largest customers, a top-five US carrier, asked if the automation software could be licensed. It was then that IAS decided to rebuild the software to be a software as a service (SAAS), brand it Claimatic, and spin it out as an independent company with a dedicated team of technologists, claims experts, and business managers to help other insurers solve for the same problems with a plug and play application that would work with any existing claims management software system.
Since then, Claimatic has been installed in multiple environments with some of the most forward-thinking and leading insurers in the industry.
IMS platform developed
Claimatic spins off and becomes stand-alone company
Claimatic acquires first insurer client
Claimatic enters into POC with Top 10 national carrier
Claimatic dramatically improves Quality Assurance/Quality Control Process, etc.
Claimatic releases Intelligent Decisioning Software version 2
Claimatic acquires new clients on both Guidewire and Salesforce and goes live with both
Claimatic celebrated over 1,000,000 claims being processed through its Intelligent Decisioning Engine
Claimatic partners with Hippo Insurance and goes live
Claimatic’s is led by veteran entrepreneur Larry Cochran teamed with long-time insurance experts, software engineers, product management, customer experience and integration veterans. Perhaps more importantly, they are all true entrepreneurial spirits and problem-solving addicts that believe in Ricky Bobby’s famous battle cry “if you ain’t first, you’re last!”
Larry Cochran, Founder and CEO acquired IAS Claim Services in 2006 after spending a decade as a CPA and consultant with an international firm. In 2000, he left the consulting world for an ownership position and to lead Pure Energy Group, an exploration and production oil and gas company in Texas. After his successful exit from Pure, Larry purchased IAS Claims Service. He led its growth from a small, single-state provider to one of the largest and most recognized national brands in the industry serving many of the highest-rated P&C insurers in the US. He brought in new leadership to IAS to allow him to focus his attention on Claimatic and has also since launched another consumer-focused InsureTech, currently in stealth mode.
Michael Cronin is the VP of Software Development with over 20 years’ experience leading the design and implementation of multiple software projects, including supervising both onshore and offshore teams. He is the architect of the Claimatic software and has shepherded the continual development and release, currently on version 2.5. It’s quite uncommon but highly advantageous to have your architect also be an industry expert, and so a large part of Claimatic’s success is due to the fact that Michael has been speaking “insurance” for over a decade. Along with his wife of 15+ years and two kids, they have several family pets.
Liz Simmons is the VP of Customer Success and Operations with over 20 years of experience in management and operational delivery roles. Her entrepreneurial background and mindset lends a hands-on, results-oriented approach to all interactions. In her prior time at Rackspace, she grew and managed the company’s largest and most complex client, developed & implemented product lifecycle management best practices, and partnered across business functions & and six continents to develop & implement changes to global go-to-market strategy. She is highly skilled in strategy development, transformation management, and all facets of operations. Liz provides Claimatic’s clients with the “white glove service” that enterprise organizations expect, and develops the supporting internal processes to support & sustain them. In her spare time, you can find Liz studying string bass to catch up to her daughter’s violin skills, out & about spoiling her mini-Aussie, scouting the latest new eats in town, or planning her next travels.
Tim Christ is the VP of Growth and is an insurance industry veteran with over 20 years’ of global insurance executive leadership. He was the founder/CEO of LWG Consulting Mexico, the first international forensic engineering firm to build an office in Mexico City and develop it into a multi-million dollar business. He later sold that company to private equity. He built four additional global business units and was successful with two strategic turnarounds of two other non-profitable businesses. He published a book about the insurance business in 2018, Becoming a World-Class Expert: The Business of Forensic Engineering, and a second book in 2020 on business and technology. He and his wife Betty recently celebrated their 10-year anniversary and are kept very busy with their 7-year old son Kaleb’s select football, baseball, basketball, and golf activities.
Many of our other large clients with extensive, distributed professional services teams that need to quickly route projects to the appropriate person or team report that many of the common project management software platforms and/or standard dispatch software on the market do not contain several of the features that Claimatic has baked into its product, such as an infinite number of resource attributes, a weighting mechanism, plain English rules logic, current workload, calendar availability, and more. Our tool eliminates the need for large administrative teams to help coordinate this project intake/assignment function, resulting in manual errors, slower processing speed, and the large overhead costs associated with those particular people. Some dispatch software platforms are cost prohibitive for smaller insurers.
The scalability of the Claimatic platform is flexible enough that we are able to serve smaller insurers with less than 25,000 claims per year while also serving the larger carriers with greater than 1 million claims per year. Claimatic continues to expand and on-board clients who use a variety of CMS platforms. Today, we are proud to be integrated with Guidewire, Duck Creek, Salesforce.com, as well as many home-grown claims management platforms.