Prepare for MPL Insurance Industry Disruption
Advanced analytics, including generative AI, are disrupting insurance underwriting. As new entrants promise to disrupt the traditional MPL market, how can established MPL insurers use new data and analytics to transform their business and achieve elusive profitability?
Preverity’s President and Chief Operating Officer, Gene Boerger, discusses strategies for leveraging advanced analytics and AI through the customer use case, as adoption will only accelerate as new entrants challenge MPL underwriting.
>> View the full article online: Inside Medical Liability
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AWS cites Preverity’s use of Gen AI to address real customer needs
The one thing that will make gen AI “move from hype and interesting right now to fascinating and relevant is the customer use case,” said AWS channel leader Ruba Borno at the 2023 AWS re:Invent conference.
Borno referenced AWS solution integrator partner Innovative Solutions, which is working with a customer called Preverity, which helps healthcare and technology companies manage, analyze and model healthcare data, to optimize how it aggregated data for risk assessments.
“What used to take their analysts weeks to research and determine the risk profile now can be done very, very quickly. They’ve predicted savings in hundreds of thousands of dollars just in the first year. They’ve increased their time to do these quotes … they’re able to do it faster, reducing costs, speeding up the outcome to the customer. That’s one use case for a specific industry and a specific type of customer,” said Borno. “That’s what we’re excited about with our partners, thinking through the top use cases by industry that we can work on together.”
The 2023 AWS re:Invent conference was attended by 27,000 people in Las Vegas and half a million people virtually from Nov. 27 to Dec 1.
>> Read the full article here: AWS Working with Partners to Pinpoint Gen AI Opportunities
Related Articles:
>> How companies are using Innovative Tailwinds to enable their businesses with Generative AI Technologies
>> Innovative Solutions Launches Tailwinds on AWS
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Preverity: 2023 Best in Business Awards Finalist
March 29, 2023
Preverity was announced as a 2023 Best in Business Awards finalist by Nashville Business Journal. To view the complete article, visit https://bizj.us/1qi522
The judges have scored the nominees, and it’s time to meet the 2023 Best in Business Awards finalists.
To come up with our list of honorees, NBJ first accepted nominations from the public. Nominees then submitted questionnaires, which an independent panel of judges scored, looking at company culture, business plan, profitability and more. The highest-scoring companies made the cut for this year’s awards, which you can view in the slideshow below, presented in alphabetical order by category.
Join the Nashville Business Journal at Loews Vanderbilt Hotel May 24 to learn which companies are named category winners. In the meantime, join us in congratulating all of this year’s honorees using #NBJbiba.
About Nashville Business Journal
Nashville Business Journal is a multi-platform media company providing in-depth coverage of local business communities and breaking news reaching hundreds of thousands of readers each week. Through print, digital products such as its twice-a-day emailed news digests and face-to-face events, the Business Journal offers business leaders many avenues for making connections and gives them a competitive edge locally, regionally and nationally. Visit us at https://www.bizjournals.com/nashville/ to learn more.
» View the complete article here: https://bizj.us/1qi522
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Meeting Industry Challenges with Automation
February 15, 2023
Preverity COO discusses “Meeting Industry Challenges with Automation” in latest Tech Talk article in Inside Medical Liability
With 2023 well underway, it’s no secret that the medical professional liability (MPL) industry has faced and continues to face strong headwinds. In fact, rating agency AM Best notes that this insurance segment faces persistently depressed demand, rate adequacy concerns, rising loss costs and social inflation, diminishing reserve redundancies, and the potential for additional COVID-related claims frequency. Consequently, AM Best maintains a negative outlook for the MPL segment for this year.
Additionally, the industry has fallen behind other insurance lines in leveraging data and technology to improve underwriting efficiency, rating accuracy, and customer experience for agents, brokers, and insureds. While you may have no control over many of the factors afflicting the industry, you do have control over technology and data. Preverity’s Chief Operating Officer, Gene Boerger, discusses strategies and processes that make it much more feasible to understand better what your insureds are doing while automating underwriting.
» View the full article online: Inside Medical Liability
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What is Minor Surgery and Why Does it Matter?
October 5, 2022
Preverity, Inc. answers the question, “What is Minor Surgery and Why Does it Matter?” in published feature article in Inside Medical Liability
Matt Koerlin, Preverity’s Chief Product Officer and author of the article, describes a common scenario where doctors, who are assigned to a Minor Surgery class, usually pay higher premiums than doctors assigned to a “No Surgery” class. But the fact is, minor surgery is a vague term, and the answer to the question of “what is minor surgery?” varies depending on who is asked. Ultimately, doctors seeking coverage probably care most about their malpractice carrier’s opinion, but even those opinions can vary depending on which underwriter is working the risk, and what data is used to determine premium.
The key, Koerlin writes, is to have access to critical sources of data, such as historical medical billing data, to provide granular insights into procedures that doctors perform allowing carriers to better assess risk and appropriately set premium.
» Download the article
» View online: Inside Medical Liability
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