Member Article

Audatex launches Quantex with LV=

Audatex, the world’s leading technology and data provider for the insurance industry, has developed and launched its new subrogation portal, with leading insurance provider LV= as the first customer. Quantex was developed to tackle widespread industry issues associated with the recovery of subrogated losses on non-fault claims, and will address the outdated processes, streamlining communication between insurers.

Historically, insurers have recovered outlay through a manual process; with heavy reliance on post, email and phone calls to the at-fault party. These antiquated processes have led to frictional relationships between insurers, needless operational overheads, drawn out settlement periods and unnecessary litigation. This has created a negative experience for customers who have to wait for updates.

With the launch of Quantex, Audatex can address these issues by providing a seamless, digital platform for insurance companies to talk to and settle claims with one another. It will increase efficiency and transparency, reduce claim lifecycles and provide greater certainty on recoveries and reserving. The leading edge portal also offers a matching platform that automatically matches claims between insurers, including liability and indemnity positions.

By removing the requirement to manually process straight-forward claims, it allows experienced handlers to focus on complex cases where the true benefits of their expertise can be realised, ensuring efficient claim resolution.

Quantex will join Audatex’s portfolio of data-driven solutions that use secure API integration to cross pollinate. AudaEnterpriseGold, the market-leading repair estimating tool, will be the source of the data flow into the heart of Quantex; to provide added value to insurers. This system takes inspiration from industry renowned credit hire platform – CHOX.

Martin Milliner, GI Claims Director at LV=, said: “The Quantex tool has the potential to revolutionise the way we communicate with other insurers during the claims process. It’s a well-known fact that the current system is outdated, and involves a lot of back-and-forth with various providers to gather the correct information. We pride ourselves on our high levels of customer satisfaction and hope that Quantex can ultimately help us deliver an even better service to our policyholders.” Elliot Roberts, Product Management Director at Audatex, said “We are thrilled to have launched Quantex to move the industry forward. I am really looking forward to seeing the result of wider use of Quantex, this software will reach its full potential when the whole industry is working this way.”

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About Audatex

Trusted the world over, Audatex UK has redefined global knowledge and data insight in risk and asset management since 1987. Through unrivalled integrated technology, we connect people, insurers and suppliers, empowering all to make quicker, smarter decisions. Part of the Solera group, we consistently challenge expectations through continuous investment and digital innovation.

About LV=

LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products. We are currently the UK’s number one brand for Insurance and Investments, according to the 2015 YouGov Brand Index Buzz Rankings. We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

This was posted in Bdaily's Members' News section by Audatex .