LexisNexis® Claims Solutions and Mitchell Join Forces to Help Insurers Improve Claims Outcomes
Market Leading Organizations to Unite Comprehensive Data Sources, Predictive Analytics and Advanced Claims Decision Support Technologies
New York, NY and San Diego, CA – At the 2010 Mitchell Property and Casualty Conference, LexisNexis® Claims Solutions and Mitchell International today announced plans to join forces to address the challenges associated with handling severe auto injury and other difficult and expensive “special needs” claims situations. The agreement between firms combines the unique data and predictive analytics of LexisNexis® Claims Solutions with Mitchell’s market leading medical bill review and decision support workflow solutions. The 2010 Mitchell Property and Casualty Conference is being held at the US Grant Hotel in San Diego, California today through March 10.
Spiraling medical costs, increased regulation, high adjuster caseloads, claims litigation, a rapidly diminishing adjuster work force, and insurance fraud are several of the challenges facing today’s property casualty insurers. Responding to these challenges, the combined resources and expertise of Mitchell and LexisNexis Claims Solutions will provide insurers with innovative new approaches to enable proactive, efficient claims handling, and obtain maximum value from specialized claims handling resources while controlling indemnity and loss adjustment expense.
"In today’s challenging market, property casualty carriers are looking for every opportunity to improve loss ratios and operational profitability," says Karlyn Carnahan, a principal in analyst firm Novarica's insurance practice and a keynote speaker at the conference. "Combining predictive analytics with powerful and flexible business process systems has the potential to create tremendous value in this area."
Initial solutions will be centered around early recognition and control of severe bodily injury and special needs claims. Mitchell and LexisNexis Claims Solutions are actively exploring additional ways to blend Mitchell’s expertise in medical bill review and claims decision support with predictive analytics, public records data and other specialized LexisNexis® data to provide insurers with more insight into individual claims – and their book of claims. The objective is to anticipate and effectively manage claims severity, potential fraud and recovery opportunities and other issues earlier and more accurately in the claims process.
"LexisNexis Claims Solutions’ market-leading position in insurance analytics and unique data complements our unmatched medical data and claims decision support solutions," said Dave Torrence, senior vice president and general manager, Mitchell International. "Together we will innovate ways to help insurers dramatically improve their claims performance."
"By blending the strengths of Mitchell and LexisNexis Claims Solutions, we will enhance the claims process with a fundamentally new approach to exposure management," said Ernie Feirer, vice president and general manager, LexisNexis Claims Solutions. "Insurers will benefit from increased clarity and insight, enabling them to mitigate costs and improve operational profitability."
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 18,000 employees worldwide.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions is the leader in providing essential information that helps advance industry and society. Building on the legacy of proven LexisNexis® services from the past 30 years, our cutting-edge technology, unique data and advanced scoring analytics provide total solutions that address evolving client needs in the risk sector while upholding high standards of security and privacy. LexisNexis Risk Solutions serves commercial organizations and government agencies and is comprised of several affiliated corporations, each offering premier customer-focused solutions. For more information, visit lexisnexis.com/risk.
About Mitchell International, Inc.
Mitchell International (www.mitchell.com) is a leading provider of information and workflow solutions to the Property & Casualty claims and Automotive Collision Repair industries. The company's comprehensive solution portfolio streamlines the entire auto physical damage, bodily injury and workers' compensation claims processes. Mitchell enables millions of electronic transactions between more than 30,000 business partners each month to enhance partner productivity, profitability, and customer satisfaction.
About Mitchell Auto Casualty Solutions
The Mitchell Auto Casualty Solutions division within Mitchell International (www.mitchell.com) provides the Property & Casualty claims market with a variety of technology, database and service solutions with one goal in mind - enable our clients to process their automotive medical and liability claims in a timely, accurate, consistent and fair manner. This division has more than 20 years of experience in delivering high-quality products and services to auto insurance carriers, service providers and TPAs, allowing them to analyze and adjudicate first and third party medical bills and complete comprehensive, consistent liability and injury evaluations. An estimated 7 out of every 10 medical bills from auto accidents are reviewed by Mitchell's solutions.
LexisNexis Risk Solutions
Mitchell International, Inc.