Insurance CIO Outlook Magazine has recognized Chronovo as a Top 10 InsurTech Startup for 2019. The current issue of the magazine features profiles of the stand-out companies impacting the industry, including this article on the transformational technology at the heart of Chronovo Compass. True North for structures has arrived! INCLUDING THIS ARTICLE ON THE TRANSFORMATIONAL TECHNOLOGY AT THE HEART OF CHRONOVO COMPASS:
Chronovo Compass: True North for Structures
Five years into its mission, Chronovo has revolutionized the 40-year-old structured settlement industry. In addition to building a new, dynamic business model and harnessing the power of multi-disciplinary personnel, the company has brought clarity to the entire structured settlement process with its patent-pending Compass software. As a result, Chronovo provides all parties with unparalleled access, insight, and opportunity to design an optimized structured settlement.
“Structured settlements are an amazing, tax-free, secure opportunity for injured individuals to chart the financial path forward,” explains Chronovo’s CEO, Ken Paradis. “But the value has been foundering in drab spreadsheets, obscure acronyms, and limited transparency.” Just like its namesake, Compass makes the true financial north entirely clear and compelling.
“No one drives a ‘79 Buick or codes in B.A.S.I.C. for a reason. Don’t dismiss structures based on an obsolete, 40-year-old model either. Join the Chronovo Revolution.”
First and foremost, Compass creates a graphical, intuitive version of a structured settlement quote, called a Chronograph. Using colorful, user-friendly graphs to highlight value, Compass connects in real-time to life insurance companies that underwrite structures to enable instant price quotations and comparisons. Chronographs also empower the buying decision with brief summaries of the life company selected, of the value of coordinating benefits with structures and, for those not steeped in insurance lingo, of the terms used in creating structured settlement policies. The Compass itself provides the industry’s only interactive user interface. Through its real-time, 24/7, password-protected interface, the claims professional is enabled to assess, alter, and estimate the best plan, benefit set, and payment timing in collaboration with Chronovo’s brokers.
Beyond streamlining the structured settlement transaction itself, Compass enhances other aspects of the settlement process. In complex multi-party claims, it can separate and aggregate the financing for individual members of a class or the whole class. In protracted negotiations, Compass keeps track of every iteration of the settlement offer; each is date- stamped and housed with a unique “airline flight code.” Compass also provides comprehensive, customized reporting and settlement performance data to carriers, self-insured, and TPAs on everything from individual office and jurisdictional performances to aggregated savings and structure financing value. These ChronoLog reports are tailored to the reporting structure of each claims organization, with prized performance data, accessible anytime and automatically emailed from Compass on a monthly basis.
All of these features are unique to Chronovo’s Compass and not available with any other structured settlement broker. Because it drives its structured settlement broker business, Compass is entirely free to Chronovo’s clients as a standalone SaaS software. In addition to leveraging Chrovovo’s expert broker personnel to create quotes and negotiate settlements, Compass provides all the connectivity, documents, and protocols any claims enterprise needs to harness the power of structures. It’s an instantaneous structured settlement program tailored to your needs and designed to deliver an average of 30%+ savings. It’s free software and settlement services that save you money. Because life companies pay commissions, there is no ROI analysis necessary with Chronovo or Compass.
As an extension of this data aggregation and command-level reporting, Compass will soon chart new horizons in indicative analytics. “Settlements are rich with claims insights,” Ken adds. “The quantifiable value of a claim and all the correlative data are there to test, to score, and to discover new connections.” Given its design and data, Compass may not only provide clarity on the value of structured settlements but also supply ever-evolving, indicative analytics about settlements to guide audits, drive settlement initiatives and provide new intelligence about claims.
Combining Compass technology with an employee-based model, service level agreements, and people-centric approach to service has led to tremendous growth and success. Chronovo was recently ranked #253 in the coveted Inc. 500 list of most successful private companies in 2019.