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Law firm BLM is using iManage RAVN Extract to capture data from its documents to analyse and accurately predict claim outcomes.
The law firm wanted to make the management of its caseload, at nearly 70,000 per year on behalf of insurance companies, more efficient.
iManage Extract, powered by the RAVN artificial intelligence (AI) engine, allows BLM to pull data from its documents for use in analysis of claim costs and likely outcomes. By automating the extraction of key information, the firm will develop structured reports to provide better advice for its clients.
“We were looking to build models that could make accurate claims predictions but most of our data is held in unstructured form in documents scattered around our business,” said Abby Ewen, IT director at BLM. “iManage RAVN Extract is able to quickly and accurately capture the specific pieces of data from the raw documents within our document estate. Extract will significantly improve our efficiencies and help reduce the claims processing time.”
During an initial proof of concept, BLM was impressed with iManage Extract’s performance and the value the extracted data provided. “The RAVN AI engine helps us develop a sophisticated data analysis platform,” Ewen added. “We work with a large number of insurance companies and it’s essential we use technologies that innovate.”
Nick Thomson, general manager of iManage RAVN, said: “By using AI to automatically read, extract and interpret critical business information from large volumes of documents and unstructured data, iManage RAVN Extract helps organisations get more value out of their data.”
“Innovative firms like BLM are increasingly recognising the benefits of unlocking information stored in their documents to deliver increased value to clients.”
London-headquartered Charles Taylor Adjusting has made several international moves that have expanded its operations.
The international loss adjusting business has opened a new office in Belgium with an immediate focus on further developing its property and casualty offering in Europe. It has also launched a new venture in the US.
The new Belgium office builds on its solid growth in the property and casualty arena and particularly in specialist disciplines such as construction and engineering, professional indemnity, cyber and major loss, according to Charles Taylor.
New directors Ludwig Pauwels and Yves Thaens have joined Charles Taylor. They will report into Andy Rice, managing director of property, casualty, technical and special risks for the UK, Europe and Singapore. They bring more than 20 years of industry experience and regional knowledge in complex and commercial claims.
Rice commented: “Expansion into Belgium further enhances CTA’s presence in Europe, with existing offices in France, Greece and Italy. Local presence is very important to develop closer relationships with our existing and new clients, many of whom will be working closely with our colleagues around the world. We’re very pleased to welcome Ludwig and Yves to the team.”
In the US, Charles Taylor has partnered with Signal Mutual, the country’s largest provider of longshore workers’ compensation benefits, to launch Sage Adjusting.
The new business has been created through the consolidation and integration of Signal Mutual’s four largest, independent third-party longshore and harbor workers’ compensation firms, Charles Taylor TPA, Lamorte Burns, AS&G Claims Administration and Acclaim Risk Management.
The longshore portfolio assets of these four workers’ compensation administration firms were acquired to establish Sage Adjusting.
Sage Adjusting will operate as a single entity aligned with and controlled by Signal Mutual and its manager, Charles Taylor. Sage Adjusting will offer greater cost efficiencies and a unified claims handling platform, delivering improved claims processes, services and outcomes.
“As manager of Signal Mutual, the initiative reflects Charles Taylor’s commitment to investing in its clients to enable them to deliver on their strategic goals,” stated Richard Wood, CEO of Charles Taylor Americas. “Signal Mutual Indemnity Association and its members can be assured of continued dedication to expert claims management and personal attention in achieving the best outcomes for the employer and employee.”
Sage Adjusting is poised to handle adjusting of complex longshore workers’ comp claims administration. It is comprised of 100 people in 19 offices across the US.
Christopher Schaffer, chief executive officer of Charles Taylor TPA, will assume the same leadership role of Sage Adjusting.
The UK government has handed out £13 million in funding to 40 artificial intelligence (AI) and data projects aiming to transform how the financial and legal sectors operate, including one that assesses the credibility of claims.
The claims software, being developed by Intelligent Voice, Strenuus and the University of East London, will combine AI and voice recognition technology to detect and interpret emotion and linguistics to assess the credibility of insurance claims.
