The resumes of our management team are mainly rooted in the Financial Service and Auto industries – both within the UK and continental Europe. It was against this professional background, and following on from our own personal claims experience, that the idea of etwb was originally developed in 2002.
The frustration felt in attempting to reach a fair and reasonable agreement, and our surprise at ultimately being over compensated led us to study the operational processes used by UK insurers and the outcomes they experienced.
We discovered that even when corrected for the different structures of their portfolios, there existed major variation between the indemnity amounts offered by insurers and even more concerningly, we found variation within the insurers themselves. Clear evidence of a lack of consistency and fairness.
Time was then spent in preparing and developing a clearer and more consistent valuation model, a model that would protect both the insurer and the insured. With the help particularly of Allianz we launched in July 2005 and since then have developed mutually beneficial relationships with a range of branded insurance partners.