transforming risk into opportunity
July 15, 2019
TRISTAR Embraces Artificial Intelligence with CLARA analytics
TRISTAR

Most of you have read or heard about TRISTAR’s recent announcement of our partnership with CLARA analytics, a leading provider of artificial intelligence (AI) technology in the commercial insurance industry. Artificial intelligence has the potential to revolutionize nearly all aspects of the claims industry but currently only a small percentage of organizations have deployed it to any large scale, but that is quickly changing. TRISTAR’s partnership with CLARA is big step forward, deploying a full range of predictive analytics and automation that will significantly reduce the time and manual processes for many segments of our workers’ compensation claims management.

 

On average, 10% of indemnity claims account for 80% of the ultimate incurred losses and identifying the 10% in the early stages of the claim is paramount. The AI-based product TRISTAR deployed is designed to improve claims outcomes. It helps teams reduce various sources of loss costs incurred in claims handling by keeping claims on track throughout their life cycle. One of the sources to control cost is automating our MSA process. This new data-driven solution enables TRISTAR to compile a much richer, more detailed, and accurate analysis of estimated future medical costs for injured workers — all at the push of a button. The new system significantly reduces claims work, particularly when determining Medicare Set-Aside Arrangement (MSA) services, which can now be done on demand rather than requiring weeks of manual analysis and calculations. TRISTAR’s clients also benefit from substantial cost savings as a result of increased accuracy and efficiencies of MSA automation.

 

We understand that artificial intelligence (AI) is poised to disrupt, transform, and improve the way we work and live. We are embracing these changes in our endeavor to set industry standards for managing claims. Therefore, later this year we are also adding AI provider insights to help adjusters and claimants identify the best doctor with the best outcomes for treating their specific injuries and AI legal insights to detect litigation risks and to find the best attorney to resolve claims. It is TRISTAR’s goal to use automation as a mean to increase efficiencies, enhance precision, and to exceed our clients’ expectations. Call us today at 888.558.7478 and see how we can help your organization manage your workers’ compensation claims and be sure to follow TRISTAR on LinkedIn and Twitter for the latest in TRISTAR solutions for claims and benefits management.