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
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.