New York Patent of the Month – December 2021
If you have ever submitted an insurance claim, you know just how stressful and confusing the process is. You might be dealing with multiple insurance policies with varying coverage for different claims. Often each policy has their own set of specific details that need to be known to have a successful claim. Unless you’re an expert in the field, most of us do not have the required information to make these submissions with ease. In an effort to reduce that stress, Nayya Health, Inc. has developed an AI based data analysis system.
Their machine-learning driven system performs analysis of data in real-time. This analysis can be used to determine the likelihood of the user being reimbursed through the insurance, even when working with multiple policies. The system has been trained to analyse:
- policy information for the associated policies
- Insurance claims information filed on behalf of the user
- Prescription information
This information is then used to predict the likelihood of one or a combination of these policies paying a claim. This system could help users optimise their insurance use as well as guide them through the claim itself.
Nayya was founded when the co-founders, who were previously working with the actuarial, underwriting, and data science teams of the country’s largest insurers, encountered the remarkably poor consumer experience that most Americans have when making insurance and employee benefits decisions. Through their AI systems, they intend to improve on this experience by aiding users throughout their claim.
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