The project is one of 40 backed by £13 million in government investment to support collaborative industry and research projects to develop the next generation of professional services.
Other insurance sector examples to benefit from the funding include an analysis tool that examines images collected by drones to assess flood-damaged areas. It uses a three-dimensional image recognition system to evaluate flood extent and depth alongside impacts on buildings and infrastructure to help with insurance claim assessments.
The funding has been delivered as part of the government’s industrial strategy, which commits to placing the UK at the forefront of the sectors and technologies of the future. The research and development projects will begin work from this month and could see initiatives rolled out in the industries by 2020/21.
These awards were made across two competitions. A portion of the £13 million was awarded across four large collaborative projects addressing sector-wide challenges in supply chains or regulators, while £7 million was awarded across 36 smaller projects looking specifically at applying AI and data techniques.
UK business secretary Greg Clark said: “Artificial intelligence and data are transforming industries across the world.We are combining our unique heritage in AI with our world beating professional services to put the UK at the forefront of these cutting-edge technologies and their application.”
“We want to ensure businesses and consumers benefit from the application of AI—from providing quicker access to legal advice for customers, to tackling fraudulent insurance claims, these projects illustrate our modern Industrial Strategy in action. We’re investing record levels in research and development so that every part of the UK can benefit from the industries and high-skilled jobs of the future.”
Professor Sir Mark Walport, chief executive of UK Research and Innovation, which administers the £20 million Next Generation Services Industrial Strategy Challenge Fund, the source of the £13 million award, said: “The service industry around the world is being transformed by information technology. The Next Generation Services Challenge offers important opportunities for transformation of the legal, insurance and accountancy sectors across the UK.”
“Through the Industrial Strategy Challenge Fund we are building on UK expertise in artificial intelligence and data science to deliver benefits that will be felt in the services sector and beyond.”
Slater and Gordon has won a renewed contract to provide accident management support and additional legal services to the RAC.
The firm has been delivering claims solutions to the motoring organisation’s two million members since 2013.
Under the new three-year deal, RAC members will also get access to Slater and Gordon’s full range of consumer legal services, including family, employment, dispute resolution and criminal defence expertise. This service complements the RAC’s in-house legal services team.
David Whitmore (pictured), chief executive of Slater and Gordon, said: “We are delighted to be continuing our partnership with the RAC. This contract extension is great news for the RAC’s millions of members because it means they will have access to a range of legal and consumer services expertise under one roof.”
“We’ve built up compelling end-to-end capabilities which enable consumers to tap into important expertise in a simple and cost-effective way.”
David Adam, senior supplier partnership manager for legal services at the RAC, commented: “We’ve worked closely with Slater and Gordon since 2013 and know they provide excellent customer service and deliver real value to our members.’’
Last month, Slater and Gordon announced it had won a five-year contract extension to provide accident management services to insurance broker Brightside, and the appointment of former Aviva executive Angus Eaton to lead its consumer services division.
Eaton joined another insurance industry veteran, David Neave, who took up a seat on Slater and Gordon’s board as a non-executive director.
An already stretched judiciary requires in-depth guidance from the UK government if the regulation of autonomous vehicles is to be successful, law firm Kennedys has told the Law Commission’s consultation on their introduction.
“There is typically little or no time for a forensic examination of vehicle automated driving systems in a sub-large-loss or less serious criminal cases. As such, judges are very likely to take an ‘aerial’ view when assessing fault, which could lead to unintended consequences, including satellite litigation and unfairness.”
The Centre for Connected and Autonomous Vehicles (CCAV), a part of the Department for Transport and the Department for Business, Energy & Industrial Strategy, asked the Law Commission of England and Wales and the Scottish Law Commission to undertake a review of the legal framework for automated vehicles, and their use as part of public transport networks and on-demand.
In its response to the Law Commission’s consultation, Kennedys said that guidance on how and when vehicles move in to and out of autonomous mode will be crucial.
It has also highlighted the importance of insurers, engineers and accident reconstruction experts having access to rich data, not only from external vehicle sensors but also from internal sensors—in order to properly establish who or what was in control of the vehicle at material times and whether handover and/or handback was performed reasonably.
