Nick Gerhart Joins Gigaforce Advisory Board
Gerhart’s insurance and regulatory experience helping drive potential use cases for the platform.
Sunnyvale, California – May 26, 2021 – Gigaforce, an InsurTech provider of a SaaS-based, blockchain-optimized, claims platform, is pleased to announce the addition of Nick Gerhart to the company’s board of advisors.
Many will recognize Gerhart from his time as Iowa’s insurance commissioner, where he championed innovation in an insurance-rich environment, started the Global Insurance Symposium, and helped to get the industry’s first and longest-running accelerator, the Global Insurance Accelerator (GIA), off the ground before moving on to a position as chief administrative officer for Farm Bureau Financial Services. Currently, Gerhart is chief innovation officer for Homesteaders Life Insurance Company (Homesteaders Life), and an advisor and board member to many InsurTech startups, including Harbor.ai, Carpe Data, Sureify, and Gain Compliance.
“While the Gigaforce platform has many potential applications, the best use case so far has been in insurance, specifically in improving the subrogation process,” said Sanjeev Chaudhry, CEO of Gigaforce. “Because there are multiple potential hazards throughout the traditional subrogation process, introducing blockchain very effectively heightens and maintains the transparency, visibility, and security between subrogation process stakeholders. Nick’s insights into not only this application, but other insurance use cases, has already been invaluable, and we are grateful for his expertise on our board.”
By creating digital workflows which are inherently secure and mobile and introducing machine learning (ML) automation into document redaction, the SaaS-based Gigaforce platform rapidly improves business efficiency and assures the integrity of protected health information (PHI) and personally-identifiable information (PII). Using blockchain, Gigaforce effortlessly integrates all data, documents, and processes relevant to the subrogation process into a single platform for increased access, improved efficiency, and reduced cycle time.
“The disconnected, manual nature of the traditional subrogation process makes it ripe for errors and fraud,” said Gerhart. “It may not be the sexy side of insurance, but subrogation has needed innovation for a long time. By introducing AI and blockchain into the subrogation process mix, Sanjeev has effectively shown sunlight on the parts of the process which were not working. This is a big step forward for subrogation, and I’m happy to be a part of the team advising Gigaforce as they go forward into the market with this solution.”
Already in use with insurance organizations, law firms, and third-party adjusters (TPAs), additionally important functionality in the Gigaforce platform includes robotic process automation (RPA)-driven claims extraction and submission of arbitration which enables result-driven decisioning. The Gigaforce platform can be rapidly implemented and customized for significant improvements in the subrogation process.