EXL and Brown & Brown Absence Services Group Partner to Develop Integrated Disability Claims Management Technology & Services
EXL (NASDAQ: EXLS) has partnered with Brown & Brown Absence Services Group to enhance claims management through AI technology. This collaboration aims to streamline the claims adjudication process by leveraging conversational AI and advanced analytics to analyze unstructured data. The end-to-end service will automate simple claims while routing complex cases to experienced specialists, improving efficiency and accuracy. With over 20 years of experience in disability operations, EXL is set to transform the insurance industry's approach to disability claims management.
- Partnership with Brown & Brown enhances claims management capabilities.
- Utilization of AI and analytics improves operational efficiency and accuracy.
- Potential reduction in costs and processing time for claims.
- Leveraging combined expertise from both companies to deliver innovative solutions.
- None.
AI-Powered Claims Adjudication Technology Analyzes Unstructured Data to Streamline Claims Management Process Amid Surge in Volume
NEW YORK, Jan. 10, 2023 (GLOBE NEWSWIRE) -- EXL [NASDAQ: EXLS], a leading data analytics and digital operations and solutions company, announced a partnership with Brown & Brown Absence Services Group, a provider of value-driven solutions that meet the evolving needs of disability insurance companies and self-insured entities. Together, the two companies will develop an end-to-end claims management service that leverages conversational AI and powerful analytics to improve the claims adjudication process. This new capability will enable extracting and analyzing critical insights from unstructured claims data to instantly tag simple claims for immediate, automated processing and send more complex cases to highly skilled specialists for detailed review informed by years of claims experience.
By combining cutting edge technology with human ingenuity, the new solution is designed to reduce costs and time spent pouring over claims data to manually adjudicate each file. Drawing on EXL’s deep domain expertise in disability operations and AI-powered claims model, along with Brown & Brown’s knowledge of complex, nuanced claims analysis and independent and reliable claims reviews, the new solution improves workflows and delivers faster results to end customers.
“This new technology optimizes AI and advanced analytics to improve the speed and accuracy of claims processing, while also including humans in the loop to focus on more complex cases,” said Andy Logani, senior vice president, Head of Life & Annuity Business at EXL. “This is the future of the insurance industry – we’ve now reached a point where AI technology is able to augment human workflows to dramatically increase the speed, accuracy and depth of analyses required to meet the demands of the current marketplace.”
“This collaboration will bring meaningful change to the way we manage disability claims. Brown & Brown Absence brings highly personalized, talent-led solutions powered by a team of over 200 physicians, nurses, and vocational professionals, along with experienced claims analysts with an average of 15 years of experience, and EXL brings 20+ years of experience in the insurance industry, backed by proven data, analytics and digital capabilities,” said Michael Shunney, chief executive officer of Brown & Brown Absence Services Group. “The industry has been working for years to harness the power of AI and human experience, and this initiative is making that vision a reality.”
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About Brown & Brown Absence Services Group, LLC
Brown & Brown Absence Services Group, LLC, is focused on adding value across the absence continuum. We bring industry-wide experience and extensive capabilities to deliver value-driven solutions that meet the evolving needs of disability insurance companies and self-insured entities. Our solutions include SSDI advocacy, medical file review, clinical services, advisory services, recovery services, claims management, talent solutions, and consultative solutions. Our Medicare-focus insurance agency, Aevo Insurance Services, LLC, provides Medicare eligibility and policy decision advisory services. Brown & Brown Absence Services Group, LLC, and Aevo Insurance Services, LLC are direct subsidiaries of Advocator Group Holding Company, Inc., part of Brown & Brown, Inc. For more information, please visit http://www.bbabsence.com
About EXL
EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company that partners with clients to improve business outcomes and unlock growth. By bringing together deep domain expertise with robust data, powerful analytics, cloud, artificial intelligence (“AI”) and machine learning (“ML”), we create agile, scalable solutions and execute complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. Focused on driving faster decision-making and transforming operating models, EXL was founded on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our team is over 43,100 strong, with more than 50 offices spanning six continents. For more information, visit www.exlservice.com.
Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to successfully close and integrate strategic acquisitions, our ability to respond to and manage public health crises, including the outbreak and continued effects of the COVID-19 pandemic, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K and EXL’s Quarterly Report on Form 10-Q. These risks could cause actual results to differ materially from those implied by forward-looking statements in this release. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.
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