Business News: Sedgwick, Verisk, CLARA Analytics

Sedgwick has finalized the purchase of global loss adjusting, claims management and risk solutions firm Cunningham Lindsey and its subsidiaries. The combined organization—including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey, with select exceptions—will move toward operating globally under the Sedgwick brand name.

The strategic acquisition brings Sedgwick nearly 6,000 highly skilled Cunningham Lindsey colleagues in 65 countries who provide expert support to a global customer base of businesses, insurance companies, brokers and policyholders. The professional services they deliver—which include property loss adjusting, third-party claims administration, global account management, forensic engineering, and restoration and repair consulting, among others—complement the capabilities of Sedgwick and Vericlaim around the world and across all aspects of the risk management lifecycle.

North will continue to lead the company’s executive council, now comprising global chief financial officer Henry Lyons, group presidents Mike Arbour and Bob Peterson, and Jane Tutoki, who previously served as global CEO of Cunningham Lindsey and has been appointed vice chair of Sedgwick.

Verisk Launches API for Mozart Form Composer

Verisk, a leading data analytics provider, has launched an application programming interface (API) for Mozart Form Composer, ISO’s forms management tool and product development platform. ISO is a Verisk business.

Many insurers use a large number of proprietary and ISO forms to develop policy language, with forms and endorsements often stored in multiple systems. Mozart helps insurers develop, draft, and edit customized insurance contracts with more speed and efficiency.

The new API enables insurers to easily integrate Mozart with their in-house or vendor applications. The API also offers a number of key features, including the ability to download ISO forms individually or in bulk and perform custom searches for forms based on line of business, U.S. state or territory, and document text.

To learn more about Mozart, visit www.verisk.com/mozart.

CLARA Analytics Launches Litigation Tool

CLARA analytics, an artificial intelligence and data science company that specializes in easy-to-use AI-based products for the Property/Casualty and Disability insurance industries, launched CLARA litigation, a powerful new product that leverages AI to help claims operators minimize the impact of litigation.

CLARA litigation supports three key factors. These factors are aimed at reducing the number of injured workers who seek attorneys in the first place as well as to improve outcomes if attorneys become involved. Specifically, CLARA litigation:

• Identifies claims with the greatest risk of attracting an attorney weeks before lawyers are retained. This enables claims teams to focus targeted interventions on changing the course of the injured worker, potentially heading off litigation.
• Uses outcomes-based attorney scoring powered by machine learning algorithms to identify the best attorneys for the case when litigation is unavoidable. By engaging the right lawyer, claims teams can dramatically reduce associated costs and resolve issues faster.
• Leverages AI-driven intelligence to provide insight on optimized settlements for specific cases. This information proves invaluable when determining whether to settle or fight a pending lawsuit.

CLARA litigation is a secure, cloud-based solution available on a monthly subscription basis.