Valexa partners with Keoghs
Credit Hire Aware 9
In early March a press release confirmed that Keoghs’ credit hire division had been chosen by Valexa Technologies to provide claims handling services for cases that fall out of CHOX. The press release is detailed below:
Valexa Technologies, a fully-owned subsidiary of Solera Holdings, has chosen Keoghs, one of the UK's leading providers of claims services to insurers, to provide enhanced services to their customers. The collaboration will bring together Keoghs' team of credit hire experts with Valexa's market-leading electronic Credit Hire Organisation Exchange (CHOX), to offer insurers a unique one-stop-shop solution to proactively manage the credit hire and repair claims process.
At the heart of CHOX is a comprehensive and flexible business rules engine allowing for validation, exception handling and workflow routing and straight through processing of credit hire and repair claims, from first notification to settlement. Operational in four of the top 10 UK insurers, CHOX eliminates the traditional paper driven process to deliver data certainty, transparency, improved communication and a consistent approach to settling claims. Ultimately, it dramatically reduces the claims settlement time and frictional cost to benefit insurers, their customers and Credit Hire Organisations.
In response to demand from customers, Valexa sought a provider who can assist them with managing specific types of claim within the CHOX offering. The collaboration will see Keoghs' credit hire claims team managing the CHOX process on behalf of insurers by exception, where they do not have the appetite or resource to do so. Insurers will at the same time retain full visibility of any actions taken by Keoghs through the CHOX portal.
Crucially, insurers will gain detailed market intelligence reports created by CHOX in relation to their claims activity, to support their future underwriting, risk management and business strategies. Tailored to the individual needs of each insurer, the Keoghs team will have access to information relating specifically to the claims they are processing on behalf of that insurer, giving the assurance that the insurer's historical claims data remains confidential.
Over the next few months both companies will continue to explore further opportunities where technology and claims handling go hand in hand to give a better result to the market, in areas such as credit repair and subrogated claims.
Elliot Roberts, Director of Product Management at Valexa Technologies, explains: "As a result of listening to key players in the insurance industry, we set about exploring how we can make CHOX accessible to the wider market. Key to this was finding a best in market claims management partner. By joining forces with Keoghs, any insurer can now benefit from the efficiencies our unique claims portal delivers, whilst providing full flexibility on handling options. This is particularly crucial in managing peaks in claims activity, as Keoghs has the capacity to respond immediately."
John Gibson, Motor Services Director at Keoghs added: "Whilst we continue to work with our own clients on our core offerings, we are delighted to explore this prospect with Valexa. We have an exciting opportunity to embrace the introduction of their technology into insurers to assist in the management of credit hire claims. The combination of technological innovation with best-in-market credit hire claims expertise creates a powerful proposition. We look forward to exploring further opportunities we have identified within the motor claims arena and where we can add collective value to insurers."
What does this mean for insurers?
This is a new venture for Keoghs; we have been working with Valexa for a number of months exploring where our two offerings have synergy. The most obvious place to start was to provide a solution for new and existing CHOX customers to allocate particular types of claim within the exchange process. In addition we do see further opportunities aligned to subrogation, identification and handling of fraud and management of credit repair, all of which we are progressing.
Both companies will continue to offer our core services to existing and new clients, however we recognise some insurers see the benefit in bringing our services together, and we have embraced that requirement.