The move brings an efficient Section 111 reporting solution to casualty insurers, empowering them with advanced automated reporting and analytical capabilities to ensure compliance and mitigate the risk of civil monetary penalties.
MSP Navigator, a proprietary Verisk product, offers a user-friendly and effective method for casualty insurers to identify Medicare beneficiaries. This enables timely and accurate reporting of ongoing responsibilities for medical treatment, settlements, judgments, awards, or other payments to the Centers for Medicare & Medicaid Services (CMS), as mandated by Section 111 of the Medicaid & Medicare SCHIP Extension Act of 2007.
By making MSP Navigator available on Duck Creek’s Content Exchange, Verisk aims to provide insurers with a seamless integration of cutting-edge technology, facilitating enhanced efficiency and accuracy in Section 111 reporting. This collaboration underscores Verisk’s commitment to offering innovative solutions that simplify compliance processes and help insurers navigate the complexities of regulatory requirements.
According to Verisk, Section 111 poses a significant time and cost burden, coupled with severe penalties for reporting delays or inaccuracies. The use of MSP Navigator, according to Verisk, enables insurers to prioritize timely and error-free reporting, with a reported 99.9 percent error-free rate based on 2022 data from nearly 4,000 Responsible Reporting Entities (RREs) and 1.4 million claims.
The platform not only ensures precise reporting but also provides insurers with advanced reporting and analytical capabilities. These capabilities become particularly crucial given the announcement of finalized Section 111 penalties slated for enforcement in 2024, as highlighted by the vendor. This streamlined, data-driven approach aims to equip insurers with essential insights to effectively manage the upcoming changes in Section 111 regulations.
Verisk integration provides Duck Creek customers with more tools
Verisk also stated that customers of Duck Creek currently have access to a diverse array of Verisk tools via the Content Exchange. The tools collect comprehensive details on the risk profiles of vehicles, replacement costs for specific homes, and substantial telematics data collected from consenting drivers for the implementation of usage-based insurance programmes.
“Duck Creek is thrilled with the addition of MSP Navigator and our rapidly growing number of integrations with Verisk available on our Content Exchange,” explained Oliver Werneyer, VP, product strategy, Duck Creek Technologies. “By utilising this new accelerator, our customers will be empowered with a more simplified and modernised claims experience that leads to greater accuracy, operational efficiency, and cost savings.”
Mark Popolizio, VP, MSP Compliance, Casualty Solutions, Verisk, said: “Verisk’s MSP Navigator helps casualty insurers meet the ever-changing landscape of Section 111 reporting. 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.”
Maroun Mourad, Verisk’s President of Claims Solutions, also commented, saying: “We’re excited to expand the integration of Verisk solutions in Duck Creek’s Content Exchange with the addition of MSP Navigator.”
He added: “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.”
