SAN
DIEGO, July 24, 2024 /PRNewswire/
-- Insurtech startup Schaefer City Technologies announced
it has won a 2024 Innovation Award from Business Insurance Magazine
for its industry-disrupting AI software, NaVel™. The panel of
judges recognized the software's early warning ability that
empowers P&C carriers to identify claims with the potential of
going nuclear using predictive analytics. Schaefer City
Technologies' win marks the company's arrival as a groundbreaking
tech innovator for the insurance industry just one year after
launching NaVel™ in the market.
NaVel™ identifies, manages and reduces claim exposure to Nuclear
Verdicts® – most simply defined as jury verdicts over
$10 million – based on parameters and
attributes identified using more than 10 million data points,
sourced from hundreds-of-thousands of cases. The pioneering
solution provides an ever-updating predictive risk score throughout
the life of a claim, based on information claims professionals
already enter into their claims management system. Whether NaVel™
finds a claim to have a high or low risk of a Nuclear
Verdict®, it equips claims professionals and executives
with vital information to conduct proactive, well-informed
discussions on the best course of action.
With the ability to identify more than 75% of potential Nuclear
Verdicts®, NaVel™ can save the insurance industry
billions of dollars and only gets better as the model matures over
time.
"These savings impact more than an insurer's bottom line," said
Schaefer City Technologies CEO Denise
Tyson. "They protect jobs, secure justice for all and help
combat legal system abuse and social inflation—which ultimately
impacts what all of us pay for insurance coverage."
NaVel™ serves as a consistent, second set of eyes for claims
professionals. There is no additional inputting needed and little
to no training. NaVel™ provides peace of mind and protection for a
carrier's bottom line and provides executives with real-time
analysis of hidden risks in the claims inventory, allowing for more
targeted internal discussions and quicker action.
The Business Insurance Innovation Awards recognize leadership,
inventiveness and ingenuity in products and services designed for
risk management professionals. Entries are reviewed and scored by
an independent panel of judges consisting of professional risk
managers. The Business Insurance Innovation Awards dinner took
place at the Ziegfeld Ballroom in New
York City on July 18,
2024.
About Schaefer City Technologies
Schaefer City
Technologies is an innovative insurtech company that delivers
software solutions to help insurance and reinsurance companies and
their defense counsel spot and defend against Nuclear
Verdicts®. Its first product, NaVel™, is applied to
existing claims systems automatically as claims professionals work
their file—from First Notice of Loss to Litigation—detecting the
potential threat of a Nuclear Verdict® and providing a
prediction score, which adjusts throughout the life of a claim as
new information is added to the file. Schaefer City Technologies is
the recipient of the 2024 Innovation Award from Business Insurance.
For more information or to request a demo, visit
www.schaefercitytech.com.
Press Contact
Jennifer
Johnston at Plat4orm PR
jennifer@plat4orm.com
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SOURCE Schaefer City Technologies