Franco Signor will now become part of Verisk’s Claims Partners business, which is also an MSP compliance provider
Verisk, a data analytics provider for the insurance industry, has acquired Florida-based Franco Signor, a medicare secondary payer (MSP) compliance provider, for $160m.
Verisk said that Franco Signor will become part of its Claims Partners business, which is also an MSP compliance provider. The combination of the two businesses is expected to become a single source for medicare compliance.
Franco Signor CEO John Williams said: “We are excited to join Claims Partners in order to provide integrated solutions and enhanced support to claims professionals.
“Becoming part of the Verisk family will enable us to offer added value to our current customers through advanced analytics.”
Verisk to now offer a wide range of medicare solutions
With Franco Signor’s addition to Claims Partners’ MSP compliance suite, the data analytics firm can now provide a wide range of medicare solutions powered by its latest analytics and high-quality data.
Verisk chief operating officer Mark Anquillare said: “We’re pleased to add Franco Signor’s well-regarded capabilities to Verisk’s strong offerings in the Medicare space.
“We anticipate that this acquisition will have substantive long-term advantages for the industry, as Verisk will now be able to offer unparalleled guidance and an all-inclusive solution suite for all aspects of an insurer’s Medicare compliance needs.”
In August this year, Verisk had launched its new EHR Triage Engine, a tool that uses data from consumer-authorized electronic health records (EHRs) to support life insurers to fast-track several applications for coverage and claims to bring down the decision time from weeks to minutes.
The EHR Triage Engine uses predictive analytics and automation to digitally upload and analyse EHRs.
It claims to evaluate nearly 95,000 impairments in less than five minutes, allowing life insurers to quality nearly 85% of applicants for coverage minimal or no underwriting review.