Verisk, a global data analytics provider, has acquired Automated Insurance Solutions (AIS), a UK-based InsurTech to add motor liability decision automation to its claims ecosystem.
The acquisition includes AIS’s flagship solution BAIL, which provides automated assessment and analysis of motor accident liability, and which will now form part of the growing Verisk claims ecosystem. AIS is the third recently announced M&A activity by Verisk as part of its expansion in European markets.
The unique BAIL automated motor claims liability assessment solution provides assessors with accident information including Google Maps integration for location and weather at time of incident, local highway code, case law and imagery, together with a forecasted liability outcome.
Verisk said the solutions digital self-service capabilities improve witness and policyholder response rates, and it is estimated that the streamlined claims processes and enhanced underwriting accuracy produces a 30% reduction in average claims processing time.
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.”
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