Q&A: Solvd on navigating the claims and repair management market

1. What is your view on the evolution of the claims and repairs management market?

The claims management and repairs market is undergoing a profound transformation. Advanced technologies such as automation and artificial intelligence (AI) are accelerating decision-making, while data-driven insights are becoming critical to accuracy and fraud detection. Customers demand digital-first experiences that emphasize transparency and speed.

That’s why at Solvd we specialize in transparent claims and repair management solutions. Our adaptable and easy-to-integrate solutions primarily serve customers in the insurance and automotive industries because these issues are critical to them. We operate with a global team of 3,700 data, IT and engine experts across 46 countries.

2. Will this rapid development of automation and AI bring new challenges and opportunities?

This creates fantastic opportunities to reinvent claims and repairs management by breaking the “claims triangle”, which at the same time means improving efficiency, reducing costs and improving customer satisfaction.

That’s why, at Solvd, we design our products and services based on an AI-native and automation-driven approach to meet the evolving needs of our customers and deliver a unique end-to-end claims experience. end.

Collaboration across sectors, including partnerships with technology leaders, is essential to staying ahead of the curve. By partnering with leaders in cloud computing and AI, such as Nvidia, we are integrating industry-leading capabilities to refine our tools and reduce auto claims processing time to near zero.

3. What future trends do you foresee in the insurance industry?

The industry faces global conflicts and natural disasters, such as hail and floods. This structurally increases the volume of claims to be managed and puts a lot of pressure on the claims management teams.

Added to this is galloping inflation, a key factor in the rise in the cost of spare parts and repairs, putting pressure on insurance prices. At the same time, new technologies such as deepfake images are increasing the complexity and sophistication of the fraud schemes that insurers must contend with.

To address these challenges, we have developed solutions that help insurers manage these risks. Our AI-powered voice bot can report an unlimited number of claims simultaneously, allowing insurers to offer 24/7 availability with no wait times. A key part of our end-to-end offering at Solvd is our spare parts business, which connects demand from repair shops and insurers to spare parts suppliers, delivering savings on repair costs.

Our AI-powered image fraud tool detects fraudulent images, including those generated by AI, reducing costs and improving efficiency. All of these solutions help insurers move to predictive systems, anticipate risks, further streamline claims and repair processes, and reduce costs.

4. Are climate change and environmental concerns impacting the insurance, claims and repair management industry?

Sustainability is also becoming a key priority in claims processes, with an increasing emphasis on repair rather than replacement of damaged parts and increased use of eco-friendly replacement parts. Through the integration of spare parts management into Solvd’s end-to-end offering, we enable our customers to influence both repair rather than replacement and the use of eco-friendly parts.

5. What are your ambitions for Solvd globally and in the UK?

Our ambition is to accelerate growth and innovation on a global scale, making Solvd a leader in end-to-end claims and repairs management solutions. We aim to revolutionize the industry with automation-driven strategies, developing proprietary tools that give our clients a competitive advantage. Our solutions cover the entire value chain – from loss notification and repair to optimized use of spare parts and claims settlement.

Globally, we are focused on expanding our presence, in part through strategic acquisitions in key markets. The UK is one of our main markets. We are proud that our estimating system has been voted best in the country by users for the fourth year in a row. This recognition underlines our commitment to delivering quality, innovation and exceptional customer satisfaction, strengthening our position in the UK market.

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