LV streamlines claims handling
Guidewire Software has been chosen by insurer LV as the provider of its new claims handling platform for its home and motor policies.
LV will utilise the Guidewire Claim Center, which is a start-to-finish claims system that manages the claim lifecycle from first notification of loss through settlement, litigation, and recovery.
According to LV, it will enable the company to improve the speed and accuracy of claims settlements and enable proactive management of claims including better fraud detection and reduction in claims leakage.
Other arms of its business, which include life cover, critical illness plans and unemployment policies, will be processed through Guidewire Claim Center at a later date.
Peter Horton, LV operations director, said: "Guidewire Claim Center provides our handlers with a state-of-the-art claims system that will enable them to efficiently and consistently process claims in accordance with our best practice standards and reduce administration, freeing them to focus their expertise on enhancing the service to our customers.
"Claim Center's modern technology platform, ease of configuration and comprehensive functionality are well suited to our needs."