Insurtech RecovX Health files patents for direct-to-consumer claims app

RecovX Health, a Sarasota-based insurtech company, has filed a series of patents for a claims app called InjuryClaimsExpress. The company says the app can streamline the claims process for insurers and end users.

Why should we care?
Insurance claims processes are a major pain point for consumers, who get frustrated with long delays, a perceived lack of transparency, and high costs. Parties involved in injury claims are often hobbled with the lack of a standardized process to resolve claims. RecovX Health filed 11 patents for a mobile app “for injured parties'' that lets them organize and file their claim documents and medical documents with any insurance company at no additional cost to the claimant or insurance company. The technology is able to analyze multiple dimensions of injury severity alongside historic pattern analysis, the company says, noting that the toolset can cut down on claim settlement times by as much as 50% and increase compensation by one and a half to two times. The app has been on the market since October 2020. According to RecovX Health, the average injury settlement is $17,000 and takes over six months to settle. William Kratch, chief claims officer at InjuryClaimsExpress, suggested in a prior statement that the app benefits both end users as well as insurers, and a digital interface saves insurers’ overhead costs. “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,” he said.