Case Study Southern General · Machine Learning for hi-precision identification of attorney demand...

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Demand Management Case Study – Southern General Digital Insurance Accelerated

Transcript of Case Study Southern General · Machine Learning for hi-precision identification of attorney demand...

Page 1: Case Study Southern General · Machine Learning for hi-precision identification of attorney demand letters Complex AI algorithms & Machine Learning models were used to identify patterns

Demand Management

Case Study – Southern General

Digital Insurance Accelerated

Page 2: Case Study Southern General · Machine Learning for hi-precision identification of attorney demand letters Complex AI algorithms & Machine Learning models were used to identify patterns

Southern General Insurance Company identified $2.4 million worth attorney demands in 30 days

Page 3: Case Study Southern General · Machine Learning for hi-precision identification of attorney demand letters Complex AI algorithms & Machine Learning models were used to identify patterns

Introduction

© Copyrights: 2020 Cogitate Technology Solutions, Inc.

Demand Letters from attorneys are very challenging to monitor

and can be potentially costly for any insurance company.

Depending on the way that it is presented, a Demand Letter

from the claimant’s attorney can be highly complex and difficult

to identify.

Manual search, review and tracking a demand from literally

thousands of documents is laborious and difficult. But, if a

demand is missed or not handled properly, it can lead to bad

faith exposures and/or extra-contractual liability as well as

exorbitant defence costs.

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About Southern General Insurance Company (SGIC)

© Copyrights: 2020 Cogitate Technology Solutions, Inc.

Southern General Insurance Company is property

and casualty insurance provider. It is a carrier for

private passenger auto lines operating in Georgia

and North Carolina.

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© Copyrights: 2020 Cogitate Technology Solutions, Inc.

Southern General Insurance Company (SGIC) faced issues

with slippages in identifying attorney demand letters.

There were multiple cases of demands being missed by

adjusters that lead to bad faith claims.

SGIC claims team also found it challenging to manage

responses and keep track of negotiations with the

claimants’ attorneys. The manual process was highly error

prone, time consuming, and costly; which meant that SGIC

was constantly at a high risk of bad faith exposures. At

times, these issues also led to litigation resulting in huge

settlement costs & defence costs.

Business Challenge

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© Copyrights: 2020 Cogitate Technology Solutions, Inc.

Powered with Artificial Intelligence (AI) & Machine

Learning (ML), Cogitate Demand Management solution

helps insurance companies in reducing risk of attorney

demand letters. It helped SGIC to completely automate

the Demand Letter identification and monitoring process.

Solution

AUTOMATION WITH COGITATE DEMAND MANAGEMENT

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© Copyrights: 2020 Cogitate Technology Solutions, Inc.

Demand Management in action

OCR & Text Mining process up

to 15K+ pages daily from

ImageRight (SGIC’s document

management system)

The autonomous background

services of Cogitate Demand

Management solution along

with modern tools like OCR and

Text mining periodically

process documents from

ImageRight.

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Artificial Intelligence &

Machine Learning for hi-

precision identification of

attorney demand letters

Complex AI algorithms &

Machine Learning models were

used to identify patterns in

documents and determine if a

document is a demand letter or

not.

2

Being in control to ensure zero

slippage

Integrated notification service

of the solution sent timely

alerts to the adjuster team to

ensure that demand letters and

their response deadlines were

not missed. This feature helped

prevent slippages and SGIC

claims team is now always in

control of the demand flow.

3

Page 8: Case Study Southern General · Machine Learning for hi-precision identification of attorney demand letters Complex AI algorithms & Machine Learning models were used to identify patterns

© Copyrights: 2020 Cogitate Technology Solutions, Inc.

Results

99.20% demand identification accuracy, increased from 64.36%

$2.4 Million worth demands identified (Monthly average)

48% reduction in demand handling cycle time

Less than 1 Day for new demand identification, from 5 days

15,000+ pages processed every day to accelerate identification

Page 9: Case Study Southern General · Machine Learning for hi-precision identification of attorney demand letters Complex AI algorithms & Machine Learning models were used to identify patterns

Cogitate Demand Management solution has so many features and benefits.

We have significantly enhanced control over attorney demand claims

exposure with this software. Demand Management solution helps us to

ensure that no demand or a subsequent deadline is missed which can lead to

bad faith. This is truly ‘sleep insurance’ for me when it comes to attorney

demand letters. It’s an incredibly valuable tool for me as the Claims Vice

President.”

Christine Ainsworth, Vice President of Claims

Southern General Insurance Company

Page 10: Case Study Southern General · Machine Learning for hi-precision identification of attorney demand letters Complex AI algorithms & Machine Learning models were used to identify patterns

Thank Youwww.cogitate.us +1-(770)-644-0685

Digital Insurance Accelerated


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