A Revolutionary SaaS Solution for a Claims Problem Every Carrier, IA, and TPA Experiences
Founded in 2006 by Larry Cochran with a mission to take advantage of new technology to assist the insurance industry with vendor management, Claimatic now manages thousands of resources to quickly evaluate claims.
How It Started
Claimatic was born out of necessity, specifically as an answer to the technology challenges faced by insurance adjusting firms. Recognizing that getting the right claim to the right person as quickly as possible is very difficult when dealing with large claim volumes, Cochran saw a need for improved structure and process. As decision processes and workflows can quickly become error-prone and inefficient leading to increased cost and frustration for all parties involved, Claimatic sought to simplify the process.
What It Solved
By creating an algorithm to automate the claims triage and assignment process, Claimatic was able to streamline claims distribution based on real-time, dynamic data. Claimatic is a plug-in that seamlessly integrates with existing claims and human resources systems to intelligently and dynamically distribute claims, instantly and consistently. Unlike most claims systems, Claimatic provides insights that allow for continuous improvement of claims distribution and management.
Claimatic’s SaaS solution has helped speed up the response time for carriers contacting their policyholders after a claim. Claimatic has added value to the most vulnerable part of the claims process through transparency, which in turn has improved the end customer experience and reduced both internal costs and resolution time.
Claimatic’s innovative software solves the problem of “the last mile in insurance.” The claims industry has previously been plagued by slow and disjointed processes. With Claimatic’s technology, notoriously siloed departments come together with an integrated solution that makes the implementation process quick and easy.
“The main thing we hear from claims ops people is that Claimatic has simplified the very complex process of automating matching claims with variably skilled internal and external resources, without needing consultants or IT,” says Cochran.
Additionally, Claimatic reduces costs related to claims and resource management. Many managers have noted how much faster and consistently they are able to get claims out and into the right hands to help their customers, especially during critical catastrophic events.
What This Means for Fintech
“Simplicity, transparency, and control are what everyone wants, whether you’re buying a pair of shoes or dealing with a claim. Using intelligent automation to accomplish this is a progressive process that Claimatic is at the very forefront of and has been building for over a decade now. As we’ve knocked down the early, large barriers, we continue to work our way to the more subtle and discreet opportunities to automate that will eventually lead to a world where you might file a claim and within 24 hours, not only have your claim addressed but your home or car being repaired or restored right away. After all, that’s really all people want with insurance – to be relieved of their problem and put back to where they were before it happened with the least amount of inconvenience,” says Cochran.
