Verisk continues European expansion
3rd March 2022Tweet
Global data analytics provider Verisk has acquired UK-based insurtech Automated Insurance Solutions (AIS).
The acquisition includes AIS’s flagship solution BAIL, which provides automated assessment and analysis of motor accident liability. This includes information such as Google Maps for location and weather at time of incident, the local highway code, case law and imagery, as well as a forecasted liability outcome.
It’s estimated that BAIL’s digital self-service capabilities improve policyholder response rates, increase underwriting accuracy, and reduce claims processing times by 30%.
Speaking of the acquisition, which supports Verisk’s expansion into Europe, Joe Pendle, Managing Director at Verisk Claims Europe, said, “This acquisition will allow Verisk to add powerful new automation capabilities to its claims ecosystem, consolidate its place as a leader in one of the largest and most highly developed motor insurance markets in the world and then take this to new geographies as a leading digital innovator.”
Ben Taylor, CEO of AIS, said, “We have seen significant growth in the UK since our start in 2016 but joining a true global leader in Verisk will allow AIS to reach new heights in motor accident claims by expanding our capabilities to new markets in Europe. The business missions of both companies are perfectly matched, and we look forward to combining our deep-domain expertise, unique datasets and technological know-how to tackle insurer pain-points and collaborate on future innovations.”Tweet