16 April 2024. United States of America: Davies, the leading specialist professional services and technology business serving insurance, financial services and highly regulated markets, today announced it is partnering with Truepic to perform virtual automated risk inspections for residential property claims.
The image authentication platform, Vision, developed by photo authentication technology firm, Truepic, will allow adjusters to review inspection results online and in real-time, to make faster underwriting decisions, and without transportation emissions associated with in-person inspections.
The roll out comes at a time when insurers are seeing increased demand by consumers for self-service, digital insurance products. Davies’ insurer clients will be able to offer customers the freedom to arrange residential property inspections digitally if they choose to. Customers will be able to self-survey by uploading photos and videos using their smartphone, rather than scheduling an in-person inspection.
As Jose Bridges, President, Risk Services, Davies, explains: “Reducing the number of in-person inspections means that we’re able to provide faster decisions and reduce emissions and the environmental impact of associated travel.
“This comes at a time when we are seeing customers be more tech-savvy and more engaged in DIY solutions. From choosing self-checkouts to kiosk ordering at fast food restaurants, the trend we are seeing is that consumers want to see this same level of service from their insurance providers. By partnering with Truepic, we’re able to offer this technology to customers who want it.”
With Vision, customers will receive an inspection request link allowing them to upload photos and videos using their smartphone. The platform then instantly authenticates the data, verifies the results and provides insights to allow for an accurate underwriting decision to be made.
The Vision platform is powered by Truepic’s patented secure provenance technology which ensures the authenticity of the image and relevant metadata (time, date, and location) at the point of capture, meaning common elements of fraud can be quickly detected. Data uploaded to the platform undergoes 35 authenticity tests to verify submissions as accurate, original and taken at the expected location. Plus, serial numbers of appliances can be tracked to identify appliances brand, model, lifespan and even repair or replacement likelihood.
Craig Stack, Founder and President of Truepic said: “By integrating Truepic Vision into their inspection process, Davies is able to improve customer experience and drive down costs while lessening environmental impact.”
-Ends-
Media contact:
Sarah Allen, PR Manager, Davies
Email: [email protected]
About Davies
Davies delivers specialist professional services and technology solutions across the risk and insurance value chain, including excellence in claims, underwriting, distribution, regulation & risk, customer experience, human capital, digital transformation & change management. In February 2023 Davies announced it had simplified its operations and aligned the business across three operating units: Davies Global Solutions, Davies UK & Ireland, and Davies U.S. Davies has a 8,000 strong team of professionals operating across ten countries, including the UK & the U.S., with headquarters in the City of London. Davies’ investors are BC Partners, HGGC, AIMCo (acting on behalf of certain of its clients), and Davies’ employees following BC Partners majority investment in March 2021, HGGC’s investment in January 2017 and AIMCo’s investment in January 2019. Over the past ten years Davies has grown its annual revenues more than 25-fold, invested heavily in research & development, innovation & automation, colleague development, and client service. Today the group serves more than 1,500 insurance, financial services, public sector, and other highly regulated clients. In the past year Davies has added more than 200 new accounts to its organic platform. In addition, Davies has successfully broadened and deepened its operations and digital capabilities via targeted acquisitions. Since the start of 2017 Davies has acquired: Cynergie, CMSL, Ambant, ServiceTick, TLSS, R&Q’s insurance services business, Ember, Direct Group’s claims businesses, Veriphy, USA Risk Group, TMS, GBB, Banwells, Frontier, FWD, ASC, Thornton Group, Keoghs, Codebase8, Citadel & Cedar Consulting, ContactParners, TriPlus, Johnson Claim Service, Vehicle Replacement Group, BMTS, Wakely Actuarial, Northshore International Insurance Services, DMS, NPA, Littleton, Grovelands, IAS, Asta, IRS, Sionic, Merlinos, BVS, Worksmart, ProAdjust, Johns Eastern, ClaimPilot, MVP Group, Afirm, Ortac Underwriting Agency’s (“Ortac”) insurance management services portfolio, American Claims Management, Preferred Governmental Claims Services, USIS, ICA, and MDD. More information is available at www.davies-group.com.
About Truepic
Truepic provides authenticity infrastructure for the internet. The company’s transparency tools deliver verifiable information about the origin and editing history of digital content. Truepic is dedicated to advancing products and services that establish transparency in digital content, empowering viewers and users to identify authenticity and differentiate human from computer-generated. Recognized as one of TIME’s Best Inventions and Fast Company’s World Changing Ideas, consumers, businesses, creators, and publishers trust Truepic’s technologies to make informed decisions. For more information, visit truepic.com.
About BC Partners
BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: Healthcare, TMT, Business Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 126 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For more information, please visit www.bcpartners.com.
About HGGC
HGGC is a leading middle-market private equity firm with $4.3 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Over its history, HGGC has completed more than 130 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of nearly $22 billion. More information, including a complete list of current and former portfolio companies is available at www.hggc.com.
About Alberta Investment Management Corporation (“AIMCo”)
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$115 billion of assets under management. AIMCo was established on January 1, 2008, with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta. AIMCo’s head office is located in Edmonton, Alberta, with additional offices located in Toronto, London, and Luxembourg. AIMCo’s Private Equity team comprises a dedicated group of experienced investment professionals and manages a private equity allocation of approximately C$6.0 billion. More information is available at www.aimco.alberta.ca.
