Insurance information-services company ICEX has launched the first cross-claims data exchange, Claimcatcher, to help reduce overpayments related to medical and injury claims for property & casualty (P&C) and health insurers.
ICEX CEO Stephen Ambrose said that health and property/casualty insurers overpay injured people an estimated $15 billion a year because each sector of the industry lacks information about claimants that only the other side has.
"For the first time, P/C insurers will be able to tap into an injured claimant’s medical claims history from health insurers to verify preexisting injuries related to the current claim," Ambrose added.
The technology will also enable health insurers to find out when their members have filed injury claims with P/C insurers, to subrogate against the member.
The newly introduced technology also fulfills HIPAA, NAIC model regulations and stringent state insurance laws on privacy, claims and data.
A report by CIGNA points out that only 0.5% to 1.0% of all paid medical claims result in subrogation recoveries.
The widespread adoption of ClaimCatcher may enable insurers to recover nearly $9bn annually, claims the technology developer.
The company believes that using ClaimCatcher’s HIPAA-compliant process, P/C insurers can request and match up prior medical claims related to the claimant’s current injuries.
The technology will be available during the second quarter of 2013, according to the company.