Blending Technology and Domain Expertise Advancement in technology is enabling claims functions to evolve rapidly and deliver greater efficiency and improved customer experience, while also increasing claims cost control through more effective deployment of resources and sophisticated targeting of cases requiring investigation. In our view, those embarking on this journey achieve the best outcomes when they blend technology and business domain expertise to design their end-to-end solution and integrate insurance analytical software effectively. This approach of combining decision engine technology with advanced analytics, including machine learning, is already being used in other areas of the insurance value chain, like underwriting and pricing, to optimize performance and deliver competitive advantage. Case Study: Automatic Claims Settlement – Turning Theory into Practice Tom Helm Head of Claims Consulting Willis Towers Watson Dave Ovenden Global Director, Pricing Products Claims and Underwriting Willis Towers Watson 26 willistowerswatson.com
Transaction Spotlight Crawford Acquisition of WeGoLook Partnership with Technology Start-Up to Lead On-Demand Field Services Crawford & Company’s acquisition of a majority equity interest in WeGoLook (WGL) in January 2017 marked one of the largest strategic investments to date in an emerging InsurTech start-up focused on the claims sector. Making the first investment through its newly formed corporate venture capital arm, Crawford Innovative Ventures (CIV), Crawford reportedly paid $36.1 million for 85% of the membership interests in WGL, implying an enterprise value of $42.5 million for a business that generated approximately $7 million of revenue in 2016. WGL’s CEO, Robin Smith and COO, Kenneth Knoll, collectively retained the remaining 15% of membership interests. Crawford expects the venture to be slightly dilutive in 2017, but accretive beginning in 2018, driven by WGL’s attractive growth prospects and expected strategic benefits based on how the business will complement Crawford’s existing capabilities. Founded in 2009 and headquartered in Oklahoma City, WGL is an enterprise-focused crowdsourcing platform that provides personalized, on-site data capture for inspections and low-complex tasking services across the US. The company combines the power of mobile technology with a human network of 30,000+ “Lookers” and can task an individual Looker anywhere in the US within hours of receiving the instruction from WGL’s automated notification system. Utilizing WGL’s proprietary verification application, Lookers provide the prescribed data and picture requirements immediately. Though the company has a diverse revenue base of insurance and non- insurance inspection services, the majority of its customers are concentrated in auto and property insurance, auto dealerships, commercial real estate, banking, heavy equipment auction and e-commerce. Today, roughly 80% of WGL’s revenue is derived from insurance based on the strong volume from carriers utilizing its services. WGL’s
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