Davies Group looks to innovation from within as it ramps up its investment in digital transformation and insurtech
Claims firm Davies Group has set aside a chunk of capital to invest in innovation as it looks to increase its multi-million pound investment in technology. It will partner with Deloitte business, Market Gravity, as it launches an innovation lab.
Deloitte head of insurtech, Nigel Walsh will work with Davies as a mentor and adviser.
Walsh commented: “We are delighted to be working in partnership with Davies. By using new technologies, and providing access to our network of global FinTech labs we are enabling Davies to make headways in innovation and identify new avenues for growth.”
Davies has more than tripled its investment in digital transformation over the past three years.
Davies’ team of 1,100 employees will be asked to come up with ideas. Following an academy process in 2018, those who submit the best ideas will be invited to Silicon Valley to pitch to Walsh, Davies chief executive Dan Saulter and its US private equity investor, HGGC.
Davies chief executive Dan Saulter said: “Harnessing the power of digital transformation and innovation is a prerequisite for success in the fast-changing global insurance and claims market. We work in partnership with leading insurance businesses and other highly regulated organisations, and they expect us to lead, deliver change, and offer solutions to their challenges. Our disruptive thinking lab will become a central plank in our technology and innovation investment, alongside our drive to develop and retain the best teams and help our clients to win.”