Innovation Group and Verisk Collaborate to Help Global Insurers Successfully Weather the Storm

LONDON, October 28, 2020 (Newswire.com) - ​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 FNOL, adaptive workflows and payments capabilities, clients can 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 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.

About Verisk

Verisk (Nasdaq: VRSK) is a leading data analytics provider serving customers in insurance, energy and specialised markets, and financial services. Using advanced technologies to collect and analyse billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.

Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500® Index and the Nasdaq 100 Index.

Media Contacts:

Abigail Zilinskaite
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Helen Christopher
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Source: Innovation Group