In January Iotatech signed its first customer to its claims platform
Evolution Claims Management (Evolution) has chosen Iotatech for its claims solution in a bid to expand its business.
The deal means that Iotatech now increases its reach across the personal lines sector with both motor and now, household clients. Iotatech Claims is part of Iotatech’s platform insurance solution.
Iotatech Claims provides Evolution with a springboard to expand its business while paying only for those claims services it uses. The solution is scalable as the volume of claims it manages increases while providing an end-to-end supply chain management process.
It is a “key business milestone” for Iotatech, after its launch last year. The move comes after a comprehensive market evaluation.
Darren Cooper chief executive at Birmingham-based Evolution believes its system was a great fit with what he claimed was Evolution’s ”agile and innovative” approach.
“We were looking for a comprehensive solution that gives us control over our claims handling and supply chain processes.
“I believe this will be the market-leading claims management system, and it will help us to deliver the market leading service levels that our clients have come to expect,” he said.
Evolution’s fixed fee model needed a management system that could accommodate its business growth.
What can it do?
The Iotatech platform has been designed using a method of developing software systems called Microservices, as well as Open API and artificial intelligence (AI).
It is also Internet of Things (IoT)-ready, and uses a pay-per-use solution and available via Amazon Web Services.
Evolution was launched in 2016 and it is an end-to-end claims management business. It provides buildings claims management services which include independent validation, loss mitigation, and building restoration and reinstatement to major insurers in the UK.
Key features for Evolution include the financial model – Software as a Solution (SaaS), the claims supply chain functionality, speed of implementation and future proof technology incorporating IoT and the ability to share resources with third parties.
Iotatech chief revenue officer and co-founding director, Robert Thomson added: “There is a lot of synergy between Iotatech and Evolution and we look forward to a long and mutually beneficial relationship.
“One of the many advantages of Iotatech Claims is that it can quickly scale up making it is ideal for businesses that need to flex their processing as they onboard new clients.
“It’s great to have the opportunity to work with Evolution as they accelerate their household claims volumes, and we’re looking forward to supporting Darren and the team during this exciting time in their development.”
Iotatech is Richmond-based insurance technology business, formed in 2016 and it provides a “next-generation insurance platform” to risk carriers, third-party administrators and related businesses.
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