LV= General Insurance Signs Three-year Renewal to Use Verisk Claim Solutions to Enhance UK Property Claim Operations
Leading insurer uses Xactimate and XactAnalysis to streamline claim estimation, management, and settlement
LONDON, Oct. 24, 2019 /PRNewswire/ -- Verisk (NASDAQ: VRSK), a leading data analytics provider, today announced that leading UK insurer LV= General Insurance has renewed its use of the Xactimate® claims estimation tool and the real-time claims management solution XactAnalysis® to support its property claims for a further three years.
As part of this ongoing strategic relationship, Verisk and LV= GI have closely collaborated on several major projects to develop and deliver highly effective capabilities, including a purpose-built Building Contractor Network to enable LV= GI to manage its growing network of suppliers.
Under the Building Contractor Network initiative, Verisk provides LV= GI with advanced supply chain management and performance monitoring for a nationwide network of building suppliers, including a customised Schedule of Rates to ensure policyholders receive the highest level of service. Verisk played an integral role in onboarding specialist suppliers into the Building Contractor Network, providing training and support to establish supplier best practices. The Building Contractor Network delivers estimation and settlement transparency, configurable supplier management, and performance monitoring, which ultimately helps shorten claim life cycles.
"The capabilities delivered by our partnership with Verisk have been praised by employees, suppliers, and policyholders alike, so expanding this further was a natural decision," says Martin Milliner, claims director of LV= GI. "The Verisk team has consistently demonstrated a first-class level of service, tailoring deployments to solve our business pain points, engaging with both our own team and external suppliers, and providing extensive training and highly responsive support."
LV= GI is a long-standing Verisk customer, having used Verisk solutions since 2011. Verisk's cloud-based Xactimate scoping tool provides intuitive estimation across multiple platforms and fully integrates into XactAnalysis, a single source for claims tracking, supplier management, and assessment.
"LV= GI's renewed commitment is a testament to the excellence of the working relationship the Verisk client services team shares with LV= GI and the capabilities of our claims portfolio," says Joe Pendle, managing director of Verisk Claims EU. "We look forward to further developing our strategic partnership and working closely together to add further value to LV= GI claims operations."
About LV= General Insurance
Liverpool Victoria General Insurance Group Limited (LVGIG) is an LV= branded strategic partnership between LV= and Allianz Holdings Plc, following the sale of a 49% stake in LV='s General Insurance business on 28th December 2017, creating the UK's third largest personal insurer with over £1.7 billion annual premium income and serving over 6 million customers.
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. In 2018, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
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