RecovX Health introudces InjuryClaimsExpress
RecovX Health , an insuretech company announced the evolution of injury claims with the release of InjuryClaimsExpress (ICE), a Patent Pending consumer-focused product for injured people to file third-party liability accident claims with an insurance company.
“I personally suffered through an injury claim when my dog and I were attacked by a Pit Bull Terrier. Some years earlier my wife and infant daughter had been injured in an accident by another driver’s negligence. In both cases it was a stressful and slow process of almost 9 months to settle our claims, and the final net amount we received after medical and legal fee deductions was less than one third of the insurance claim settlement. Since my whole career has been in insurance technology, I knew we could fix this problem with modern technology and smarter processes. InjuryClaimsExpress is the result, and we are excited to bring it to market. It is designed to transform the antiquated process so that injured people can organize, file and quickly settle their insurance claim directly with the insurer.” – Founder and Chairman of RecovX Health, Lee E. Fogle.
ICE brings transparency, insight and speed to the settlement of injury claims. Up until now, a person injured in an accident by someone else’s fault had two choices:
- They could work directly with the insurance company that handles thousands of injury claims and has experts and systems for valuing injuries and negotiating settlements, but the injured person has probably never filed a claim in their life and has no knowledge of how to collect fair compensation for their injury.
- The other option was to hire a lawyer to file their claim. That means once the claim settles the attorney receives 25% to 33% of the injury compensation. For the work that attorneys do on complex severe injuries, that’s fair, but 90% of the 3 million annual injury claims America are common, simple, and lower severity injuries which can be settled quickly without an attorney using technology.
“Insurers are in the business of paying claims, and are held to strict standards by state regulators to pay claims fairly and quickly. The ICE app was designed to enable injured people to quickly and easily file their own claim directly with the insurance company for most claims. ICE is a Patent Pending system that informs the injured person of common ranges of compensation for injuries similar to theirs, and it creates a transparent, collaborative communication between insurers and claimants with the common goal of speedy and fair settlement.” – Former New Hampshire Insurance Commissioner Roger Sevigny.
According to RecovX Health using data from the Insurance Information Institute and the Insurance Research Council, the average injury settlement is $17,000 and takes over 6 months to settle. With ICE, claimants settle their claim in half that time and receive a net payment after medical costs almost two times more by using ICE to file their claim.
“Today, easy to use technology is available and consumers are accustomed to self-service apps to do things faster. We designed InjuryClaimsExpress for consumers, and since we spent our careers in claims, we know what matters to insurance claims adjusters working directly with injured people. InjuryClaimsExpress guides consumers through the claims process and also provides a valuable platform for insurers to reduce administrative expenses while allowing both parties to reach prompt, equitable settlements.” – Key Designer of ICE, William Kratch.
