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As we approach the end of the year, I wanted to take some time to reflect on the incredible journey of the past twelve months. In this blog post, I'll share my thoughts on RightIndem's most significant achievements in what has been a challenging year for this market, share our strategic initiatives for 2024, leadership lessons I have personally learned and our focus for the coming year ahead. 

Celebrating our growth and transformative partnerships 

One of our proudest achievements this year has been the remarkable growth in our client base. Closing the financial year with 230% top-line growth and poised for a similar trajectory in the coming year, I attribute this success to some fantastic client wins. Establishing a long-term relationship with the AA for example and securing a similar deal with esure to power their digital claims in the home book are standout examples of strong collaborations leading to transformative stories. 

Then the inclusion of WNS Global Services as not only a client but also a global reseller of our platform stands as a testament to the trust and intent our partners place in us. I think our growth is indicative of a broader trend in the insurance market around customer expectations of the claims experience, and for me, underscores the growing recognition among carriers, providers and partners of the power of FNOL as an orchestrator for claims automation. 

We’re also closing the year with another two wins which we’ll be able to talk about early in 2024 so it’s a great close to what has been a strong year.  

Navigating market volatility 

That’s not to say that 2023 hasn’t come with its share of challenges. The market conditions, the effect of inflation and its effect on the claims industry has posed a tough challenge for insurers. As a software business, that presents great opportunity to solve cost and experience issues for carriers but like many others, we have also had to battle with the impact of market volatility on large-scale transformation programmes and investment in technology. However, I think the very nature of our solution has enabled us to support our customers to make agile and cost-effective changes, and to implement a continuous test and learn approach, without having to overhaul their core systems. That ability to de-couple our solution from our clients’ core systems has really been our growth enabler this year.  

What’s on the horizon? 

Looking forward to 2024 and beyond, I see several significant trends standing out, but I'll save that for another blog and will just talk about a couple of them briefly.  

Firstly, the role of AI becoming increasingly pivotal in augmenting the claims handling process. We are already at the forefront of enabling our customers to streamline claims processes and AI is something we will continue to heavily invest in as we transform our platform from eFNOL into a comprehensive claims automation platform. Our vision is to be able to assist handlers in making informed decisions through ‘next best action’ recommendations. This will enhance the efficiency and effectiveness of claims processes  in particular for more complex claims to  really free up claims handlers time to focus on delivering the best experiences for their customers. 

The second trend as I see it revolves around the customer. The market pressures and the introduction of legislative changes like the Consumer Duty drive a greater need for us to do better for customers. This is something we feel really aligns with the overarching theme of enhancing the customer experience during the claims process, and one that mirrors the seamless online interactions they are used to. For us, meeting that expectation becomes a benchmark rather than an aspiration, and where we have a volatile market as we do right now, we believe becomes more critical than ever for Insurers. 

Building a strong foundation for the future 

2023 has been on of substantial growth, strategic evolution and adaptability for RightIndem. I’d like to take this opportunity to thank our partners, our customers and our investors for going on this journey with. As we look to 2024, our focus is on three key areas; delivering strong growth, continuing our commitment to innovation, and maintaining our positive company culture that values both professional and personal achievements.  

On a more personal note, I am very much looking forward to welcoming my first child in April, which might even prompt me to take a bit of time off work!