Kennedys said that legislation should be amended to place the onus on manufacturers to ensure, by design, that autonomous vehicles cannot start their journey until safety-critical software updates are uploaded or it is confirmed that such software is already up to date.
“It makes no practical real-world sense to place this onus on the user—in much the same way that many vehicles will not allow the driver to set off if their seat belt has not been put in place.”
It also said that manufacturers of autonomous vehicles will need to ensure that consumers have a clear understanding of what the vehicles and their automated features can and cannot do.
The role of the ‘user-in-charge’—the person operating the controls of the automated vehicle when not in autonomous mode—must also be made clear.
“The key issue here is being very clear as to when and at what point a human user-in-charge becomes liable from both a criminal and civil perspective for the operation of the autonomous vehicles. This will be heavily dependent on evidence as to how and when the autonomous systems took control, whether they should have taken control, and how and when the user tried to take back control.
“It is therefore imperative that motor manufacturers give court experts and insurers ready and unfettered access to event data records and sensor data from vehicles in civil and criminal litigation involving autonomous vehicles.”
The firm urged caution when assigning criminal liability to a user-in-charge: “Assessing whether the user in charge could have taken steps to avert a serious injury/accident would be highly fact sensitive and we believe the onus on the user in those circumstances would be far lower compared with the driver of a manual vehicle.”
In its response, the law firm also reminded the government about the importance of getting the public on side: “The views of a large cross-section of society in the UK need to be monitored. There is an education piece for the public which again must be government-led, but with the support of the various stakeholders—to avoid the very real possibility that the public will take a negative view of autonomous vehicle technology and inhibit rollout, public uptake and trust.”
California-based property intelligence provider CoreLogic has added Crawford & Company’s WeGoLook, currently available in the UK, Canada and the US, to its Symbility platform.
Symbility is an insurance claim workflow communications management tool. With the addition of WeGoLook, Symbility Claims Connect users will be able to tap into the Crawford subsidiary’s network of more than 45,000 ‘lookers’ to obtain claims data, photos, videos and measurements.
WeGoLook’s network of on-demand ‘lookers’ perform inspections and carry out tasks. Information obtained by these lookers can then be used to perform damage and liability triage or desk-adjusting for low- to mid-complexity claims, reducing resourcing costs and turnaround times.
The information is delivered directly back into the Symbility platform within hours or days instead of weeks, allowing adjusters to focus on adjusting—increasing productivity and decreasing time to settlement.
Meredith Brogan, president of WeGoLook, said: “We are very excited to give Symbility customers the ability to tap into our on-demand network. This alliance will help carriers obtain inspections in a timely and cost-effective manner to better serve policyholders. Working together to deliver integrated carrier solutions advances the entire industry and help us deliver on Crawford’s mission to restore and enhance lives, businesses and communities. We’re proud to say we’ve helped drive this change.”
WeGoLook will soon be available to all CoreLogic customers using Symbility Claims Connect.
AXA Retail executive managing director Gareth Howell is set to leave the insurer at the end of February.
Laurent Matras, currently managing director for personal intermediary and corporate partners, will take over from Howell on an interim basis, as the insurer considers its longer-term options.
Matras will join Jon Walker and Waseem Malik on the insurance leadership team with effect from 1 March.
Claudio Gienal, chief executive of AXA UK and Ireland, said: “I am grateful that Laurent has agreed to take on this role on an interim basis as we consider all our options. His knowledge of the business and years of expertise will ensure a smooth transition.”
“I would like to thank Gareth for his seven years of service and his contribution to AXA UK. I wish him well for the future.”
Pen Underwriting has revamped its water claims process with the help of Davies Group.
The underwriter predicted that its re-engineered claims process will result in a 10% saving on indemnity spend and a 15% reduction in the time taken to settle.
Citing Association of British Insurers figures that found the cost of escape of water claims rose to £483 million within the first nine months of 2017, Pen identified a need for innovative claims handling strategies to bring claims spend under closer control.
