Beazley partners with The Risk Authority Stanford
to enhance hospital claims data
Tech-enriched database will serve as powerful
risk management benchmarking tool for hospitals
New York, October 12, 2017
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.”
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.