Q&A: Solvd on navigating the claims and repair management market

1. What is your view of how the claims and repair management market is developing?

The claims and repair management market is undergoing a profound transformation. Advanced technologies like automation and artificial intelligence (AI) are driving faster decision-making, while data-driven insights are becoming critical for accuracy and fraud detection. Customers demand digital-first experiences that emphasise transparency and speed.

This is why, at Solvd, we specialise in seamless claims and repair management solutions. Our adaptable and easy-to-integrate solutions serve customers primarily in the insurance and automotive industries, as these issues are critical to them. We operate with a global team of 3,700 data, IT and motor experts across 46 countries.

2. Will this fast-paced development of automation and AI bring new challenges and opportunities?

It creates fantastic opportunities to reimagine claims and repair management by cracking the “claims triangle”, meaning improving efficiency, reducing costs and enhancing customer satisfaction at the same time.

This is why, at Solvd, we design our products and services based on an AI-native and automation-first approach to meet our clients’ evolving needs and to deliver a unique end-to-end claims experience.

Collaboration across industries, including partnerships with tech leaders, is essential to staying ahead. By partnering with leaders in cloud computing and AI, such as Nvidia, we integrate cutting-edge capabilities to refine our tools and reduce motor claim handling time to near zero.

3. What future trends do you foresee in the insurance industry?

The industry faces global conflicts and natural catastrophes, like hail and floods. This structurally raises the claims volume to manage and puts a lot of pressure on claims management teams.

On top comes galloping inflation as a key driver of the rising cost of spare parts and repairs, putting insurance pricing under pressure. At the same time, new technologies such as deepfake images are increasing the complexity and sophistication of fraudulent schemes for insurers to address.

To tackle these challenges, we have developed solutions that help insurers navigate these risks. Our AI-based voicebot allows simultaneous reporting of unlimited claims, enabling insurers to offer 24/7 availability without waiting time. A key element of our end-to-end offering at Solvd is our Spare Parts Business, which connects the demand of repair shops and insurers with spare part providers, thereby unlocking savings in repair cost.

Our AI-based image fraud detects fraudulent images, including AI-generated ones, reducing costs and improving efficiency. All of these solutions help insurers shift to predictive systems, anticipate risks, further streamline claims and repair processes and reduce costs.

4. Does climate change and environmental concerns have any impacts on the insurance, claims and repair management industry?

Sustainability is also becoming a critical focus in claims processes, with a growing emphasis on repairing rather than replacing damaged parts and increasing the use of green spare parts. With the integration of spare parts management into the Solvd end-to-end offering, we enable our clients to influence both repair instead of replace and the usage of green parts.

5. What are your ambitions for Solvd globally and in the UK?

Our ambition is to accelerate growth and innovation globally, establishing Solvd as a leader in end-to-end claims and repair management solutions. We aim to revolutionise the industry with automation-first strategies, developing proprietary tools that give our clients a competitive edge. Our solutions cover the full value chain – from notification of loss and repair to optimised spare parts usage and claim settlement.

Globally, we are focused on expanding our footprint, partly by relying on strategic acquisitions in key markets. The UK is one of our core markets. We are proud that our estimating system has been voted the best in the country by users for the fourth consecutive year. This recognition underscores our commitment to delivering quality, innovation and exceptional customer satisfaction, further solidifying our position in the UK market.

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