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The Digital Insurer Startup InsurTech Award
Futureproofing Motor Insurance through Platforms and Collaborative Ecosystems
Submission for the Digital-Insurer Startup Insurtech Award 2018
Please find below information about NuvaLaw, the problem we are solving and the progress we have made in the last year. This includes moving forward with Proof of Concept projects and developing additional, bespoke Online Dispute Resolution systems which will be added to the existing NuvaLaw offering.
The founders of NuvaLaw believe our company is addressing a significant market challenge for an industry which is facing ever-shrinking profit margins. Our new way of thinking and our platform architecture is being recognised as a means to realise the true value of the digital economy in this sector.
This award will assist in raising our profile and help in our drive to build a collaborative approach to addressing sector sustainability. We hope your panel will favourably consider our application.
NuvaLaw is a LegalTech company that designs and implements digital platforms, revolutionising the way legal information exchange is managed and how disputes are settled.
NuvaLaw has developed a solution for the motor insurance market which slashes claims settlement costs by reducing operational friction. Support for the NuvaLaw solution can be seen in the UK market where end-to-end Proof of Concept projects are underway.
The problem facing insurers
Today, the lion’s share of operating costs (63%) in the motor insurance industry are spent in the claims settlement process.
Take the inter-party negotiation processes in personal injury claims for example. The traditional processes are currently unstructured, with very few business rules or supporting information management tools. This makes negotiation inefficient and costly. In addition, unresolved disputes are currently settled through long and expensive litigation. Wasted time and wasted costs are adding to the operational overheads and decimating profit margins.
Operational optimisation is one of the biggest business challenges facing claims professionals today. Applying new tools, processes and services through the deployment of smart technologies holds the answer to this.
Why the NuvaLaw Platform Architecture is delivering superior solutions
B2B digital platforms bring together tools, services and technologies which can be rolled out at scale to multiple organisations. They can be used to quickly create new revenue streams, or to significantly improve operational processes.
In the claims space, the NuvaLaw Platform Architecture creates a single space where every piece of relevant information can be securely accessed and shared between parties. Because all the information is transparent and shared it’s much easier to escalate disputes to the adjudicative process. Settlement is faster, more cost effective, and significantly reduces operational costs.
However, the real beauty of the platform ecosystem is the ability to add new technologies such as data-rich IoT solutions, blockchain for immutability, and machine learning to further automate the process – all of which create a better, more effective experience for all the users.
Platform ecosystems effectively erode linear value chains. They break down barriers, connecting suppliers, internal teams and customers. Ecosystems also allow users to quickly add modular, plug-and-play capabilities, lowering tech development risk. Ecosystems challenge the traditional business model and can even turn a competitor into a business partner.
NuvaLaw gaining traction
Working with strategic partners, NuvaLaw has designed a new motor vehicle claims solution. The NuvaMotor Platform, powered by NuvaLaw’s Raven Interact, makes use of Validus’ verify™ software as the basis of its technology solution. verify™ is already being used by 70% of UK insurers (by volume), processing in excess of 50,000 claims per month.
Since its entrance into the UK and European market, NuvaLaw’s proposition has quickly gained traction. In the last 12 months, NuvaLaw has achieved the following:
NuvaLaw is currently in ongoing talks with upwards of 15 legal and insurance organisations who have shown interest in its offering and new way of thinking.
NuvaLaw is rolling out PoCs with 2 insurers and 2 claimant lawyers which will prove our solution can make a significant difference to their operational costs and, ultimately, their profit margins.
NuvaLaw has developed a bespoke Online Dispute Resolution system. We are in advanced negotiations with three insurers and 3 claimant law firms.
NuvaLaw has signed MOUs with AI, analytics and blockchain organisations as part of its collaborative strategy to constantly add new and more efficient ways of handling claims and disputes.
South African-based NuvaLaw Holdings has registered a UK subsidiary to its existing Netherlands subsidiary.
NuvaLaw was named as one of DIAs Top 100 Global Insurtechs
NuvaLaw continues to make inroads with insurers and legal firms in the Netherlands and South Africa. Talks with Mauritian companies are also opening discussions to move into East Africa.
NuvaLaw believes the true value of the digital ecosystem has yet to be realised. It allows an unconstrained opportunity to innovate. NuvaLaw sees itself as part of the vanguard to help the insurance sector deliver better service to their customers and, ultimately, remain relevant.
To meet the NuvaLaw team, please click on the following video link: