Motor insurance claims business Inspire Claims has announced a rebrand to Cogent Claims as the business targets growth following significant investment from BHL (UK) Holdings Limited (BHL UK), whose business and investment portfolio includes motor legal services firm Minster Law, LEI provider Coral Insurance, next-generation telematics business ThingCo and market-leading price comparison site Compare The Market.
BHL UK has taken a majority shareholding in Cogent Claims, which was founded by CEO Matt Rawling in 2017 and employs around 30 people. Cogent Claims offers a liability agnostic motor claims servicing proposition to the MGA, Insurer and Broker market.
Rawling said the BHL UK investment will be a “game changer for Cogent Claims and also creates wider opportunities through synergies with other parts of the BHL UK investment portfolio.”
He said: “The multiplicity of issues in the motor market driven by supply chain and demand issues, advancement in vehicle technology and rising claims costs requires new thinking about how best to deliver the high-quality service customers require, but in a way which reflects the need to control rising indemnity costs.”
“Since the business was established in 2017, we have been quietly and diligently building our capability and partnership base. Our decision to rebrand to Cogent Claims marks the evolution that the business has made since its inception and our renewed appetite for forging new partnerships to support our growth agenda.”
“We believe we have created something unique in the market, where we have a proven capability across all aspects of motor claims – from FNOL and non-fault to defendant claims handling and a proven capability in telematics-led claims handling and crash assistance.
With the investment from BHL UK we are now set to significantly ramp up our business development strategy to take our compelling suite of services to the insurer, broker and MGA markets.”
FULL SERVICE ON CLAIMS
“Our unique model has allowed us to develop a more outcome-focused approach, where we offer cradle-to-grave claims handling services to support a better customer experience whilst also being able to drive market-leading indemnity spend metrics.”
On joining the growing portfolio of brands within the BHL UK investment portfolio, which includes ThingCo, Minster Law and Coral Insurance, Rawling added “At Cogent Claims we believe closer collaboration with other parts of the BHL UK investment portfolio will represent another big win from the investment.
As a group of businesses, we have already established strong trading relationships but there are clear synergies to our respect propositions and wider opportunities to work together and build out our client base, by offering a portfolio of highly complementary technology, data, insurance, and claims-related services.”
Commenting on the investment, Ian Leech, CFO of BHL UK: “This is a significant new investment by BHL UK, following on from our investment in ThingCo, announced in January 2021 and the recent launch of Coral Insurance into the legal expenses market. Cogent Claims is a dynamic, highly entrepreneurial business that is unafraid of change and keen to explore new ways to create profitable growth in a rapidly changing motor sector. We found their ability to offer a cradle-to-grave motor proposition complemented with a proven capability in interpretation and use of telematics data to be something compellingly different.
It became clear during our discussions with Matt that he has a powerful proposition with a close fit to other businesses in our portfolio. We are keen to explore how pooling our capabilities can create value for insurers, brokers and MGAs in a challenging claims market.”