InsurTech Schaefer City Technologies has launched its first software product designed to help insurance companies identify which claims have the potential to “go nuclear”.
A nuclear verdict is defined by CaseGlide as an exceptionally high jury award that surpasses what should be reasonable or rational amount. Some define a nuclear verdict award as being any penalty that exceeds $10m, while others would put the threshold of a nuclear verdict at a much higher and more disproportionate number.
Schaefer City Technologies LLC is dedicated to helping insurance companies and their defence counsel spot and defend against nuclear verdicts.
Its software solution, NaVel™ (short for “Nuclear Verdict Exposure Likelihood”), features patent-pending machine learning technology that embeds into existing insurance software and uses predictive analytics based on the key traits of more than 10 million data points analysed in tens-of-thousands of cases that resulted in Nuclear Verdicts®.
NaVel™ matches those traits to the insurance claim file to determine the likelihood of a Nuclear Verdict®. NaVel™ does not require data input from claims professionals and stores no claims data itself.
Robert Tyson, chief business development officer at Schaefer City Technologies, said, “The #1 question we’ve received from thousands of insurance professionals in the last three years is, ‘How do I spot a Nuclear Verdict® on my desk before it happens?’
“With Schaefer City Tech, we have developed the early-warning system to help insurance companies save billions of dollars,” said. “Whether NaVel™ finds a claim to have a high risk or a low risk of a Nuclear Verdict®, the claims professional can have a well-informed discussion with their internal management and outside defense counsel on what strategies to pursue. With insurance carriers having millions of claims on file, using NaVel™ could save them billions of dollars each year on settlements, trial verdicts, and litigation costs.”
Earlier this month, Obie, an InsurTech startup that offers insurance risk management for real estate investors, was selected by Nestment as its insurance partners to streamline the insurance process for co-buyers.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
