Claims Business: RecovX Health, Tokio Marine and CrowdStrike, Ford and Verisk

October 20, 2020
ReCovX Health Launches Injury Claim Filing Tool

RecovX Health, an insurtech based in Sarasota, Fla., has launched a product that allows injured people to file third-party liability accident claims with insurance companies.

RecovX founder and owner Lee E. Fogle said he personally had to file an injury claim after a pit bull terrier attacked him and his dog. In another instance, his wife and infant daughter were injured in an accident caused by another motorist’s negligence, he said in a press release.

“In both cases it was a stressful and slow process of almost nine months to settle our claims, and the final net amount we received after medical and legal fee deductions was less than one third of the insurance claim settlement,” he stated.

The patent-pending RecovX product, called InjuryClaimsExpress, allows consumers to file and quickly settle insurance claims directly with insurers. Otherwise, people who are injured must work directly with the insurance company or hire an attorney, who will take from 25% to 33% of any payout.

“For the work that attorneys do on complex severe injuries, that’s fair, but 90% of the 3 million annual injury claims America are common, simple, and lower severity injuries which can be settled quickly without an attorney using technology,” RecovX said.

InjuryClaimsExpress informs the injured person of common ranges of compensation for injuries, the company said. According to the Insurance Information Institute and the Insurance Research Council, the average injury settlement is $17,000 and takes more than six months to settle. The Recovx product allows claimants to settle their claims in half that time and receive a net payment after medical costs almost two times more, the company said.

The product was designed by former Liberty Mutual claims executive William Kratch. William Kratch, former Liberty Mutual claims executive and key designer of ICE™ said, “Today, easy to use technology is available and consumers are accustomed to self-service apps to do things faster. We designed InjuryClaimsExpress™ for consumers, and since we spent our careers in claims, we know what matters to insurance claims adjusters working directly with injured people. InjuryClaimsExpress™ guides consumers through the claims process and also provides a valuable platform for insurers to reduce administrative expenses while allowing both parties to reach prompt, equitable settlements.”

Tokio Marine Offering CrowdStrike to Insureds

Tokio Marine HHC has teamed up with CrowdStrike to offer policyholders protection from malware and ransomware attacks.

Tokio said in a press release that it will offer CrowdStrike’s Falcon platform to insureds.

“In recent years, cyber criminals have increasingly used targeted ransomware attacks to cripple their victims’ systems, causing considerable economic damage,” Tokio Marine said in a press release. “As the trend toward remote work and the use of personal devices has intensified during 2020, the frequency and severity of these attacks have increased. Often, these sophisticated attacks can bypass a victim’s legacy antivirus protection.”

Mike Palotay, chief underwriting officer for the cyber and professional lines group, said many antivirus products rely on antiquated technology” that compares virus signatures with files on a computer to detect virus infections. He said new ransomeware variants can be modified to evade detection by traditional signature-based virus scanners.

Ford Offering Verisk Data Exchange

Ford Motor Co. is making the Verisk Data Exchange to owners of Ford and Lincoln vehicles, which will make available usage-based insurance programs that motorists can use to earn discounts on coverage.

Verisk said in a press release that the top three U.S. auto insurers belong to the Verisk Data Exchange. The exchange uses proprietary analytics to refine driving telemetry from connected Ford vehicles intoinsurance-ready information, including Verisk’s rating and scoring solutions.

Insurers can collect data from Ford and Lincoln owners who give their consent it two ways:TheVerisk Driving Data application programming interface allows insurers to do their own scoring for driver behavior. Insurers can also use the Verisk Driving Score, a proprietary loss model that is filed an available for use in 43 states.

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