Financial Forensics Blog

Innovations in Small Claims Accounting
May 16, 2019

Small-Claims-Accounting

Q&A with Joe Scarlato, President, Lowers Forensics International

Last month, we announced the launch of our new AI-powered small claims accounting service. This service resulted from a complete rethinking of the way insurance companies address large volumes of small claims. The launch of our small claims accounting service would not have been possible without the leadership and forward-thinking of Joe Scarlato, President of Lowers Forensics International.

We sat down with Joe to learn more about the challenges of small claims and the technology behind the new service.

Q. What is the core problem you set out to solve?

A. Insurance companies today are met with a large number of small business interruption claims that can quickly produce a bottleneck, slowing down the claims resolution process and creating frustration for customers. A traditional approach would entail either an outside forensic accountant or staffing up an in-house adjusting team to manually calculate the claims. For smaller claims, the staffing and costs associated with meeting such demands are hard to justify. We set out to find a better way.

Q. How did the Lowers Forensics International team solve it?

A. We set out to create a solution that would deliver fast, accurate, affordable results. The answer came through the creation of StratisTM, modeling software that uses artificial intelligence and built-in algorithms to catch red flags and generate accurate calculations that are verified by Lowers Forensics International’s financial forensics experts. With Stratis, we are able to help insurance companies resolve small claims quickly and accurately while controlling and cutting their costs.

Q. What has been the response so far in the industry?

A. The response has been great. Clearly a change of this magnitude will take time to adopt and will also require specific steps for implementation. The important thing for our clients to realize is that we are here to ensure that the transition to automation and efficiency is simple and without hiccups. Stratis is here to stay, and we are proud to have brought it to market.

Q. What’s next for Stratis and Lowers Forensics International?

A. As we process more and more claims through Stratis, the platform will become smarter, due to adjustments to our algorithms, to deliver even greater speed and accuracy. We will be exploring new ways of making our service even more integrated into the workflow of our insurance company clients to streamline and continue to drive down costs. And we’ll be listening and responding to continued feedback from our customers about features they want to see from Stratis going forward.

Here at Lowers Forensics International, we are proud to be able to offer a fully customizable, scalable solution that allows our customers to mitigate losses, settle claims quickly and fairly, and deliver a positive customer experience. We invite you to learn more about our small claims accounting service and Stratis.