By targeting significant inefficiencies and waste generators like repetitive manual labor, false claims, and claims leakage, EIS ClaimSmart seeks to lower the cost of claims. Additionally, insurers can create fully digital customer experiences that prioritize self-service, reduce friction, and make the entire life cycle more flexible and user-friendly thanks to its adaptable and unified digital front-end portal.


The CEO of EIS, Alec Miloslavsky, added: "There is an urgent need for claims systems to change. Their manual labor and inefficient procedures slow them down and worsen client experiences in addition to increasing expenses. We created ClaimSmart in response to take on these difficulties head-on.

"ClaimSmart was designed to optimize operational processes, greatly reducing time-consuming administration and improving the digital front-end experience for clients. It minimizes the possibility of fraud and claim leakage while ensuring quick processing of valid claims.
 

"This is a critical addition to our product line, combining AI and ML to improve the functionality of our platform and provide a complete end-to-end claim management solution."

With the introduction of ClaimSmart, EIS has advanced its data science capabilities and taken a big step ahead. It establishes the foundation for an extensive data science (DS) suite of products that will improve automation and efficiency in the insurance industry. In order to create algorithms that can analyze patterns, generate predictions, and ultimately lead to smarter, more efficient operations in the insurance sector, it is essential to integrate DS techniques.
 

"Acknowledging data science's transformative potential"

The claim department team manager of Tokio Marine, an insurer holding firm with headquarters in Japan, Atsushi Wada, said, "We're honored to be among ClaimSmart's initial users. It's revolutionizing our claims handling procedure for clients and staff alike. Systems and procedures that were expensive and inefficient have been changed, leading to significant operational savings, quicker answers, and higher customer satisfaction.

Because it is core-agnostic, ClaimSmart can be easily integrated with the majority of policy and claims management systems. ClaimSmart's combined capabilities with EIS's ClaimCore, the company's current claims system, provide a comprehensive solution that expedites claim handling and provides insurers and policyholders with a smooth, customized experience.
 

ClaimPulse and ClaimGuard are the two products that make up ClaimSmart. With the use of an automated claims processing layer, an integrated front-end digital portal, and digital first notice of loss, ClaimPulse brings a new level of efficiency and technological sophistication.

With its focus on fraud detection and risk assessment, ClaimGuard is an AI and ML solution that strengthens the security and integrity of the claims process. As more claims are processed, the system gets better over time.


We're embracing data science's disruptive potential to revolutionize insurance claims administration with ClaimSmart. As we help insurers create their future ecosystems, our dedication to data fluidity, intelligence, and extensibility is essential, said Miloslavsky. "Our goal remains to produce the best possible claims management outcomes, setting new industry standards as we grow our platform and work with diverse insurtechs.”