Verisk acquires insurtech AIS, adding motor liability decision automation to its claims ecosystem
– Acquisition will boost Verisk’s motor claims capabilities across UK and European markets
– Plans to integrate AIS technology across multiple product lines
Verisk (Nasdaq: VRSK), a leading global data analytics provider, has acquired Automated Insurance Solutions (AIS), a UK based insurtech that since its launch has signed up multiple UK insurers.
The acquisition includes AIS’s flagship solution BAIL, the only solution to provide 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 a major expansion into the 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. Its 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 percent reduction in average claims processing time.
“At AIS, 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” says Ben Taylor, CEO of AIS. “The business missions of both companies are perfectly matched, and we look forward to combining our deep-domain expertise, unique datasets and technological know-howto tackle insurer pain-points and collaborate on future innovations.”
AIS has achieved substantial growth in the UK motor claims market with its innovative automation software since its founding in 2016. The acquisition will enable Verisk to incorporate this advanced liability determination technology into its claims ecosystem, to provide policyholders with greater control through self-service features and cost savings for insurers through improved operational efficiencies.
“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,” says Joe Pendle, Managing Director at Verisk Claims Europe. “The extensive industry and technology expertise of AIS will be instrumental to Verisk’s claims operations and the alignment of both companies’ visions is a positive sign for sustained future growth at home and abroad.”
About AIS
Automated Insurance Solutions (AIS) are a UK based Insurtech business focussed on building and deploying intelligent digital automation products to cater to the ever-changing needs of an increasingly technology driven claims environment.
All of our products are built using the most advanced and adaptable technologies to allow our clients to quickly deploy scalable, customer-centric models that ensure first-class user experiences for both policy holders and staff whilst maximising resource efficiency and accuracy of processing.For more information, visit: ais.tech
Source: Verisk Press Release
