South African NuvaLaw is an inter-party negotiation and adjudication platform that embeds smart tools, processes, and services to reduce the time and cost to settle claims and improve client experience. Resolving claims and disputes by processing legal information efficiently.
Nuvalaw developed a digital negotiation platform that structures and improves the efficiency of claims settlement between motor vehicle insurers. Claims settlement is currently unstructured, information often paper-based, contract terms vague and settlement often drags on too long with emotion overriding rationale. The product introduces workflow and measurable efficiency to an environment that is currently unstructured, and results in substantial costs savings. The product also facilitates Online Dispute Resolution Information Exchange & Legal Process Outsourcing to highly qualified and affordable South African lawyers and mediators. Ultimately the platform will be expanded to use Predictive analysis, Artificial Intelligence and Blockchain technologies to transform legal ecosystems in various industry verticals.
A proven succes
The South African state-supported motor vehicle insurance fund gave the two NuvaLaw founders more than 40 000 cases to prove its efficacy. The project saw 76% of the contested cases settled – 70% of which were settled in the conciliation phase. It also showed a reduction in settlement costs of 36%, with capital payouts 42% lower than the typical costs of litigated cases.
The Cape Town-based legal technology start-up just signed a global deal after taking part in the Startupbootcamp InsurTech accelerator in London earlier this year and has entered a strategic partnership with Norwich-based motor insurance company Validus-IVC, to provide an end-to-end motor claims solution to the global insurance industry. NuvaLaw and Validus have agreed to jointly develop an extended industry solution, including a personal injury settlement solution. The existing Validus verify(TM) technology will be augmented with NuvaLaw know-how. The two companies will be co-creating a new business ecosystem around the industry platform which is set to significantly disrupt the traditional insurance market.
The partnership will see both companies afforded the opportunity to grow their market presence. Future expansion discussions with insurers have included the existing UK, Australian and South African markets, along with Dutch and Scandinavian companies also showing interest.
The current focus is on motor claims, with the intention of expanding into other relevant sectors which rely on inter-party claims and dispute settlement. Inter-party negotiation processes are unstructured, with no business rules or supporting information management tools. This makes negotiation inefficient and costly. In addition, unresolved disputes are currently settled through long and expensive litigation processes.
Motor recovery claims between insurers – In the UK alone, it costs the industry £1.8 Bn to process 1.1 million of these claims each year. Adjudication of personal injury claims – Determining the merits and liability in vehicle accident and personal injury cases result in many disputes. In the UK there are currently more than 1 million claims that require adjudication.
Why we selected Novalaw for DIA Amsterdam
NuvaLaw understands that innovation in the digital processing of legal information can dramatically increase efficiency and reduce costs. They are co-creating a new business ecosystem around the industry platform which is set to significantly disrupt the traditional insurance market.
Who are Novalaw?
The startup is founded by Marius Conradie and Willie Pienaar. The team have deep industry experience, Marius Conradie is formerly of Vodacom in South Africa and led the use of mobile phones for payments in health and agriculture. Willie Pienaar is a trained lawyer.
NuvaLaw co-founder & CEO Willie Pienaar
"We have already had positive feedback from both the insurance and legal sectors, which speaks volumes about the growing understanding that a seismic shift is required if both sectors want to remain profitable in the age of digitalisation," Willie Pienaar, co-founder & CEO Nuvalaw.
Representative: Rikardt Kemp
Contact Info: Bronwen Kausch
Telephone: +3164 6682600