EIS, the SaaS platform provider to the insurance industry, has launched ‘ClaimSmart’, a new cloud solution designed to help insurers reduce the cost of claims, while increasing the quality of the customer experience.
EIS ClaimSmart aims to reduce the cost of claims, by addressing key inefficiencies and waste drivers, such as redundant manual work, fraudulent claims, and claims leakage. In addition, its versatile and unified digital front-end portal ensures insurers can deliver fully digital customer experiences that prioritise self-service, cut friction, and make the full life cycle more consumer-friendly and flexible.
Alec Miloslavsky, CEO of EIS, also said: “Claims platforms are in desperate need of transformation. They’re bogged down by manual tasks and ineffective processes that not only drive up costs but also degrade customer experiences. In response, we’ve developed ClaimSmart to address these challenges head-on.
“Engineered to streamline operational tasks, ClaimSmart significantly alleviates tedious administration and enhances the digital front-end experience for customers. It ensures rapid processing of legitimate claims while minimising claim leakage and the risk of fraud.
“This is a crucial expansion to our offerings, integrating ML and AI to enhance our platform’s capabilities and deliver a comprehensive end-to-end claim management solution.”
The launch of ClaimSmart represents a significant leap forward for EIS and an advancement in its expertise in data science. It lays the groundwork for a comprehensive data science (DS) suite of solutions, enhancing automation and efficiency across the insurance sector. The integration of DS methodologies is pivotal in developing algorithms that can analyse patterns, make predictions, and ultimately drive smarter, more efficient operations in the insurance industry.
‘Embracing the transformative potential of data science’
Atsushi Wada, claim department team manager at Tokio Marine, a Japan-based insurance holding company, commented: “We’re proud to be one of ClaimSmart’s first users. It’s helping to revolutionise our claims management process for both customers and employees. Inefficient and costly systems and processes have been transformed, delivering faster resolutions, increased customer satisfaction, and large-scale operational savings.”
ClaimSmart is core-agnostic, enabling it to integrate seamlessly with most policy and claims management systems. When paired with ClaimCore, EIS’s existing claims system, ClaimSmart’s combined capabilities offer a holistic solution that accelerates claim resolution and delivers a customised and seamless experience for insurers and policyholders.
ClaimSmart includes two products, ClaimPulse and ClaimGuard. ClaimPulse introduces a new level of efficiency and technological sophistication by utilising digital first notice of loss, an automated claims processing layer, and an integrated front-end digital portal.
ClaimGuard is an AI and ML solution specialising in fraud detection and risk scoring that enhances the security and integrity of the claims process, and improves over time as it processes more claims.
“With ClaimSmart, we’re embracing the transformative potential of data science to revolutionise insurance claims management. Our commitment to data fluidity, intelligence, and extensibility is crucial as we assist insurers in building their future ecosystems,” explained Miloslavsky. “As we continue to evolve our platform and collaborate with various insurtechs, our goal remains to deliver the best possible claims management outcomes, setting new standards in the industry.”
