Q&A: Ben Taylor, Verisk

Verisk bought Automated Insurance Solutions, an insurtech that provides automated assessment and analysis of motor accident liability, back at the start of 2022. What has changed since the acquisition?

We spent the first six months understanding the business, its assets, alignments, and corporate policies, which naturally took a little bit of time.

The acquisition also filled in some of the gaps we had. When you’ve got a number of standalone point solutions, the ability to tie them together more coherently is huge and Verisk allowed us to do that.

Until the acquisition, we had no outside investment.

The consequence of that was we had a great small team doing brilliant work, but we didn’t have the means or the reach and visibility in the marketplace.

Can you tell me more about your ambitions and growth plans?

I can tell you that we’re vastly more ambitious now than we would been have been if we were still independent.

We’ve been almost exclusively a UK-focused business and we continue to be that. Nearly 100% of our work is conducted in the UK, although we do have a small presence in Ireland.

Now, we’re at a point where there are conversations happening in North America, there are conversations happening in Europe, there are conversations happening in the Asia–Pacific region, as well.

The change in the product that we’re able to offer in terms of its breadth of capability now allows us to have those discussions more meaningfully.

What has been the biggest obstacle in developing your product base?

Pre-Verisk, the biggest thing was having any credibility. This is an industry where people are not often that willing to look at small start-ups unless they’re doing something astonishing. That was probably our biggest hurdle.

Subsequently, growth came as being a part of Verisk. Most insurers in the UK are working with or buying something from Verisk, so it enabled us to get those meetings with the right people.

This is an industry where people are not often that willing to look at small start-ups unless they’re doing something astonishing. That was probably our biggest hurdle.

It doesn’t guarantee you a sale, but it guarantees you a conversation.

Another hurdle, in those conversations, was being pigeonholed.

We started off not with a whole toolbox but assisting with assessing liability for road traffic accidents. We’ve moved on to do much more now.

We were trying to pitch a toolbox but I’ve had to start by pitching a hammer, and now you just think we’re just the hammer guys.

Are misconceptions about automation still an issue in the claims-handling industry? What are the common misconceptions?

I think there are still misconceptions, especially if we’re talking about strategic senior level.

Some potential clients think it’s going to de-skill their people, and that’s not true at all. It enhances their skills.

People would rather rely on other people than tools. They see it [automation] as more of a replacement, which it isn’t.

Obviously they train individuals to ask specific questions or make decisions. This training, coupled with already acquired knowledge, means that handlers can create entire flows, like a first notification or witness interview, in our platform to help them.

In this scenario, you could either send it directly to individuals without direct communication or, as a handler, guide the user through the interaction. 

It's a tool, not a replacement.

How do you ensure your products are not only technologically advanced but also user-friendly?

We've crafted our interface with a personal touch to not only look great but also enhance accessibility. It is a 100% mobile-friendly experience too.

We prioritised user convenience while we were designing the platform, taking particular care to minimise the need for lengthy free-text entries.

This not only improves the user experience but also ensures you receive the information you need without unnecessary details.

We also incorporated familiar icons, and we've implemented features like drop-down lists and dynamic selections to make the user journey more intuitive and enjoyable.

Can you share a specific lesson or challenge that has significantly affected your journey?

The biggest thing I've learned is not being afraid to shake-up our business path. 

When we were founded in 2016, we didn't see ourselves with a fancy no-code, drag-and-drop system or diving into customer satisfaction and reviews.

Our future vision now is very different from two or three years back, as I mentioned earlier.

In hindsight, though, I think we should've teamed up more closely with our early adopters, building real relationships instead of just selling stuff.

Those partnerships, mostly formed after the acquisition, were so helpful, what they've given us is much more valuable insight into really what the customers really need.