Validus-IVC has celebrated the addition of 11 new insurers to its verify™ subrogation portal community, which has grown significantly since Aviva and Ageas became the first two insurers to go live in 2016.
Axa is among the latest insurers to sign up to the platform along with Markerstudy, Esure and Hastings. verify™ now has 16 UK motor insurers benefiting from the considerable efficiency gains achieved through process automation.
The volume of subrogated recovery claims transacted through the portal now exceeds 400,000.
Validus COO Ed van Rooyen said: “We are delighted that the uptake of verify™ has picked up so much momentum.
“To have engaged 16 insurer users in the past 12 months has been very satisfying and recognition that our technology is delivering a genuine market solution. Ultimately, as participation grows and the benefits are realised on a greater scale, we believe that the outputs will provide the platform upon which insurers will be able to enhance their policyholder claims experience.
“We very much look forward to building on the progress made to date and listening to thoughts of the market leaders at the next verify™ User Forum on 19 April in London.”
verify™ is an award-winning claims management platform that facilitates rules-based automated analysis and settlement of subrogated, protocol and common law motor claims. In the vast majority of instances manual intervention is removed, as the process completely eliminates any requirement for a claims handler to make phone calls or write letters.
verify™ is cloud-based (AWS) and SaaS-enabled, which means that operational implementation is a simple and quick process that does not rely on the installation of hardware.
Against a backdrop of proposed Ministry Of Justice reforms and government scrutiny, the industry is under increasing pressure to reduce the cost of motor premiums and it is widely acknowledged that the savings realised through meaningful reductions in claims costs, will enable insurers to achieve this.
The platform, which is modular in design, incorporates a wide range of tools that extend and enhance its functional capabilities beyond straightforward claims processing. Users are also able to benefit from tools designed to automatically identify high-risk claims and aid the investigation of fraud.
These tools include Validus’ unique AskLudo™ product, which has washed the data derived from over one million credit hire claims, identifying hire vehicle overlaps. Since its inception, AskLudo™ has underpinned thousands of successful fraud investigations and been the prime driver in the repudiation of invalid claims. In 2016 direct Automated Number Plate Recognition (ANPR) integration was introduced, which enables insurers to determine when “off-road” vehicles actually remained in use during claimed periods of hire.
By continuing to develop and deliver innovative process automation solutions for the benefit of the verify™ user group, Validus’ business focus remains fixed on the introduction of new products.
Having already created an integrated Liability Arbitration tool, a similar Credit Hire Arbitration product is nearing completion. Both will provide a fair and affordable alternative to the ever-increasing cost of litigation.
Furthermore, with the MOJ reforms seeking to introduce a fixed settlement tariff for certain personal injury claims, development is underway of an integrated verify™ enhancement that will enable rules-based automated analysis and settlement of these claims.