Innovation Group, an insurtech and specialist insurance services provider, has announced that it has entered an agreement with data and analytics provider Verisk.
The collaboration will provide insurers with a consolidated, real-time view of the claim lifecycle, Innovation Group said. Verisk’s Xactware products enable accurate management of repair estimates, remote video assessment, labor-cost management and proactive issue resolution. The partnership will pair those capabilities with Innovation Group’s Gateway platform and its first notification of loss, adaptive workflows and payment capabilities.
The collaboration is currently live in Australia, with Innovation Group providing a complete claims and assessment service. Early results indicate a turnaround of virtual assessment, estimation and reporting within 48 hours for low quantum home claims, Innovation Group 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,” said Mike Fulton, president of Xactware.
“Innovation Group and Verisk are committed to supporting the global insurance industry as it confronts the COVID-19 pandemic, climate change and evolving customer demands,” said Tim Griffiths, CEO of Innovation Group. “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.”