Insurity Buys AuSum
Insurity, which provides cloud-based software to property and casualty insurers, announced that it has completed the acquisition of AuSum Systems.
AuSum, which stands for audit and survey management, provides software that automates premium and loss control processes, drawing on data from 26 million past audits and surveys, Insurity said in a press release.
Insurity, based in Hartford, Conn., said AuSum’s software uses artificial intelligence to pinpoint specific elements in each policy where premiums may need to be optimized. The software removes “time and resource constraints” that require carriers to limit the volume of premium audits conducted, the company said.
“Many P&C carriers do not automate all or a portion of the audit and loss control processes. Even fewer integrate it with their underwriting and policy administration processes,” stated Insurity Chief Executive Officer Chris Lafond. “This can cause inaccurate risk assessments and premiums.”
AusSum is based in Miami Beach, Fla. Terms of the transaction were not revealed.
Ascellus: Study Shows Value of Neurocognitive Screening
Ascellus, a behavioral health care provider for workers’ compensation payers, says a peer-reviewed article published this month shows that neurocognitive screening improves recovery and return to work outcomes for work-related concussions.
Ascellus clinical staff participated in the research that led to the study, the results of which were published in the Oct. 1 edition of the Journal of Occupational and Environmental Medicine. The study examined 157 injured workers who had suffered concussions from industrial accidents and engaged in treatment from March 2019 to March 2020.
Ascellus said concussion injuries can lead to anxiety, depression and post-traumatic stress symptoms, leading to prolonged recovery. The 157 claimants studied had been off duty for an average of 10 months before undergoing a neurocognitive screening evaluation.
After the screening, all of the patients underwent three to six sessions of individual therapy that included relaxation and mindfulness training and coaching on anxiety avoidance techniques. The 117 patients who were diagnosed with mental health disorders were recommended for therapy.
The injured workers returned to work at an average of 6.7 weeks after the initial neurocognitive screening. Only two of the 167 patients were returned to work with restrictions or accommodations. The number of lost work days before the screening averaged 202 days. After screening, the average number of lost work days was 47.
“Our research found the most common outcome was rapid return-to-work and a return to previous activity levels after the NCSE and one psychoeducational/return-to-work focused therapy session, which is a big change from an average off-work duration of 10 months,” stated Daniel LeGoff, a clinical neuropsychologist for Acellus.
Crawford & Co. Buys Praxis Consulting
Crawford & Co. has acquired Praxis Consulting Inc., a subrogation claims management and recovery service provider.
Crawford, an international claims administration provider based in Atlanta, said Praxis uses proprietary data analytics software to manage subrogation claims.
“Their execution capability, depth of expertise and strong client relationships will allow us to increase Crawford’s footprint in the claims ecosystem while delivering quality and expertise to existing and future clients,” stated Larry Thomas, Crawford’s global president, platform solutions.
Praxis was founded in 1997 by Robert Ford. The company has offices in Beverly, Mass. and Fleming Island, Fla.
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