New deal brings CHOX to wider market
Solera Holding subsidiary Valexa Technologies has chosen Keoghs to manage its Credit Hire Organisation Exchange (CHOX) on behalf of customers.
CHOX, which is operational in four of the top 10 UK insurers, eliminates the traditional paper driven process to deliver data certainty and transparency and, claims Valexa, reduces the claims settlement time.
As part of this deal, Keoghs’ credit hire claims team will manage the CHOX process for insurers who don’t have the resources or inclination, while still providing them with full visibility of any actions taken by Keoghs.
Additionally, insurers will gain detailed market intelligence reports created by CHOX in relation to their claims activity, to support their future underwriting, risk management and business strategies.
Tailored to the individual needs of each insurer, the Keoghs team will have access to information relating specifically to the claims they are processing on behalf of that insurer, giving the assurance that the insurer’s historical claims data remains confidential.
Elliot Roberts, director of product management at Valexa Technologies, said, ‘As a result of listening to key players in the insurance industry, we set about exploring how we can make CHOX accessible to the wider market. Key to this was finding a best in market claims management partner. By joining forces with Keoghs, any insurer can now benefit from the efficiencies our unique claims portal delivers, whilst providing full flexibility on handling options. This is particularly crucial in managing peaks in claims activity, as Keoghs has the capacity to respond immediately.’
John Gibson, motor services director at Keoghs, said, ‘While we continue to work with our own clients on our core offerings, we are delighted to explore this prospect with Valexa. We have an exciting opportunity to embrace the introduction of their technology into insurers to assist in the management of credit hire claims.’
Over the next few months both companies will continue to explore further opportunities where technology and claims handling go hand in hand to give a better result to the market, in areas such as credit repair and subrogated claims.