Speaker: Denise Tyson, CEO, Schaefer City Technologies LLC
INTRODUCTION
Denise Tyson: Hi. First of all, I want to say thank you for selecting us as a finalist in the Global Innovation Awards. We are submitting our solution in the property and casualty category for innovation leadership. And my name is Denise Tyson, and I am the CEO and Founder of Schaefer City Technologies. We are an insur tech startup. We've been around almost 4 years and we have created a software solution which can identify, manage, and reduce the risk of nuclear verdicts in a live claim file. Yes, we can save the insurance industry billions of dollars here in the US and potentially abroad. So, I really look forward to chatting with you a little more on these videos.
IMPACT: What is the scope of the problem being solved by your innovation?
Denise Tyson: Our software solution NaVel®- Nuclear Verdict® Exposure Likelihood, was created several years ago by myself and my co-founder, who happens to be my brother, to help insurance companies and the entire industry save billions of dollars. We can identify, manage, and reduce the risk of a nuclear verdict in a live claim file. No one else is doing this. Our solution attaches directly to the claim system at any organization, any insurance company, any type of insurance company, a TPA, an MGA, a carrier, a captive, and what we can do is we provide a scoring system, 1 to 10, red, yellow, green; what's the probability that that one claim sitting on your desk could go nuclear before you do anything different. So, we're an early warning system that helps the adjuster help their organization save money.
CREATIVITY: How does this innovation stand apart from alternatives in the marketplace?
Denise Tyson: Nuclear verdicts, litigation financing, social inflation, they're all here. It's getting worse. It's not going anywhere. Well, we've created a software solution that no one else has created, no one else is focused on, to stop nuclear verdicts, identify them early and often, give the insurance industry the tools it needs to fight nuclear verdicts before things go to trial. My co-founder trademarked the term nuclear verdict. He actually wrote two books on the topic. I've been in the insurance industry for almost 30 years. He's been defending insurance companies for just as long. We are the experts. We know what it takes to identify, manage, and reduce the risk of a nuclear verdict in a live claim file. No one else is focused on this. There are folks out there analyzing claims data and giving nice little pretty graphs, but no one's giving you a score. No one's telling you the probability that that individual claim could go nuclear
SCALABILITY: How can this innovation be leveraged to enhance its impact?
Denise Tyson: As an insurance executive, I know how hard it is to implement new products and new software. So one of the things when we created Schae fer City was we said this has to be simple. It has to be easy to use, easy to implement, and easy to understand, and we've accomplished those three things. We have a software solution that attaches directly to any claim system that pulls out attributes as the adjuster is working, no additional keystrokes, no additional information needed, just go about your business, handling your claim file. NaVel® picks up on attributes that you're inputting into your system, it feeds them through our model and it provides you a score. We can score that claim once a day, once a month, as often as you'd like, and you get a score back 1 to 10, red, yellow, green; what's the probability that that individual claim could go nuclear if you do nothing different. Easy to implement, easy to use, easy to understand.
