Horwich Farrelly wins three industry awards in two days
Horwich Farrelly are celebrating after its claims product, HOLT, won not one, not two, but three prestigious industry awards in the space of two days last week.
HOLT (Horwich Farrelly Online Triage) is our sector-defining counter-fraud solution that allows insurers to quickly and automatically assess whether claims should be challenged.
Traditionally, lawyers are only involved at litigation stage and their involvement pre-litigation is ‘hands-off’. We wanted to disrupt the market and put a lawyers ‘brain’ into claims handling departments to improve decision making as early as possible and ensure only the right claims are defended.
In the short time since its inception HOLT has:
- Triaged over 6,500 claims
- Saved £6m, with expected savings of £18m
- Increased fraud identification for all insurers and by as much as 500% for one large insurer
- Reduced litigation rates for all insurers and by as much as 50% for most
- Reduced claim processing time around 30 minutes to 30 seconds
- Ensures that an insurer’s strategy is deployed correctly and accurately by all handlers, regardless of skill or experience
- Removed litigation leakage (i.e. claims that should not have been allowed to litigate), with one insurer seeing a reduction in leakage from 23% to nil
On Thursday, 27 May, HOLT won two awards at the Insurance Times Claims Excellence Awards: Claims Product Solution of the Year – Corporate Advisory and Fraud Solution of the Year.
If this wasn’t enough, HOLT also won an award at Legal Week’s Legal Innovation Awards; AI Innovation of the Year: Internal Excellence. It was also shortlisted in two further categories; Disruptive Technology of the Year and the Future of Legal Services Innovation.
Speaking on the wins, David Scott, Partner and Head of Innovation and Client Solutions said:
“To have three wins like this, including two at the Claims Excellence Awards is a truly incredible result for us, particularly given the tough competition we were up against in all categories. It is testament to the considerable amount of work our Counter Fraud and IT teams have put in over the past 12 months in developing this market-leading innovation.
“We also couldn’t have achieved this without the support of our fantastic clients who, by using HOLT and seeing the results themselves, have joined us on this exciting journey.”
Jared Mallinson, Partner and Head of Fraud, said:
“These wins reflect not only the considerable amount of work undertaken by our Counter Fraud and IT teams in the past year, but also our determination to continuously innovate in order to fight fraud across the insurance industry.”