Its re-engineered claims process, designed to expedite administration of specialist services to customers, ensuring they receive the appropriate support sooner, now boasts a team of dedicated escape of water experts, a bespoke handling process, use of of mobile technology to accelerate repair process and reduce costs, and an advanced customer portal providing real time access to their claim.
Gareth Crosbie, claims director at Pen Underwriting, commented: “This innovation is reflective of Pen’s unwavering commitment to improving customer experience and delivering on its virtual insurer strategy. By working with the collaboration of Davies, we can give our coverholders and brokers an enhanced service and our customers more control.”
“Escape of water claims were flagged by the Association of British Insurers as a key area of focus for insurers in 2018, and we’re proud to be delivering a solution to address this challenge.”
A ghost broker has been sentenced to two years in prison for using stolen data to set up fake companies and buy 10 fraudulent fleet insurance policies that covered vehicles involved in criminal activity.
Suhail Hussain (pictured) was sentenced at the Inner London Crown Court, following a City of London Police’s Insurance Fraud Enforcement Department (IFED) that also discovered that the ghost broker used the details of two real companies to make fraudulent insurance claims for two car accidents, worth £6,990.
In total, Hussain bought 10 insurance fleet policies, worth a total value of approximately £60,000, and added more than 70 different vehicles to them.
According to IFED, Hussain registered seven fraudulent companies with Companies House between December 2013 and February 2016, and also used stolen details of five legitimate companies, both with the aim of buying fake fleet insurance policies as a ghost broker.
When setting up some of the fake companies, the ghost broker lied about being a solicitor, and this was proven false by the Solicitors Regulation Authority. A statement from the Financial Conduct Authority also confirmed that he wasn’t authorised to act as an insurance broker.
By taking out fleet policies, he could add numerous vehicles onto them for a fraction of the price of real cover. Some of the vehicles that his policies covered had been involved in criminal activity, and it’s believed they were added to these policies to make them harder to trace.
Detective constable Andrew Porcher, who the led the investigation for IFED, said: “Not only did Hussain act deceitfully to take out numerous false fleet insurance policies, he also helped facilitate wider criminality.”
“This should act as a warning to anyone who is thinking of setting up fake companies or exploiting the details of real ones to commit insurance fraud, you will be caught and you will be punished.”
Insurers Ascot and Beazley have launched a Lloyd’s of London-based cargo consortium that uses insurtech solutions to help manage risk and claims performance.
Led by Ascot and Beazley, the A2B consortium brings together a range of cargo carriers that will provide a maximum of $50 million (£38.7 million) in capacity. The new consortium is aimed at small- and medium-sized entity cargo business, which has traditionally faced high associated expenses due to the nature of the subscription market.
This launch will allow brokers to provide their clients with quality underwriting and claims management in a cost-efficient way, according to Ascot and Beazley, further cementing the competitive position Lloyd’s holds in the global cargo market.
Insureds will have the option of using electronic cargo monitoring devices developed by Denver-based insurtech start-up Parsyl. The devices can monitor cargo accumulation and collect data, which can assist in risk management and claims.
The use of these devices will help both the consortium carriers and provide data feeds to insureds. Parsyl is a graduate of the Lloyd’s Lab programme, designed to help embed technology start-ups in an insurance environment.
Commenting, Andrew Brooks, Group CEO at Ascot, said: “This consortium shows how Syndicates can come together in a subscription market to provide coverage in a cost efficient way for smaller premium business. Recent years have been difficult overall for the cargo market but this initiative will be transformative for insureds, their brokers and Lloyd’s carriers.”
Tim Turner, group head of marine, Beazley, said: “The London insurance market’s origins are in marine and over the years it has adapted to the changing needs of the sector. This new consortium shows how the London market can come together to combine underwriting expertise and cutting-edge technology for the benefit of our customers.”
Trevor Maynard, head of innovation, at Lloyd’s, commented: “This is precisely what the Lloyd’s Lab has been set up to do. I’m thrilled to see our syndicates utilising the lab to generate new ideas and deliver the next generation of insurance products and services for the benefit of our customers. The fact that the lab can attract such high calibre tech talent and ideas from around the world just goes to show that Lloyd’s continues to lead the way on insurance innovation.”