HNC Insurance Solutions, a division of HNC Software, and a provider of predictive solutions to the insurance industry, has launched CompAdvisor 3.0TM and AutoAdvisor 3.0TM. This is review software for property and casualty insurance claims, including workers' compensation.
CompAdvisor and AutoAdvisor can process most medical bills without manual intervention. Users can input data more quickly through the use of scanning technology, optical character recognition and electronic data interchange. By imaging bills on the front end of the process and using advanced decision technologies on the back end, processing costs are less, and accuracy is improved.
“Property and casualty insurers are under tremendous pressure to reduce their costs and improve profitability,” said Earl Malit, president, HNC Insurance Solutions. “The productivity advances that CompAdvisor and AutoAdvisor offer have the potential to provide substantial benefits to our customers."
Until now, reviewing medical bills has been primarily a manual process. Now bills will only need to be reviewed if they require special attention. Automation can substantially reduce processing costs for insurance carriers, third party administrators and larger, self-insured corporations.
CompAdvisor 3.0 and AutoAdvisor 3.0 are a complete re-write of HNC Insurance Solutions’ popular bill review products. The new versions use advanced, open n-Tier architecture. They are flexible and scalable, so that clients can customize the software and the rules to meet their workflow and policy.
Companies can now utilize the technology in CompAdvisor 3.0 and AutoAdvisor 3.0 through HNC Insurance Solutions' Internet application service provider (ASP) model. This way customers will pay a per-transaction fee to use the software, without the expense of installing and maintaining the system in-house.
CompAdvisor 3.0 and AutoAdvisor 3.0 will be available in the second quarter of 2000.