Clyde and Co: Building a new foundation for casualty claims

The insurance industry is changing like never before.

Digitalisation, big data, the potential of artificial intelligence (AI), fierce competition, pent up pressure to achieve growth and new regulations are all increasing the need for insurers to adapt at speed while extracting every iota of value from premiums.

In the casualty market, this pressure translates into a laser-like focus on managing claims and any resulting disputes as effectively as possible. The challenge for service providers is not just to help insurers achieve these aims, but to partner with them at every step of the journey.

For Clyde and Co and BLM, our response to insurers’ changing needs was an obvious one.

By combining our casualty businesses, we have created a new foundation for claims management built on scale, expertise and a new vision around technology.

With this scale comes the largest dataset in the casualty market, as well as the ability to invest in technology that fully unlocks the data’s potential. Coupled with this, our newly merged casualty practice now covers the whole of the UK and Ireland.

Joint focus

In 2021, it became apparent that Clyde and Co and BLM shared more than a desire to grow in the casualty market.

We were both focused on using new technology to radically re-engineer the claims management process, we had both grasped the potential for large scale data analysis and we were both committed to developing these areas while maintaining and enhancing our reputation for quality.

Merging our businesses was like fitting together two pieces of a jigsaw puzzle. We complement each other, create synergies and, importantly, are intent on building scale.

Today, our newly merged business has the largest team in the UK casualty market. Combined, Clyde and Co and BLM offers wider and more potent coverage across the UK and Ireland, covering all lines of business that clients require.

However, achieving scale is also about data. We now possess the largest dataset in the casualty arena – and larger datasets mean better performing algorithms, more complete answers and better management information.

The other benefit of such a large dataset is that it allows AI and machine learning to function more effectively. We’ve been developing AI-powered tools that will automate much of the claims process, increasing both speed and efficiency.

The delivery mechanism for much of this new offering will be the innovation platform launched by Clyde and Co last year, called Clyde and Co Newton.

Combined strength

But technology is just one part of our offering. Together, we will build on our reputation for strong client relationships - enhancing this will be at the centre of the combined firm’s vision.

In addition, our ability to horizon scan gives clients early warnings of legal and societal changes and emerging risks that could impact their business models.

By harnessing our combined organisation’s capital – both intellectual and financial – we have the capability and strength to achieve our vision of delivering the lowest overall indemnity spend to our casualty clients

Casualty insurance is changing – and Clyde and Co’s casualty practice is changing too.