Neurocern: De-risking Dementia through Predictive Analytics and AI
Neurocern’s risk management platform leverages predictive analytics and AI to meet the growing needs of insurers and the dementia population worldwide. Dementia tops every predictive model as the number one cost to economies worldwide, and it caused more deaths than prostate and breast cancer combined. Neurocern uses predictive analytics to redefine the way dementia is being diagnosed, treated and cared for.
Neurocern’s risk management platform is used to process cognitive claims and forecast reserves ahead by long term care insurance, life insurance, critical illness, and reinsurance. Considering that at least 50% of all claims are from dementia, current tools underestimate risk and do not capture the unique classification from different types of dementia which all have a distinct cost and longevity profile.
Win-win for insurers and their customers
The Neurocern platform is the only product that assesses each claim for the over 15 different types of dementia (beyond Alzheimer’s). Companies can get an unprecedented digital view of morbidity, mortality, and claims experience through implementing Neurocern in the claims process. The digital platform enables increased claims processing efficiency, data and analytics for enhanced reserve management compliance, but most importantly increased customer engagement through individualized care plans and dementia support for claimants and their families resulting in a win-win for both insurers and their customers.
Chicago-based Neurocern has partnered with some of the largest companies in the LTCI industry. They are considered a leading insurtech company by the US Society of Actuaries.
Based upon neurological clinical protocols, the Neurocern platform is far advanced from current out-dated paper-based tools that only scratch the surface when it comes to dementia. Existing products are based upon medical standards from the 1970s and only test for the 3 levels of dementia, mild, moderate, or severe. Systemic global shortages of neurologists limit the access to specialists to receive appropriate diagnosis and care. Neurocern’s algorithms are built using evidence-based diagnostic guidelines and use machine learning principles to take real-time claims experience data to further refine the algorithms and risk predictions.
How does it work?
A digital risk assessment is completed by the claimant’s family caregiver or knowledgeable informant. This is modeled on medical practice where the patient is not tested and the clinical history is obtained from family leading to the best diagnosis and care.
An individualized plan of care is automatically generated for the claimant and the caregiver to mitigate future claim cost and promote aging in place. See below
Based upon real-time claims experience data, external training data, and morbidity findings from the digital risk assessment, insurers can start to optimize and forecast their reserve risks ahead. Underwriters and actuaries can use the data to create new dementia insurance products and use Neurocern’s coefficient scores to implement into internal morbidity assumption modeling.
Why we selected Neurocern for DIA Amsterdam
As insurers look for ways to implement technology to transform and innovate business processes, Neurocern’s risk management platform leverages predictive analytics and AI to meet the growing needs of insurers and the dementia population worldwide.
At the same time, Neurocern’s care plans enable companies to provide an unprecedented level of customer engagement. The company founder and CEO, Dr. Anitha Rao, board certified geriatric neurologist, will present the current product and introduce dementia care services at DIA Amsterdam.
Check out their live demo here:
Who is Neurocern?
Dr. Anitha Rao, a US board-certified geriatric neurologist trained at UCSF, one of the top brain health centers in the US, founded Neurocern in 2014 to bring better care for patients and families
During her career as a practicing geriatric neurologist, Anitha encountered some troubling trends. There were only a few hundred doctors specializing in neurodegenerative diseases in the United States, compared to millions of patients suffering from Alzheimer’s and other types of dementia. The wait time for a new patient seeking a doctor could be months long. And once a patient was in the office, it took multiple hours and often multiple visits for a specific diagnosis to be made, since symptom overlap made pinpointing difficult.
She is one of 1000 neurologists in the world with dementia neurology training and is the only one in Insurance Medicine. The Society of Actuaries has selected Dr. Rao to serve on the Actuarial and Innovation steering company. The Forbes recognized, Chicago-based company is raising a $10 million Series A and has clients in the US and Europe.
“Neurocern is a powerful platform that enables carriers to de-risk dementia and meet the demands of the global aging population. Through our innovative predictive analytics and AI, dementia will no longer be seen as a singular category of risk or a one-size model to care.” Dr. Anitha Rao,CEO & founder Neurocern.
Dr. Anitha Rao,CEO & founder Neurocern