Chronovo-ESIS Collaboration Quadruples Settlement Rate And Nets $60M In Savings

BURLINGTON, Mass., Aug. 11, 2020 /PRNewswire/ -- Thanks to an industry-first collaborative initiative, Chronovo, Inc. and ESIS have achieved a record-setting 4x increase in the number of structured settlements over the past two years. Ken Paradis, Chronovo CEO and Bryan Shaughnessy, ESIS AVP, Worker's Compensation further announce total savings of almost $60M, with $29.5M in Medicare Set Aside (MSA) savings on workers' compensation settlements and $39M in additional structure financing value on liability claims settlements.

The companies credit their success?and average savings of 38% per claim?to their innovative partnership and shared commitment to bringing measurable benefit to clients and injured individuals.

The Chronovo-ESIS partnership is the first to combine five core innovations:

• A graphically intuitive quoting system for absolute transparency
• Priority responsiveness on smaller and more diverse claims
• Programmatic triggers for structure-ready claims
• Automated monthly national reports for statistical accuracy
• Industry-leading benchmark standards and joint accountability

The resulting impact for injured individuals has also been profoundly positive. Structured settlements, which provide secure, scheduled, tax-free payments and may safeguard eligibility for public assistance programs, are more fully understood?and adopted?as a win-win financial option. Claimants gain extra protection from creditors and have the option of setting up "replenishing MSA" accounts if unexpected expenses arise.

Chronovo CEO Ken Paradis points to the breakthrough nature of the partnership: "ESIS is a true industry innovator. They realized that it was the traditional structured settlement broker business and strategies, not the product itself, that kept structures stymied at less than 5% of the addressable opportunity. As we continue to achieve these kinds of successes for our clients, we are proud to stand shoulder-to-shoulder with the entire team."

Bryan Shaughnessy, ESIS AVP, Workers' Compensation, adds: "Together, ESIS and Chronovo have created a revolutionary approach to resolving claims, tracking the value provided through rigorous performance metrics, and saving our clients money in the process."

Both companies look forward to recording increasing successes.

About Chronovo
Chronovo, Inc. represents a comprehensive restructuring of the structured settlement industry so more people can realize their intended value. Bolstered by our proprietary technology, our nationwide team of multi-disciplinary professionals brings clarity and enhanced value for all parties in claims of all sizes.

Related Links
chronovo.com/work-with-us 
chronovo.com/chronicle

SOURCE Chronovo, Inc.