The Black Car Fund, a not-for-profit organization created by New York state to protect New York’s for-hire drivers with workers’ compensation insurance coverage, has chosen AI-driven technology for insurance claims optimization, to help improve medical outcomes for injured drivers, enhance reserve accuracy, and allow adjusters to better serve for-hire vehicle drivers. By analyzing information as soon as it is available, the technology helps claims managers stay abreast of changes, summarize the status of a case and highlight important details.
AI-technology provider, CLARA Optics, uses predictive AI, generative AI, and large language models to automate medical records transcription, extract meaningful details, and deliver actionable insights to claims personnel. The AI platform is trained on a database of millions of closed claims to improve predictive accuracy and broad benchmarking capabilities, leading to optimal medical outcomes for injured parties, getting workers back on the job quickly, and reducing claim costs.
“CLARA’s AI platform will improve reserve accuracy and create greater efficiencies across our claims operation,” said Eric Hornick, Chief Claims Officer and Actuary at The Black Car Fund. “Each of our adjusters must manage a workload of up to 300 claims at any given time. CLARA’s technology will reduce that burden, freeing them up to deliver highly personalized, empathetic service to injured drivers.”
Workers’ compensation claims can sometimes involve hundreds of pages of medical records and other legal documents, often spanning months or even years. CLARA’s AI platform offers up-to-the-minute case summaries derived from both structured and unstructured contributory data. This leads to faster case resolution, lower workloads, and better outcomes for injured workers.
Unlike many popular GenAI tools, CLARA’s generative technology isolates insurance carriers’ data for both model training and operational purposes, so data remains confidential and fully secure.
“The Black Car Fund provides a vitally important service to tens of thousands of for-hire vehicle drivers throughout New York,” said Heather H. Wilson, CEO of CLARA Analytics. “We are excited to support The Black Car Fund’s efforts to provide the highest level of service for injured drivers, eliminate administrative work for busy adjusters, and drive better claim outcomes for all parties.”
Source: Yahoo! Finance
