Deep industry knowledge and technological innovation stand out in two Verisk leaders honored as Technology Innovation honorees in the 2023 PropertyCasualty360 Insurance Luminaries recognition program for their work on Discovery Navigator™, an advanced claims management tool for automated medical record review.
“The future of the insurance industry lies in technological innovation,” says Riordan.
Sneha Godbole, director of data science, and Kate Riordan, director of automation service, played major roles in developing Discovery Navigator, which uses artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) techniques to identify and extract key terms and concepts within unstructured medical records.
Diverse strengths, one powerful result
Leading a team of data scientists focused on NLP projects, Godbole oversaw Discovery Navigator from conception to launch, bringing to market a unique solution that can boost efficiency and yield a10:1 return on investment for clients using the solution.
With an extensive legal and public policy background in MSP issues, Riordan helped to bridge the gap between business and technology by working with different teams through the development process for Discovery Navigator.
An advantage for clients
The tool can help clients bypass tedious, time-consuming, and often error-prone manual reviews of medical records to easily capture critical data and upload it to their claims management systems. The result can be expedited file review, significant cost savings, higher accuracy, and greater consistency.
Godbole and Riordan collaborated for years with Verisk’s teams of clinical experts and data scientists to create this solution, a prime example of the positive potential impact of AI. Claims handlers, attorneys, nurse case managers, and others involved in medical record review can now sharpen their focus on claim resolution processes that deliver better customer experiences at a lower cost.
Guiding principles for innovation
“With insurance technology continually evolving, insurance professionals should keep up to date with the latest trends,” Godbole advises. “Look to other areas of business that are leveraging new developments and see how this informs how we can integrate the newest tech into the insurance landscape.”
“The future of the insurance industry lies in technological innovation,” says Riordan. “Wherever an insurance professional operates within the ecosystem, it is essential that they bridge their regulatory and business knowledge with the depth of technical prowess the evolving insurance landscape demands. Continue learning and seeking new opportunities to expand the breadth of your expertise.”