Schaefer City Technologies has been awarded the 2024 Innovation Award by Business Insurance Magazine for its groundbreaking AI software, NaVel™, which assists property and casualty insurance carriers in predicting and managing claims that could lead to Nuclear Verdicts®—jury awards over $10 million. Utilizing over 10 million data points, NaVel™ provides real-time risk assessments throughout the claims process, enabling insurance professionals to make informed decisions and potentially save billions within the industry. The software, which has been on the market for just a year, was recognized for its ability to identify more than 75% of potential Nuclear Verdicts®, significantly aiding in claim management and reducing financial exposure. The award ceremony occurred on July 18, 2024, in New York City.
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