LegalTech Nuvalaw, the multi-award-winning claims resolution platform that facilitates the online negotiation and arbitration of P&C insurance claims, announces it has raised US$3million in pre-series A financing.
SemanticCapital, the London-based, privately-backed investment holding company that focuses on innovative, proprietary IP, software-driven solutions led the financing via a blend of equity and debt.
Nuvalaw and UK joint venture partner Trust Arbitration have built an impressive roster of clients, including eight major insurers and seven major law firms. Together they have also won the Insurance Times Claims Partner of The Year Award, followed by the Claims Achievement Award at the Claims Excellence Awards, and Legal ClaimsPartner of the Year at the Insurance Times Awards.
Nuvalaw will use this funding to build on this stellar success and momentum in the UK market, as it continues to develop its cloud-based claims resolution platform to address a wider range of legal issues utilising AI technology. Nuvalaw’s entry into the US market, where litigation and claims resolution costs are also a significant source of frustration, has been eagerly awaited by many.
Willie Pienaar, Nuvalaw’s Chief Executive, said: “The backing of Semantic Capital is a great vote of confidence in the future of Nuvalaw.It will enable us to build on the successes of the last few years and help take Nuvalaw to the next stage of our business development internationally, including looking at building new products in the UK and how we can supportUS-based insurers and claims firms to slash their costs and speed up claims resolution.”
Craig King, CEO ofSemantic Capital, said: “We’re delighted to make this investment, and to become part of Nuvalaw’s journey as it continues to revolutionise the claims resolution space with its proven technology and expertise.There is a huge opportunity, both in the UK and US markets, where loss adjustment expenses, including litigation management expenses, run very high.”
Currently, with personal injury claims in the UK, the average waiting time can run as high as 546 days [1] for a court date and pay-out, leading to frustrated claimants, higher operational costs for insurers, and cashflow constraints for claimant lawyers.
Nuvalaw’s claims resolution platform handles and structures all documentation and interactions between parties online and cuts the resolution of complex insurance claims from over a year down to just a few days in total, creating savings of up to 80% in costs at the same time.
[1] LawSociety Gazette: The average time taken for small claims and multi/fast track claims to go to trial is currently 52.3 weeks (366days) and 78.2 weeks (546 days) – a week longer and 2.8 weeks longer than 2022, while OIC claims are taking around 38.5 weeks (270 days).
