Two insurance-focused consultancies have teamed up to provide a database for insurers to share asbestos claims information.
The UK’s EMB Consultancy and US firm Navigant Consulting have launched Assetta in a bid to avoid the "expensive and time-wasting arrangement" of individual insurers on a slip having to separately analyse their own claims. The system, which claims to minimise "unnecessary duplication" as a large amount of the data on a slip is identical in most cases, will see insurers pool the cost of analysis conducted by EMB and Navigant. This sharing hopes to enable participating clients to receive a "Rolls-Royce product" at a fraction of the cost of doing the work in house.
"As well as saving money, they’ll be in a stronger position when it comes to negotiation with assureds," a product spokesman said. This year EMB and Navigant will provide clients with the settlement targets or claims estimates for 50 US asbestos direct assureds. "Assetta offers an extremely cost-efficient way for insurers to gain a thorough understanding of their liabilities or reduce uncertainty in their balance sheet through assisting policy buyback negotiations," said the spokesman.
"In settlement negotiations, information is king. If the other side is better prepared, you’re likely to be in a weak position at the negotiation table. The assured’s lawyers will select against insurers with poorly-prepared settlement targets."
This press release appeared in Insurance Day in March 2006
