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The North West Fund for Venture Capital, managed by EV, has made
a substantial investment in a business pioneering a new model in
personal injury claims.
InterRisk Solutions was founded by insurance law specialist Mark
Brickles to provide an alternative to the conventional system in
which claimants use a solicitor on a 'no win no fee' basis.
Instead, it allows them to manage the claim themselves by guiding
them through an online process with support from a telephone
The company acts as an 'honest broker' between claimant and
defendant and offers benefits for both sides. Claimants can use the
service free of charge and typically receive their compensation in
as little as three months, compared with around 18 months using the
conventional route. The defendant, or their insurer, will foot the
bill and saves up to 80 per cent on legal fees.
The funding from the North West Fund for Venture Capital, which
is invested under the £185m evergreen fund provided jointly by the
European Investment Bank (EIB) and European Regional Development
Fund (ERDF), is part of a larger investment round, with the
remainder coming from private investors. The money will be used to
develop the business further - including the creation of a new UK
claims web portal that utilises a bespoke automated claims
InterRisk Solutions, which is based in Wirral, was set up by Mr
Brickles two years ago with support from angel investors. He has
now been joined by incoming chairman Andrew Redmond, who, as CEO of
personal debt solutions provider Debt Free Direct, led the
flotation of the business on AIM and developed it to become a £250m
InterRisk Solutions has already won the support of a number of
large companies who are regularly subject to claims. Transport
operators, retailers, local authorities and utility businesses have
already signed up to the service in order to reduce the cost and
time spent dealing with claims.
The total value of personal injury claims in the UK was £10.4bn
in 2008 and is forecast to rise sharply by 2013. However there has
been increasing concern about the cost of legal fees. The
government has already proposed radical changes to the current
system. InterRisk Solutions will provide a quicker route to redress
for genuine claimants at a substantially reduced cost to the
Richard Young, Fund Manager for The North West Fund for Venture
Capital, commented: "The huge cost of legal fees in personal injury
cases has long been a concern within the claims industry. InterRisk
Solutions provides a much more efficient system and offers benefits
for both claimants and insurers alike. The company has great
potential and the experience of the new Chairman will be a real
asset. The business could also potentially benefit from any future
changes in legislation."
Mr Brickles said: "InterRisk Solutions aims to revolutionise the
claims management industry by pioneering a new and more ethical
business model. The initial investment from business angels has
enabled us to put the concept into practice and prove its
viability. This latest round of funding will allow us to take the
business to the next level."
The North West Fund for Venture Capital has completed nine
investments to date with a total value of £2.4m.
Natalie Meadowcroft of Brabners Chaffe Street LLP, advised EV on
the investment, while John Spofforth of O'Connors LLP advised
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