Carrier claims processing service gets a boost from collaboration between Venbrook and Cognizant
In a groundbreaking move, Venbrook Group LLC, a leading holding company in the insurance industry, and Cognizant, a global technology services company, have entered into a partnership to transform insurance claims processing.
Based in Los Angeles, Venbrook Group LLC operates through a nationwide network of desk and field adjusters, providing retail broking, wholesale broking, programs, and claims services. The founders of Venbrook Group LLC are Scott McCulloch and Mike Marino. This partnership expands the relationship between Venbrook and Cognizant, with Cognizant serving as a services provider and market partner.
The new operating model aims to drive efficiencies in claims processing, scale to handle volume spikes, and reduce operational costs for carriers. To achieve this, the partnership will include an agentic artificial intelligence (AI)-powered TPA claims service, co-developed by both companies.
This AI-powered service will utilise predictive modeling to support proactive decision-making within the partnership. It will also integrate agentic AI to manage complex claims tasks and orchestrate workflows. The collaborative effort is expected to increase the accuracy of claims processing and support early fraud detection, ultimately improving customer satisfaction.
In addition to claims processing, Cognizant will provide Venbrook with policy administration, financial operations, and compliance processing services. The co-developed service aims to digitize components of the claims process value chain for carriers, enabling operations to scale and supporting the new operating model's goal of speeding up claims processing times.
The partnership between Venbrook Group LLC and Cognizant is set to revolutionise the property/casualty claims process lifecycle, creating efficiencies, and reducing costs for insurance carriers, making the claims process more efficient and customer-friendly.
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