CLAIMS SOLUTIONS

Cogitate Demand Management

Avoid Bad Faith Exposures and Loss In Claims

Cogitate Demand Management is a unique solution that enables carriers, wholesalers and MGAs to automate identification of attorney demand letters, and helps in tracking progress throughout their life cycle. This solution also helps in monitoring negotiations with attorneys and reducing the risk of bad faith exposures.

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Management in action

Attorney Demand Letter
Awareness and Management

Demand letters from claimants’ attorneys are very challenging to identify because of their complex legal verbiage as well as the sheer volume of documents received by claims teams every day. If missed and not accurately monitored, a demand could lead to bad faith exposure and/or extra-contractual liability, besides exorbitant defense costs. Cogitate Demand Management solution uses modern technologies like text mining, optical character recognition (OCR), artificial intelligence (AI) and machine learning (ML) to automate the entire demand letter identification and management process. It helps in tracking the progress of the demand and negotiations with attorneys.

Automate Demand Letters Identification

Insurance companies receive thousands of documents every day, which generally include demand letters from claimants’ attorneys. The impact of missing even a single demand letter can be catastrophic for any insurance provider, as it may result in bad faith and millions of dollars in settlement costs. Cogitate Demand Management automates the identification of demand letters and notifies the relevant stakeholders every time a new demand letter is received by the insurer’s claims team. It offers an extra layer of protection against possible fraudulent claims turning into unnecessary legal proceedings.

Reduce Bad Faith Exposures, Litigation and Settlement Costs

Automating the identification and monitoring of demand letters allows insurance carriers, MGAs and wholesale brokers to significantly reduce the risk of turning any attorney demands into bad faith claims and subsequent litigation. Additionally, Cogitate Demand Management solution keeps track of all important dates, such as the expiration date for the demand, the offers made in negotiations and the settlement date with the claimant’s attorney, and helps in keeping an already exorbitant settlement cost from unnecessarily running into millions of dollars.

Demand Identification Through Modern Tools

Cogitate Demand Management uses artificial intelligence coupled with modern technologies like OCR, text mining and machine learning to automatically identify potentially high-risk demand letters. This automation replaces the labor-intensive and error-prone manual process. The system rapidly scans through thousands of documents to search for attorney demand letters without any user intervention.

Dashboard
  • Quick assessment of crucial indicators, including new demands, total demands, expiring demands, closed demands and current potential risk value
  • On-screen display of urgent and expiring demands
  • Historical information on demands identified
  • Adjuster assignment and reassignment information
Demand Identification with AI
  • Proprietary AI algorithms for accurately identifying new demands
  • Identification & removal of false positives through AI and machine learning based modeling
  • Analytics and machine learning tied in with ability for user-based system training
OCR and Text Mining
  • Automatic background services for information extraction using OCR and text mining
  • Built-in OCR engine to accurately reproduce text from scanned documents
  • Text mining service to derive demand-related patterns
  • Rapid scanning of thousands of documents – over 50,000 pages per day
  • Dashboard
    • Quick assessment of crucial indicators, including new demands, total demands, expiring demands, closed demands and current potential risk value
    • On-screen display of urgent and expiring demands
    • Historical information on demands identified
    • Adjuster assignment and reassignment information
  • Demand Identification with AI
    • Proprietary AI algorithms for accurately identifying new demands
    • Identification & removal of false positives through AI and machine learning based modeling
    • Analytics and machine learning tied in with ability for user-based system training
  • OCR and Text Mining
    • Automatic background services for information extraction using OCR and text mining
    • Built-in OCR engine to accurately reproduce text from scanned documents
    • Text mining service to derive demand-related patterns
    • Rapid scanning of thousands of documents – over 50,000 pages per day

Tracking of a Demand Letter Throughout Its Life Cycle

Cogitate Demand Management uses built-in notifications and a configurable email alert mechanism to ensure that all demand letters are responded to in a timely manner. The tool will also track negotiation details with attorneys, such as offer amounts and the dates on which the offers were presented.

Tracking & Notification
  • Complete life cycle management, including negotiations for every claim associated with attorney demand letters
  • Preset notifications initiated at critical stages of the demand lifecycle
  • Tracking and escalation of demands based on expiration and due dates
  • Configurable email alerts such as by time, sender groups and more
Team Management
  • Facility to add and remove claims users like adjusters, managers and directors through an admin role
  • Mapping of adjusters to managers
  • Temporary or permanent reassignment of adjusters when required, e.g., manager on leave, or team reassignments
  • Improved management and efficiency of adjuster pool
Agency Contact Management
  • Quick and easy integration with many existing Document Repository Systems and Claims Management Systems
  • Activated with minimal configuration within 2 to 4 weeks
  • Visible results within weeks after deployment

Interested in learning more about our Demand Management?

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