Beazley partners with The Risk Authority Stanford to enhance hospital claims data
October 12 2017 - 7:00AM
Specialist insurer Beazley, a leading underwriter of hospital
professional liability insurance, has teamed up with The Risk
Authority Stanford (TRA Stanford), a respected provider of
healthcare risk management services, to enrich and enhance
Beazley’s hospital claims database.
TRA Stanford’s Innovence™ Pulse—software designed by risk
managers for risk managers—will be used to identify trends in past
claims and generate actionable data in real time to increase
patient safety.
“An important part of our value to clients lies in the breadth
of our claims experience, backed by the data held on our claims
database—one of the insurance industry’s largest,” said Nat Cross,
healthcare focus group leader at Beazley. “Through the
relationship with The Risk Authority Stanford, we will
significantly increase this value.”
Beazley’s claims database currently comprises almost 900,000
unique loss records dating back two decades and representing 42
percent of the hospital beds in the United States. Using anonymized
records from the database, Beazley is able to perform benchmarking
analyses that are greatly valued by the company’s hospital and
health system clients. The data also permits analysis of
broader risk-related trends in healthcare, which Beazley has shared
with members of the American Society for Healthcare Risk Management
over a number of years.
Via an innovative partnership with TRA Stanford, Beazley will
use Innovence Pulse software to significantly enrich its data,
showing where within hospitals claims events took place and how
claims cluster along the continuum of care. TRA’s Stanford Risk
Lexicon—in combination with natural language processing and machine
learning—will be used to comb hundreds of thousands of unstructured
text fields held on the Beazley database and create a far richer
picture of claims trends based on the anonymized data.
Jeff Driver, Chief Executive Officer of TRA Stanford and the
Chief Risk Officer of Stanford Health Care and Stanford Children’s
Health, said: “We are excited by the opportunity to partner
with Beazley to help hospitals leverage Silicon Valley innovation
to learn from liability claims. Together, we can advance the art
and science of risk management for the benefit of patients
everywhere.”
BZPR_10_12_17
About Beazley
Beazley plc (BEZ) is the parent company of specialist insurance
businesses with operations in Europe, the US, Canada, Latin
America, Asia, the Middle East and Australia. Beazley manages six
Lloyd’s syndicates and, in 2016, underwrote gross premiums
worldwide of $2,195.6 million. All Lloyd’s syndicates are rated A
by A.M. Best.
Beazley’s underwriters in the United States focus on writing a
range of specialist insurance products. In the admitted market,
coverage is provided by Beazley Insurance Company, Inc., an A.M.
Best A rated carrier licensed in all 50 states. In the surplus
lines market, coverage is provided by the Beazley syndicates at
Lloyd’s.
Beazley is a market leader in many of its chosen lines, which
include professional indemnity, property, marine, reinsurance,
accident and life, and political risks and contingency
business.
About The Risk Authority Stanford
TRA Stanford is a healthcare risk management consulting firm
dedicated to transforming its clients’ risk management practices
with cutting-edge solutions, unrivaled expertise and quantifiable
results. TRA Stanford’s origins are rooted within the Stanford
University Medical Network, and it continues to provide all risk
management services to the institution and its two captive
insurance companies. TRA Stanford is an industry leader in the
development and implementation of solutions across all dimensions
of risk management, including clinical risk management and patient
safety, enterprise risk management, risk financing, claims and
litigation and workplace safety. For more information, visit
www.theriskauthority.com.
Eleanor Lewis
Beazley Group
+44 (0)20 7667 0538
eleanor.lewis@beazley.com
Deborah Kostroun
Ketchum
+1 201 403 8185
Deborah.kostroun@ketchumzito.com
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