Workers' Compensation Reserve Prediction Software
Accurate Reserve Predictions with cost-wise breakdown
Adopt a culture of 'Proactive Claims Management' using Klear.ai suite of products
Improve tactical, operational and strategic decision with Klear.ai predictive power
Tangible benefits - 10 to 15% in efficiency gains; 15- 20% by preventing fraud, abuse & waste; Increased customer satisfaction
Quick deployment and easy integration with your existing claims management systems through a library of APIsIt's easy.
Leverage the accurate prediction of claim severity to optimize claims traiging
- Breakup of reserve into individual cost components
- Model includes reserving for long tail costs like Permanent Disability Payments and Life Pension
- Validated in real life environment with an accuracy of over 75%, which only gets better through deep learning ML models
Cost Component wise Reserves
Klear.ai model provides a break up of Predicted Medical Cost, Temporary Disability (both PTD and PPD), Permanent Disability (PTD, PPD), Life Pension, Legal Expenses and Other Expenses.
Your examiners have the liberty to look at every cost component and compare it with their own subjective assessment.
Klear.ai has helped its clients improve the 'Reserve Accuracy' by over 20%, positively impacting the bottom-lines with better capital management and staying within the compliance guidelines.
Automated Reserve Setting
An individual AI sub-model is designed for every cost component. Over 8 independent sub-models work in tandem and, merge the results to give the 'Total Predicted Reserves'. Such an architecture ensures that every cost component is unbiased, independent and accurate based on its own dynamics.
Being deep learning machines models, the prediction accuracy improves further with experience over time.
Klear.ai let's you configure notifications if the difference between Current Reserves and Predicted Reserves goes beyond an X% (say 50%), prompting a designated supervisor to reexamine the reserve setting.
You may go a step further and build individual thresholds for notification for every cost component and define complex rules to drive focus to most urgent ones.
Klear.ai Predictive Suite use highly sophisticated AI and Deep Learning Models to make accurate predictions of critical claims parameters. Models ingest structured as well as unstructured data (like Adjuster's Notes), run them through a proprietary statistical models to give the final inputs.
In line with dynamic nature of insurance business, the solutions are trained to monitor the hit ratio. And use this data to self improvise over a period of time - further entrenching into the core of your claims operation.