Sapiens International has teamed up with TruthMD, which offers data analytics on healthcare providers, to deliver real-time provider data to insurers.
The partnership aims to improve medical practice liability and workers’ compensation insurers’ ability to find desirable insureds, assess risk, competitively price, underwrite and manage claims.
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MedFax machine learning-based solution, developed by TruthMD, is based on historical data from physicians.
The company has collected this data over 15 years to deliver up-to-date visibility into provider legitimacy, ad-hoc search reporting, and alerts on status changes.
As part of the partnership, the companies will bring together MedFax and Sapiens CoreSuite for Property & Casualty and CoreSuite for Workers’ Compensation platforms. This will allow insurers to access MedFax’s data within ‘highly efficient and automated’ workflows.
TruthMD founder and CEO Gemma Cunningham said: “We are excited to begin this partnership with Sapiens as their innovative, client-focused mission mirrors our own.
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By GlobalData“Working side by side with the Sapiens team provides us with an immediate outlet for our proven, best-in-class medical data solutions, including sanctions monitoring and provider data analytics, while aligning us with a highly reputable, client-focused partner.”
Long plagued by inaccurate and outdated physician data, the healthcare industry has seen credentialing, onboarding, underwriting and provider directories compromised as a result.
Sapiens president and CEO Roni Al-Dor added: “The future of insurance will be driven by digital transformation, and digital transformation will be driven by data.
“By providing insurers with ready access to rich, reliable, real-time data, the Sapiens-TruthMD partnership will play a vital role in helping medical practice liability and workers’ compensation insurers unlock the opportunities presented by the evolving insurance landscape.”
Earlier this month, Sapiens and LifeScore Labs entered into a new partnership to provide life insurers with access to machine learning (ML) capabilities to improve risk assessment and underwriting.
Last month, the company agreed to buy Tia Technology, a vendor of digital software solutions, from the Swedish private equity firm EQT Mid Market.
