Insurtech poised to disrupt ‘broken’ workers’ compensation industry

Insurtech poised to disrupt ‘broken’ workers’ compensation industry | Insurance Business

Insurtech poised to disrupt ‘broken’ workers’ compensation industry

The workers’ compensation system is broken. We strongly believe in bringing compassion and empathy back into a system that’s failing to serve those most in need.

That’s the goal of insurtech start-up ChronWell, which is poised to disrupt the workers’ compensation system after raising $4.5 million to launch a platform that will provide triage and technology-enabled services to better serve injured workers and get them back into work faster.

“Our mission is to use technology to bridge the gap between employee, employer and insurance company. In making the process more efficient, we will improve outcomes and help injured workers receive the care they deserve,” said ChronWell CEO and co-founder Joe Rubinsztain.

“Everyone agrees the workers’ compensation market is long overdue for disruption, and this is the right time to do it. There’s a set of changes happening right now with regards to demographics in the workforce, with baby boomers approaching retirement age, and more millennials coming on board. Millennials tend to have different customer expectations and they often want a higher level of personalization.”

ChronWell’s AI-powered platform covers triage, on-site care, care coordination and personalized assistance service. When an employee is injured on the job, a ChronWell healthcare professional backed by AI will determine the best course of action by recommending self-care, on-site care or a healthcare facility. The service provides follow-ups with the worker and manages the claim.   

“The ChronWell platform is a hybrid solution that deploys the best of AI, technology and human capabilities,” Rubinsztain told Insurance Business. “We’re using AI to establish natural language conversations and solve common problems (via text, web-chat or voice etc.), and to provide machine learning insights.

“We’re collecting a very broad data set based on past claims, conversation threads, and industry best practices, which will help our assisters and claims adjusters make better decisions early on in the workers’ compensation claim process. If you successfully mix the natural language understanding of the conversation with the deep learning that comes from intelligent decision-making, then the platform really starts to generate value.”

By using AI to make better decisions quickly, ChronWell will ultimately reduce costs for employers by minimizing the number of injuries that become claims and the number of claims that become long-term indemnity claims, Rubinsztain added.

 

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