Advertising function: We are building a new foundation for claims
As the merger creates the largest health insurance firm in the UK and Ireland, Clyde & Co lays out its vision.
The insurance industry is changing like never before. Digitization, big data, the potential of artificial intelligence, fierce competition, pent-up pressure to achieve growth, and new regulations are all increasing the need for insurers to adapt quickly while extracting every iota of value from premiums. that they win.
In the property and casualty insurance market, this pressure translates into a particular focus on managing claims and resulting disputes as efficiently as possible. The challenge for service providers is not simply to help insurers achieve these goals, but to partner with them as they navigate this dynamic part of the market.
For Clyde & Co and BLM, our response to the changing needs of insurers was obvious. By combining our P&C businesses, we have created a new claims foundation based on scale, expertise and a new view of technology. With scale comes the largest crash data set and the ability to invest in technology that unlocks its full potential. In addition, our newly merged health insurance practice now covers the entire UK and Ireland, while benefiting from Clyde & The unparalleled international presence of Co.
In 2021 it became apparent that Clyde & Co and BLM shared more than a desire to grow up accidentally. We were both focused on using new technologies to radically rethink the claims handling process; we had both grasped the potential of large-scale data analysis; were both committed to developing these areas while maintaining and enhancing the quality reputation we had built with our customers. Merging our businesses was like putting two pieces of a puzzle together. We complement each other, create synergies and, above all, we seek to develop.
Today, our newly merged company has the largest team in the UK accident market. Combined, we deliver wider, more powerful coverage across the UK and Ireland and in all business sectors that customers need. But today, scale is also about data. We now have the largest dataset in the accident field – and larger datasets mean both better algorithms, more complete responses and better management information. Large datasets will also increase our ability to detect fraudulent claims and help customers predict them. With so many data points, we can see complex patterns of fraudulent activity and identify hotspots and behaviors that trigger warning signals. Our ability to identify trends and analyze the horizon of data will increase exponentially.
The other major advantage of such a large data set is that it allows AI and machine learning to operate more efficiently. We have developed AI-optimized tools that will automate much of the claims process, increasing both speed and efficiency. The delivery mechanism for much of this new offering will be the Clyde-launched Innovation Platform & Co last year called Clyde & Co Newton. The platform will host a growing number of digital tools and services and provide a seamless interface with the Department of Justice’s claims portal. Clyde & Co Newton helps digitize key processes, gives easy access to our team’s considerable expertise and provides a launch pad for future innovation.
But technology is only part of what we offer. Together, we will build on our reputation for strong relationships with our customers. Improving this will be central to the combined company’s vision. Additionally, our forward-looking analytics capability gives clients an early warning of legal and societal changes and emerging risks that could impact their business models.
A technological platform associated with a physical “platform” covering all sectors of activity offers opportunities for investment in ideas and services. By leveraging the capital of our combined organization – both intellectual and financial – we have the ability and strength to realize this vision to deliver the lowest overall compensation expense to our accident insurance clients.
Liability insurance is changing. Clyde & The practice of co accidents is changing. Together we can open up new possibilities.