Stream ~ modernizing the workers' comp claim process

Hey there 👋 We’re @Eric Yen & @Eilam Levitov founders of Stream (S22).

tl;dr

The two of us are insurance and tech veterans innovating in commercial insurance claims. At Stream we automate the high-touch workflows workers’ comp claims adjusters do on a daily basis. Our platform saves adjuster time spent on repetitive tasks like calling and faxing, allowing the adjuster to focus on the high-value claim activities that improve the injured workers’ claim experience and optimize financial outcomes for insurance companies.

The Problem 🤕

Workers’ Compensation (WC) insurance is a government-mandated program that provides benefits to workers who get hurt on the job. When a workplace injury occurs, a claim is filed on behalf of the injured worker. This claim pays out for the wages and medical treatment needed to get the employee back to work.

Today, claim adjudication is a grossly manual process which involves adjusters spending the majority of their day either on the phone tracking down information or entering unstructured notes into legacy systems. The average adjuster handles 140 cases at any single time and takes 5 business days to respond to inquiries from injured workers.

Consequently, the Injured worker is left alone to navigate an unfamiliar and complex claims process. Imagine feeling vulnerable with no clue how your bills will be paid. This pushes injured workers to the brink and inevitably to the front door of their local injury lawyer. In states like CA & FL, over one third of all WC claims are litigated - and the moment an attorney gets involved, that claim balloons 5x in cost.

~ Stream

The two of us met at Next Insurance, where Eric led WC product and Eilam led Risk Engineering. Eric also previously worked at Liberty Mutual as a WC claims adjuster for 5 years. At Next, we realized nothing has changed since Eric’s days as an adjuster and none of the automation we were building for the underwriting side exists in claims management today. That’s why we left to build Stream.

Stream saves up to 40% of an adjuster’s time spent on the phone, sending faxes, and manually typing notes into their claim system. Moreover, we also improve the claim experience for the injured worker by providing real-time information such as claim status and financial updates, and help facilitate services such as transportation to doctors offices - all via text.

Our ask

Know anyone working in commercial insurance or with experience in claims processing? We’d love an intro!

Feel free to reach out to us - founders@stream.claims

Thanks,

Eric & Eilam

www.stream.claims