Weightmans' technology has been used on multiple deals to deliver real value for Marco Capital and its clients.
Marco Capital, P&C legacy solutions and insurance services group, is providing the market with leading edge solutions for UK Motor Legacy claims supported by Weightmans LLP and its proprietary large loss predictive analytics tool, PREDiCT.
The London-based team of Marco Capital has been working with the Liverpool-headquartered law firm for over a year and has entered into an exclusive agreement to use the augmented intelligence tool for its motor Legacy solutions.
The Weightmans technology has been used on multiple deals to deliver real value for Marco Capital and its clients.
PREDiCT, first introduced to market in 2019, has recently been relaunched following extensive development based on the learnings from its first few years in use. The tool transforms the conventional way of handling large loss claims, improving reserving accuracy, reducing the lifecycle of claims and lowering overall indemnity spend.
Developed by Weightmans’ in-house data scientists, the tool delivers optimum reserving as well as actionable insights around settlement strategies and claims behaviours.
Marco Capital quickly appreciated PREDiCT’s potential for gaining greater insight into long-tail Motor claims. Working with Weightman’s team to fine-tune the practical application of PREDiCT for Legacy claims, Marco has a technical edge in this substantial segment of the market, which has traditionally been overlooked by Legacy consolidators.
Will Quinn, PREDiCT lead partner at Weightmans, said: “Put simply, PREDiCT helps insurers settle cases faster, and for less. It was a natural next step in the development of PREDICT for a Legacy group like the Motor team at Marco Capital to use its power to inform its acquisition strategy – which is not only improving return on investment but is also viewed as a significant differentiator in a crowded market.”
Will Quinn added: “We are committed to continual improvement and model refinement to further expand PREDiCT’s functionality and reach. We are taking the learnings from PREDiCT to deliver a predictive analytics solution in the volume claims space. Our PREDiCT Volume tool will launch to the market in the final quarter of 2023 and is intended to capitalise on the opportunities flowing from the new Fixed Recoverable Costs regime which comes into force on 1 October 2023.
Simon Minshall, Marco Capital CEO, said: “We value our partnership with Weightmans in the practical application of PREDiCT for Legacy claims. Marco’s risk appetite for PPOs is substantial and PREDiCT provides an important element of our competitive advantage in this substantial market segment”.
