In June 2018 Verisk Analytics acquired Validus-IVC Ltd. which was established in May 2007 to provide claims management and analysis services to the UK motor insurance industry. Since then the business has evolved significantly, with our proprietary software, verify™, now providing the platform through which a sizeable volume of motor repair and hire claims are settled annually, both in the UK and overseas.
Our software products enable insurers to automate elements of motor claims processes that are repetitive, time consuming and inefficient. In doing so, we help them to reduce their indemnity expense, improve their productivity and set their strategic direction, all of which we believe are factors that are of critical importance in a trading environment that is as competitive as motor insurance.
We recognize the significance of the ‘policyholder journey’ and understand the importance of ensuring that their claims experience is managed as seamlessly as possible, which is why we continue to invest substantially in the ongoing evolution of our technology. This is because the motor claims environment is constantly changing and we are driven by a desire to ensure that we remain a facilitator of change, rather than a follower. However, we do not do this in isolation and the feedback we receive from our user community provides valuable insight in terms of our ability to understand, develop and implement market-leading technology by delivering measurable and sustainable results.