Verisk Expands Ecosystem Adding Section 111 Reporting Platform to Duck Creek Content Exchange
JERSEY CITY, Jan. 18, 2024 (GLOBE NEWSWIRE) — Verisk, (Nasdaq: VRSK), a leading global data analytics and technology provider, announced MSP Navigator is the latest Verisk product to be made available on Duck Creek’s Content Exchange. MSP Navigator provides casualty insurers with an efficient solution for Section 111 reporting, and they can benefit from the advanced automated reporting and analytical capabilities of the platform, facilitating compliance and avoiding civil monetary penalties.
Verisk’s proprietary platform offers a simple, effective method to identify Medicare beneficiaries for timely and accurate reporting of ongoing responsibility for medical treatment, settlements, judgments, awards, or other payments to the Centers for Medicare & Medicaid Services (CMS) as required by Section 111 of the Medicaid & Medicare SCHIP Extension Act of 2007.
“Verisk’s MSP Navigator helps casualty insurers meet the ever-changing landscape of Section 111 reporting,” said Mark Popolizio, vice president of MSP compliance, casualty solutions at Verisk. “This is a highly accurate Section 111 reporting solution supported by our team of legal and medical experts. The solution not only reports data but also provides CMS compliance analytics, and it’s integrated with ISO ClaimSearch® as well as API integrations with many of the leading claims systems.”
How MSP Navigator supports compliance and offers rich analytics
Section 111 is a time-consuming and costly activity, with large penalties for late or inaccurate reporting. With MSP Navigator, insurers can focus on timely reporting with minimal errors. In fact, 99.9 percent of claims reported to CMS through MSP Navigator contained zero errors, based on 2022 data from nearly 4,000 Responsible Reporting Entities (RREs) and 1.4 million claims reported.
The platform offers advanced reporting and analytical capabilities, providing insurers with data-driven insights. This is especially critical with the announcement of the finalized Section 111 penalties going into effect in 2024.
“Duck Creek is thrilled with the addition of MSP Navigator and our rapidly growing number of integrations with Verisk available on our Content Exchange,” says Oliver Werneyer, vice president of product strategy, Duck Creek Technologies. “By utilizing this new accelerator, our customers will be empowered with a more simplified and modernized claims experience that leads to greater accuracy, operational efficiency, and cost savings.”
“We’re excited to expand the integration of Verisk solutions in Duck Creek’s Content Exchange with the addition of MSP Navigator. This collaboration will enhance the ease of use and integration for Duck Creek customers, enabling them to streamline their Section 111 reporting process and avoid costly noncompliance penalties,” said Maroun Mourad, president of claims solutions at Verisk.
Duck Creek customers can currently access a wide range of Verisk tools through the Content Exchange, including detailed information on the relative risk of vehicles, the replacement costs for specific homes, and robust telematics data from consenting drivers for usage-based insurance programs.
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
About Duck Creek Technologies
Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter
CONTACT: Mary Keller Verisk 339-832-7048 [email protected]
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