Schaefer City Technologies Launches with First Software Product to Help Insurers Identify, Manage, and Reduce Nuclear Verdicts®
New Insurtech Start-up Created by Author of "The Book" on Nuclear Verdicts® and Longtime Insurance Executive
SAN DIEGO, March 29, 2023--(BUSINESS WIRE)--As Nuclear Verdicts® – jury verdicts of $10 million or more – continue to increase in size and frequency around the country, a new insurtech start-up has launched with its first software product designed to help insurance companies identify which claims have the potential to "go nuclear."
Schaefer City Technologies LLC is an insurtech company dedicated to helping insurance companies and their defense counsel spot and defend against Nuclear Verdicts®. Its innovative software solution, NaVel™ (short for "Nuclear Verdict Exposure Likelihood"), features patent-pending machine learning technology that embeds into existing insurance software and uses predictive analytics based on the key traits of more than 10 million data points analyzed in tens-of-thousands of cases that resulted in Nuclear Verdicts®. NaVel™ matches those traits to the insurance claim file to determine the likelihood of a Nuclear Verdict®. NaVel™ does not require data input from claims professionals and stores no claims data itself.
Founded by a group of leading litigation defense and insurance operations experts, the Schaefer City Tech team includes Chief Business Development Officer Robert F. Tyson, Jr. and experienced insurance executive Denise M. Tyson, CEO, along with experienced civil defense litigator Patrick J. Mendes as Chief Legal Strategy Officer. Robert Tyson is a long-time trial attorney and author of the #1 best-selling book, "Nuclear Verdicts®: Defending Justice for All," the first-ever book written for the defense on how to limit exposure at trial.
"The #1 question we’ve received from thousands of insurance professionals in the last three years is, ‘How do I spot a Nuclear Verdict® on my desk before it happens?’ With Schaefer City Tech, we have developed the early-warning system to help insurance companies save billions of dollars," said Robert Tyson. "Whether NaVel™ finds a claim to have a high risk or a low risk of a Nuclear Verdict®, the claims professional can have a well-informed discussion with their internal management and outside defense counsel on what strategies to pursue. With insurance carriers having millions of claims on file, using NaVel™ could save them billions of dollars each year on settlements, trial verdicts, and litigation costs."
The prototype for NaVel™’s proprietary algorithm was developed in partnership with Villanova University School of Business and its Professor, Nathan Coates, who focuses on data analytics and the application of machine learning to business problems.
For more information or to request a demo, visit schaefercitytech.com.
About Schaefer City Technologies
Schaefer City Technologies is an innovative insurtech company that delivers software solutions that help insurance companies and their defense counsel spot and defend against Nuclear Verdicts®. Its first product, NaVel™, is applied to existing claims systems automatically as claims professionals work their file – from First Notice of Loss to Litigation – detecting the potential threat of a Nuclear Verdict® and providing a prediction score, which adjusts throughout the life of a claim as new information is added to the file. For more information or to request a demo, visit schaefercitytech.com.
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