InsurTech startup GigaForce launches blockchain subrogation platform
Gigaforce, Silicon Valley-based InsurTech startup, today announced the launch of a patent-pending, blockchain-optimized, claims platform designed to expedite subrogation, recovery, and salvage processing for insurance ecosystems.
A provider of a SaaS-based, blockchain-optimized, Gigaforce combines heterogeneous data, artificial intelligence (AI)-driven predictive models, specialized industry expertise, and customized services to connect parties within the subrogation process. Gigaforce effortlessly integrates all data, documents, and processes relevant to the subrogation process into a single platform for increased access, improved efficiency, and reduced cycle time.
“There are potential hazards all over the traditional subrogation process due to the multiple parties and handoffs of information and money involved,” said Sanjeev Chaudhry, CEO of GigaForce. “By introducing blockchain into the process we have heightened the transparency and visibility available to customers and partners and made certain that data security is paramount. The Gigaforce platform not only facilitates smart contract execution with complete visibility but also provides a single source of truth for subrogation process stakeholders who normally have little visibility into the entirety of a claim.”
By creating digital workflows which are inherently secure and mobile and introducing machine learning (ML) automation into document redaction, the SaaS-based Gigaforce platform rapidly improves business efficiency and assures the integrity of protected health information (PHI) and personally identifiable information (PII). Using blockchain, Gigaforce is delivering a next-generation subrogation solution that unifies claims movement across multiple cores and homegrown systems with result-driven analytics and dashboards which provide the 360-degree visibility necessary for quick recoveries.
“DLT and blockchain-based initiatives are moving from experiment to live transactions,” wrote Juan Mazzini, senior analyst for Celent in the introduction to his recent report “DLT and Blockchain in Action in Insurance.” “There is value in this technology and insurers need to find the right use cases.”
Already in use with insurance organizations, law firms, and third-party adjusters (TPAs), additionally, important functionality in the GigaForce platform includes robotic process automation (RPA)-driven claims extraction and submission of arbitration which enables result-driven decisioning. The Gigaforce platform can be rapidly implemented and customized for significant improvements in the subrogation process.
Founded a few years ago, Gigaforce is a SaaS unified platform based on a Distributed Ledger architecture model. Gigaforce’s platform also combines artificial intelligence (AI)-driven predictive models, specialized expertise, and customized services to expedite subrogation, recovery, and salvage processing for insurance ecosystems, including insurers, law firms, and third-party adjusters (TPAs).