Horwich Farrelly, the UK’s leading legal advisers to the insurance and commercial sectors, has further enhanced its HOLT solution to help insurers identify potential high value claims from the day they are presented. The addition of an improved Automated Injury Recognition system, dubbed “AIR”, was developed in collaboration with Horwich Farrelly’s Large & Complex Injury Group and contains a database of hundreds of key words or triggers to not only direct claims to the correct specialist teams, but allows insurers to allocate appropriate reserves.
“The Great Resignation” and a shortage of employees has piled the pressure on insurance companies, at a time when there are concerns that fraud may increase as economic times become even tougher. This multitude of challenges has meant that insurers must look to utilise technology and innovation in order to become more efficient.
HOLT was introduced by Horwich Farrelly to help insurance handlers quickly assess whether a claim can be paid, or whether it requires further investigation. Since its launch in 2019, HOLT has triaged over 10,000 claims saving over £18 million for insurance companies. Using Artificial Intelligence, Robotic Process Automation and Optical Character Recognition, HOLT has also helped insurers adjust to the “new norm” by reducing the time it takes to assess a claim by around 98% and, in some cases, increasing fraud identification by as much as 500%, whilst also reducing litigation rates.
Ronan McCann, Chief Executive Officer and Managing Partner at Horwich Farrelly, said: “We know the challenges that our insurer clients face when it comes to identifying fraudulent claims at a time when the recruitment and retention of employees is becoming increasingly difficult. We have worked closely with our clients to develop a solution in HOLT that saves valuable time and improves the accuracy of the assessment stage of a claim, not just when identifying fraudulent claims, but also potential high value claims, through the implementation of AIR. We are determined to continue investing in innovations which have a positive impact on our clients and their customers and we’re proud of the results that HOLT and AIR are delivering”.