Optimalex Brings Innovation Into Insurance Claims Management
NEW YORK, Dec. 9, 2021 /PRNewswire/ -- Optimalexis pleased to announce that CEO Dr. Frank Giaoui has won a PropertyCasualty360 Insurance Innovators Award.
Artificial Intelligence for claim adjusters at Property and Casualty insurance carriers
"We congratulate Dr. Frank Giaoui, Founder & CEO of Optimalex for winning a PropertyCasualty360 Insurance Innovators Award," said Tamara Gentry, Group Publisher for ALM's National Underwriter Property & Casualty Divisions. "Innovation is about more than technology. It's about culture and practices that prevent any entity from becoming antiquated or outdated. The PropertyCasualty360 Insurance Innovators award honors technologists along with those making strides in customer experience; diversity, equity and inclusion (DE&I) initiatives; risk management and environmental stewardship."
The award follows the successful release of the brand new Bodily Injury Module at the American Property Casualty Insurance Association Conference in Denver in early November. Optimalextakes Predictive Intelligence to the highest level possible of accuracy and fairness. Quantitative predictions start with qualitative legal theory and deep professional expertise applied to relevant precedent cases. Optimalexhas embedded the most predictive variables into the algorithms of the decision support software. This allows claim adjusters to rapidly run multiple case simulations, to anticipate awarded damages and length of proceedings, hence reducing uncertainty of the potential outcomes. Optimalex Universe includes Agatha, the Prediction SaaS, Noah, the data curation service on the way to prediction, and Iris, the visualization dashboard. According to Dr. Giaoui, "This innovation is particularly useful whenever harm exists but is difficult to quantify, especially regarding expectancy damages for commercial cases, as well as pain and suffering for personal bodily injury." He goes on to say, "I'm proud of our Optimalex team who are passionate about prediction, and grateful for our pilot customers, as we all work together to improve their case and claim evaluation process."
About Optimalex, The Path from Data to Prediction: Optimalex combines practical business experience, academic law & economics research and data+software engineering development. The company has created an entire Universe from data curation to case prediction, award quantification and portfolio visualization.
Current Optimalexpractice areas include Commercial Contracts, Corporate M&A Contracts, Harm to Reputation, Harm to New Business, and Personal Bodily Injuries.
As a decision support tool, the software provides predictive analytics to both parties, assists them to strategize the optimal outcome and to decide between settlement and litigation.