Emirates Insurance Secures Partnership with Verisk
Hiscox London Market has announced a new partnership with Verisk Specialty Business Solutions, aiming to bolster its claims management capabilities. This collaboration will see Hiscox utilizing Sequel Claims, a claims management solution from Verisk.
Verisk Specialty Business Solutions offers a comprehensive suite of products for the insurance and reinsurance sectors. Their offerings span the full insurance lifecycle, including underwriting, policy administration, claims, pricing, exposure management, analytics, and flagship offerings like Whitespace and Rulebook.
One of Verisk's flagship products, Sequel Impact, is a deterministic aggregation system designed to capture insurance policy details for granular exposure reports. This system empowers insurers to generate detailed exposure reports with speed and accuracy, aiding in data-driven decisions for both pre-event and post-event analysis.
Emirates Insurance, a UAE-based insurer, has already implemented Sequel Impact, and the results have been promising. May Hleileh, Chief Underwriting Officer International at Emirates Insurance, stated that Sequel Impact has enhanced operational efficiency and streamlined integration with core systems.
Sequel Impact enables insurers to track and visualize risk across multiple lines of business and geographic regions. Richard Reggel, Chief Commercial Officer at Verisk Specialty Business Solutions, mentioned that this feature allows insurers to make more informed decisions, particularly in property, construction, and energy portfolios.
The new partnership between Hiscox and Verisk Specialty Business Solutions will also see Hiscox London Market benefiting from an electronic claims file (ECF) write-back enabled claims management solution. This will undoubtedly improve Hiscox's claims handling process, ensuring a smoother experience for their clients.
Verisk Specialty Business Solutions continues to expand its product offerings within Sequel Impact. Recently, they introduced a new offshore renewable energy module within Sequel Impact. This move demonstrates their commitment to catering to the evolving needs of the insurance industry.
With the addition of Hiscox London Market, Verisk Specialty Business Solutions now operates in London and US (re)insurance markets. They empower top insurers, reinsurers, brokers, MGAs, coverholders, and start-ups across global markets to unlock the full potential of their data and make smarter, faster decisions.
This deployment of Sequel Impact reflects the system’s role in providing insurance companies with a robust platform for understanding their aggregate risk exposure and thereby strengthening their overall risk strategy. Emirates Insurance's implementation of Sequel Impact has demonstrated enhanced ability to manage complex exposure data efficiently in a competitive regional insurance market, improved risk assessment and management capabilities, and contributions to better control and minimize potential losses.
The new module within Sequel Impact can be purchased and deployed as an add-on for existing systems, making it an accessible solution for insurance companies looking to improve their risk management capabilities. With the partnership between Hiscox and Verisk Specialty Business Solutions, we can expect to see further advancements in the claims management sector.
Read also:
- Global Gaming Company, LINEUP Games, Moves Into Extensive Global Web3 Multi-Platform Gaming Network
- Rebuilding Obstacles: The Complexities of Revamping: Part 2
- "Tesla's dominance in the electric vehicle industry may be facing competition from a new player: Škoda, as the German electric car market undergoes transformation."
- Ford Presents Economical Electric Vehicle Strategy: Boasts a Lower Total Expense over a Five-Year Period than a Pre-owned Tesla Model Y from Three Years Ago
