Demand Management - KognitiveWorks

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Automate demand package document analysis

Demand Management

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Extract key data from claims demand submissions

Demand Management

Aid in next actions for resolution

Demand Management

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Summarize complex demand packages for fast action

Demand Management

KognitiveWorks - Demand Management

Problem:

In P&C insurance, claims operations often struggle with efficiently managing claims demand packages due to the manual effort required to process vast amounts of documentation. These demand packages, which include medical records, repair estimates, and other supporting documents, must be carefully synthesized to inform accurate decision-making. Delays or errors in processing demand packages not only slow down the claims process but can also lead to expensive legal disputes if not handled appropriately and within the required timeframe, increasing costs and legal exposure for insurers.

Solution:

KognitiveWorks addresses this challenge by automating the synthesis of claims demand packages using advanced AI-driven technology. The platform gathers, organizes, and analyzes all relevant documents to provide actionable insights. Whether it’s extracting key information from medical records, analyzing repair estimates, or identifying critical legal documentation, KognitiveWorks streamlines the entire process, enabling insurers to manage claims more effectively and reduce the risk of legal complications.

Automated Data Extraction: KognitiveWorks can automatically extract and synthesize relevant data from diverse document types, such as PDFs, images, and emails, ensuring that all necessary information is captured accurately.
Next Best Action Recommendations: Once the demand package is synthesized, the system can recommend appropriate actions, such as drafting a response, escalating the claim, or initiating settlement offers.
Pattern Recognition: The platform uses AI to identify patterns in historical claims and attorney behavior, providing deeper insights for negotiating and managing claims.

KognitiveWorks - Demand Management

Benefits:

1. Improved Efficiency: Automating the synthesis of demand packages reduces the manual effort involved, accelerating the claims review process and enabling quicker settlements.
2. Enhanced Accuracy: By minimizing manual entry, KognitiveWorks reduces the likelihood of errors, ensuring that claims demands are evaluated accurately and consistently.
3. Faster Turnaround: With automated processing, demand packages can be synthesized in real-time, leading to quicker decision-making and faster responses to claimants or attorneys.
4. Legal Risk Mitigation: By ensuring timely and accurate handling of demand packages, KognitiveWorks reduces the potential for legal disputes and penalties that can arise from delays or mismanagement.
5. Better Decision Support: The system’s ability to analyze historical data and recognize patterns allows claims handlers to make more informed decisions and negotiate more effectively.