Making use of the NuvaLaw Platform Architecture, the NuvaMotor Platform provides insurance companies and claimant lawyers with a solution which drives efficiencies and, ultimately, benefits their customers.
Determining the merits and liability in vehicle accident and personal injury cases result in many disputes. In the UK there are 1 million claims per annum and more than 1 million small claims outstanding on the Ministry of Justice (MoJ) small claims portal alone. It is clear that resolution (either through negotiated settlement or adjudication) of these claims would be beneficial to the entire industry and to customers.
How it works
- One of the key challenges facing both the insurance and the legal community is that digitisation of information has been slow. The challenge therefore is to move towards digitising information at the source, and the beginning of the process. This makes it easier to exchange and analyse information using technology
- Another premise of our solution is that all relevant information should be shared on a single digital platform, and all information flow is transparent and auditable. If, for instance, everything to do with a contract happens in one common digital space that is shared between parties, there is very little room for information mismatch. This means fewer disputes. This interaction, in a digital format, also allows for automation of processes that significantly reduces both time and costs and drives efficiencies.
- Because information is already shared and available on the common platform, it becomes much easier to seamlessly escalate any disputes to a pre-determined adjudicative process.
- Should there be a dispute (eg around the contractual obligations or terms), the NuvaLaw escalation path takes this into its expert decisions support module. Binding outcomes are reached either through facilitated settlements, or by an arbitral award. Though the latter is still performed by human specialists, this space will increasingly be filled using predictive analysis and even artificial intelligence assisted mechanisms. Because so many disputes are recurring in this high-volume claims space, using self-learning tools is having a significant impact on automating adjudication, and driving down the costs.
- The entire NuvaMotor Platform process is supported with rules-based collaboration support, data and transactional security including audit trails, as well as fraud detection and prevention. The use of blockchain in the platform system as well as information management guarantees immutability that lowers the risk of fraud – solving a global insurance sustainability challenge.
- The NuvaMotor Platform’s management information tracking means companies are able to accurately assess the performance of their teams in the space where they interact with other parties, ensuring better accountability and efficiency.