Hot on the heels of its acquisition of Virtual MGA in July, Insurity has inked a partnership with ODG by MCG.
Insurity is a provider of cloud-based core system solutions and data analytics for insurers, brokers, and managing general agents.
ODG by MCG is part of the Hearst Health network, a provider of evidence-based, data-driven claims strategies for workers’ compensation.
The deal will enable Insurity to improve its predictive analytics solutions for claims triage.
More specifically, the InsurTech will leverage ODG by MCG’s configurable medical treatment and return-to-work guidelines to strengthen its own solution with claims analytics that further enhance the accuracy of the company’s machine-learning predictive models when forecasting claim severity.
Essentially, Insurity will combine the data with its own predictive analytics solution for claims triage, which 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.
“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.â€
Kirstin Marr, head of data solutions at Insurity, added, “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. 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.â€
Phil LeFevre, managing director at ODG by MCG, added, “We’re excited to partner with Insurity and provide the most widely-used evidence-based guidelines in workers’ compensation. 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.â€
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