Innovation Group and Verisk to Collaborate to Drive Digital Property Claims Adoption for Global Insurers
London — October 28, 2020 — Innovation Group, a leading global InsurTech and specialist insurance services business, has signed an agreement with Verisk, a leading data analytics provider.
This collaboration provides insurers with a consolidated, real-time view of the entire claim lifecycle. Verisk’s Xactware solutions enable accurate management of repair estimates, remote video assessment, labour cost management and proactive issue resolution. Paired with Innovation Group’s Gateway platform and its First Notification of Loss (FNOL), adaptive workflows and payments capabilities, clients can now take advantage of a robust set of tools to guide effective claims management for their policyholders and supply chain partners. With the combined solutions built on cloud-native technologies and open integration standards, the collaboration offers significant value to the industry.
The collaboration is live in Australia with Innovation Group providing a complete claims and assessment service. Early results show a turnaround of virtual assessment, estimation and reporting within 48 hours for low quantum home claims.
Mike Fulton, President of Xactware, said “The combination of our technologies and processes will result in a best-in-market solution that can help insurers improve outcomes and achieve greater efficiencies in their claims workflows and greater satisfaction ratings among policyholders.”.
Tim Griffiths, CEO Innovation Group, said “Innovation Group and Verisk are committed to supporting the global insurance industry as it confronts the challenges of the COVID-19 pandemic, climate change and evolving customer demands. Our Gateway platform is an extension of our global service offering and enables us to transform the claims experience to one that is truly digital and personalised. Our integration with Verisk leverages our joint technologies to achieve the best outcomes for our clients, and we are very excited about the global opportunities which will result from this collaboration.”
About Innovation Group
Innovation Group provides digital and easy-to-use cloud-based claims management software to the insurance industry combined with a services organisation offering network management services in the USA, UK, Germany, Spain, Australia and South Africa. Innovation Group connects 1,200 global clients in the insurance space with an ecosystem of thousands of integrated regional network repairers and suppliers.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.