’Our initiatives focus on leveraging predictive analytics and AI for process automation and decision support,’ says new hire
Insurtech Verisk will continue to invest in data, technology and analytics “at scale” as it continues to roll out automated insights for insurers, according to the company’s latest hire Chris Sawford.
The new managing director of claims for the UK told Insurance Times that the business was helping insurers “make faster, more accurate decisions”, with the insights helping accelerate their processes across personal injury, property and motor claims.
Sawford joined data analytics and technology firm Verisk in 2018 as strategy director following the sale of his claims management business, where he worked for more than a decade.
He took up his new position in April 2023, with his role seeing him lead strategic initiatives that can help insurer claims teams boost automation and increase efficiency.
Sawford felt that with insurance products becoming ”more digitalised” to keep pace with growing customer demand, Verisk was helping insurers implement and operationalise claims technology and analytics that can integrate with their existing systems.
“These solutions include technology that enhance operational efficiency on the back-end and customer experience on the front-end, creating end-to-end digital solutions for the entire policy life-cycle,” Sawford said.
He added: “Our initiatives focus on leveraging predictive analytics and AI for process automation and decision support, helping insurers make faster, more accurate decisions, particularly as they face expense pressures from persistent inflation.
”In addition, we are drawing on our cross-market applications to provide deeper workflow automation, often through low-code applications, to help streamline claim cycles and enhance the customer experience.”
Meanwhile, Maroun Mourad, president of claims solutions for Verisk, said the firm was ”laser-focused on driving operational efficiency and digital transformation for our clients and the global insurance industry”.
Verisk has made multiple acquisitions as part of its plans, including the purchase of Sweden-based insurtech Mavera in 2022.
In a statement in April 2023, Sawford said Verisk was “uniquely positioned to partner with the insurance industry to address its biggest challenges”.
He added: “I’m incredibly excited about working with our talented, knowledgeable and passionate team to help our clients capitalise on the operational opportunities they need to move their business forward in a complex environment.“