Israeli Insure-Tech company, ClaimzAI, has launched a feature for analyzing expert medical opinions in auto and bodily injury claims. ClaimzAI provides a decision-support SaaS platform that automatically collects and updates insurance claims data from court verdicts and judicial decisions published by the adjudicating authority. The company was founded in 2021 by Amit Frenkel (CEO), a lawyer specializing in civil litigation, and Itay Yair (CTO), an engineer specializing in artificial intelligence. The company notes that insurance companies pay higher compensation amounts by about 5-10% than they actually should in mandatory car insurance and bodily injury claims, leading to cumulative losses of billions of shekels annually for the entire industry. These excess losses are mainly caused by inconsistent settlement processes, lack of effective supervision and control over settlement amounts between insurance companies and insured parties, and high uncertainty regarding the potential outcome of legal proceedings. ClaimzAI has developed an algorithm for automated collection and processing of data on accidents, bodily injuries, and financial damages published regularly within court rulings and judicial decisions in bodily injury claims. Based on this updated database, the system allows insurance companies, especially claim adjusters and actuaries, to view and analyze real-time and easily understandable nationwide statistical information on claims with similar circumstantial parameters, providing timely and effective insights into decision or action patterns of judges, attorneys, and medical experts from the reporting stage of the accident throughout the entire settlement process. This is achieved through smarter and more reliable control over compensation amounts paid by insurance companies, significant reduction of uncertainty and risk exposure, and shorter handling times for claims.
ClaimzAI: “The information extracted today from public legal documents on judicial risk factors is invaluable. Court verdicts, judicial decisions, and legal information publicly available provide indispensable intellectual assets for insurance companies by enabling insights into various players in the local judicial system – from judges, attorneys, and medical experts to insurance companies and insured parties themselves. As for medical experts, the development will foster transparency regarding medical opinions provided in various bodily injury claims, enabling the identification of experts with high risk factor to the claim vs. experts whose opinions are adopted by the court more often”.
