Combination of ODG Guidelines for Workers’ Compensation and Insurity’s Proprietary Valen Data Consortium Yields Unprecedented Predictive Insights for Claims Management
Insurity, Inc., a leading provider of cloud-based core system solutions and data analytics for the world’s largest insurers, brokers, and MGAs, today announced its partnership with ODG by MCG, part of the Hearst Health network, a leading provider of evidence-based, data-driven claims strategies for workers’ compensation, enhancing Insurity’s predictive analytics solutions for claims triage.
ODG’s highly-configurable medical treatment and return-to-work guidelines empower Insurity solutions with important claims analytics that further enhance the accuracy of the company’s machine-learning predictive models when forecasting claim severity. ODG data will be used in concert with the Valen Data Consortium, the most robust collection of proprietary transactional and behavioral data specifically designed to build analytics. The consortium contains over $100B in premium, including $60B in workers’ compensation premium, with data such as risk profile, attributes, policy, submission, and claims history, plus data from over 20 third-party sources.
“This partnership represents the powerful combination of ODG’s industry-leading guidelines and our industry-leading data consortium for workers’ compensation, enabling Insurity to deliver the most robust predictive modeling solutions for insurers,” said Lance Stewart, head of strategic partnerships at Insurity. “We look forward to continuously evaluating new ways to maximize this partnership and drive value for current and prospective clients.”
Insurity’s predictive analytics solution for claims triage provides insurers with a risk score to quickly and accurately identify insurance claims with potential to escalate in severity, helping them make better claims management decisions. The ability to address problematic claims earlier in the claims lifecycle can streamline handling, and enable staff to better-manage anticipated losses and improve resource assignment.
“As insurers continue to grapple with the challenges of improving claims management, they must continue to rely on analytics to make quicker and better-informed decisions,” said Kirstin Marr, head of data solutions at Insurity. “By leveraging ODG’s guidelines with our own proprietary data consortium, Insurity is uniquely positioned to build highly effective predictive models that offer insurers the most advanced predictive insights to speed claims handling and mitigate losses.”
“We’re excited to partner with Insurity and provide the most widely-used evidence-based guidelines in workers’ compensation,” said Phil LeFevre, managing director at ODG by MCG. “Our guidelines and analytics represent the most objective and unbiased data of its kind in the industry, informed by a team of clinicians, a comprehensive medical literature review, and claims data analysis, allowing us to provide users with powerful insights to improve claim outcomes and expedite decision making. With Insurity’s strong presence in the workers’ comp space, our partnership enables us to further improve claims outcomes on a national scale.”
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