San Diego-based HNC Software Inc., a provider of high-end analytics and decision management software, announced that Workers Compensation Fund, based in Salt Lake City, Utah, has installed HNC Claims Advisor for Subrogation.
Claims Advisor is the first product for the insurance industry to utilize unstructured data to improve business decisions based on real-time information. Claims Advisor for Subrogation, which enables claims carriers to increase revenues while minimizing operational costs related to detecting subrogation opportunities, has been enhanced to include HNC’s patented Context Vector ™ technology. Context vectors enable the software to “read” claims form text and use this unstructured data to predict a carrier’s ability to recover claim expenses via third-party payment.
Claims Advisor for Subrogation is the third HNC product implemented by the Workers Compensation Fund. The organization previously implemented HNC’s MIRA® Claims Advisor for Reserving to consistently and accurately predict total claim costs, and Claims Advisor for Exception Management to reduce claims management expenses and fraud losses.
Was this article valuable?
Here are more articles you may enjoy.