Chris Sawford: ‘One Verisk’ strategy tackled integration challenges following acquisition

American data analytics and risk assessment firm Verisk implemented an integration strategy following its acquisition of UK-based claims management firm Validus-IVC in June 2018 ”to ensure that all teams and processes were aligned with our broader corporate vision”, according to Chris Sawford, Verisk UK’s managing director of claims. 

The “One Verisk” strategy aims to centralise the company’s global operations in order to enhance efficiency, collaboration and customer service. Its framework was designed to handle both everyday claims processing and the heightened scrutiny that comes with being part of a global corporation.

Sawford – who co-founded Validus-IVC in 2008 and subsequently joined Verisk as part of the acquisition transaction – said: “Aligning our operations with the One Verisk strategy was essential to ensure that all teams and processes were aligned with our broader corporate vision.”

If this key integration work is not undertaken, then a challenging hurdle can be “talent deployment”, Sawford added – especially when attempting to bring together specialised expertise across country borders that concerns the fragmented claims sector.

He explained that the One Verisk strategy was therefore critical to prevent operational bottlenecks because experts with narrow focuses could inadvertently slow down responses across interconnected claims.

For example, a motor claims specialist might have minimal exposure to personal injury cases, leading to inefficiencies and slower responses when working to resolve claims that span multiple lines of business.

Sawford explained: ”This [challenge] was compounded by the integration of smaller UK businesses into [the] larger, innovative US-based company, which brought additional security and oversight due to Verisk’s trusted status in the insurance ecosystem.”

For Sawford, a further challenge post-acquisition involved ”balancing [the] large business security and stability” that Verisk has ”with agility” that is ”crucial for the customer”.

Data sharing

Sawford noted that the One Verisk strategy additionally allowed the company to “cross-populate data across the claims lifecycle”.

He explained that data collected in one part of the claims process, such as credit hire, was often isolated from other areas – like personal injury.

However, the One Verisk approach promotes data sharing across different components of the claims lifecycle. For example, information from a credit hire case can be utilised in personal injury claims, to facilitate better decision-making, quicker resolutions and detect potential fraud.

“Rather than solving issues at a specific point in the claims process, we’ve created a system that adds value across the lifecycle by leveraging interconnected data,” Sawford explained.