Equian, a US-based P&C payments enabler has announced the creation of a natural language processing engine, EquianAI, exclusively for the P&C subrogation market. The solution is based on predictive analytics, which can;
- eliminate leakage associated with subrogation identification,
- reduce false positives up to 36%,
- enable productivity gains up to 20%,
- and improve cycle time over 30%.
Equian manages over $500 billion in claims data annually and has designed EquianAI to assist clients in identifying and recovering inaccurate transactions in complex fields such as healthcare, workers’ compensation, and property & casualty markets.
Sam Cooper, Senior VP, Client Solutions, Equian says, “Most carriers rely on the manual evaluation of free text with some predictive analytics on a limited amount of structured data to identify losses with subrogation opportunity. EquianAI provides automation that removes tedious human intervention by analyzing the free text, the structured data, and the unstructured data simultaneously.”
EquianAI performs in-depth analyses to prioritize claims by scoring recoverable files as High, Medium or Low based on recoverability likelihood. Rules-based technology then directs the scored cases to appropriate investigation and recovery experts.