Risk Solved Ltd, a global risk management platform provider and Hitachi Vantara, the digital infrastructure and solutions subsidiary of Hitachi Ltd, have today announced a collaboration to improve insurance customer outcomes through data-driven evaluation of sensors to analyse risk exposure, predict and prevent claims.

The joint proposition will enable insurers to offer their customers an unparalleled risk management service leveraging IoT, AI and Machine Learning to analyse information, predict and prevent claims. This is turn will increase customer engagement and retention.

Richard Thomas, Chief Strategy & Partnerships Officer at Risk Solved, said:

"Hitachi Vantara brings unique value and experience as a global partner in financial services, with a deep understanding of technology across all industries including manufacturing. From a technology and manufacturing perspective, they are leading edge and understand what data is available for analysis. It was important for Risk Solved to partner with a company who could ingest data in a consistent manner from multiple devices and sensors, Hitachi delivers against this.”

“Strategic partnerships and collaborations like this can be powerful catalysts for change, this is an exciting move for both organisations to support insurers and their customers. Our joint proposition is cutting edge, we are anticipating that this will be paradigm shift for the insurance market in risk prediction and prevention.”

Stewart Reeder, Insurance Development Director - EMEA at Hitachi Vantara added:

“We are delighted that Risk Solved has joined the Hitachi Vantara InsurTech as a Service eco system. The Risk Solved platform is both modern and proven, it has been adopted by forward thinking capacity providers to deliver unique risk management services to their customers. This is an exciting partnership that will deliver a step change to the insurance industry.”