Loss adjuster Cerno has exited its Claim360 joint venture with Claim Central Holdings (CCH) and formed a new partnership with claims solutions provider Stream Group.

Cerno sold its share in Claim360 to CCH in December, a year after the joint venture was formed.

“We came out of that so we could position ourselves for this,” Cerno GM Strategy and Innovation Ian Simpson told insuranceNEWS.com.au. “It’s a better alignment for us.

“We’ve learned a lot from Claim360. It was good to work with builders directly but we wanted to concentrate on independence.

“Stream is a claims solution provider, not a builder.”

Mr Simpson says the new joint venture “will stay true to the independence from the supply chain. That’s a better positioning for us.

“Builders aren’t loss adjusters and loss adjusters aren’t builders. We all have roles to play but it’s a case of not trying to be something you’re not, and understanding where your strengths are.”

When the Claim360 partnership was first announced, Cerno CEO Greg Johnson told insuranceNEWS.com.au insurers had been telling him they wanted both building and assessing skills in one package. See earlier story 

“This is neither traditional loss adjusting nor a builders’ model,” he said then. “We simply took the best parts of both to create a hybrid solution not seen in the industry before.”

Cerno’s shareholders supported the move for Stream to take a significant minority shareholding at an extraordinary general meeting last week.

The businesses will partner to provide new products and systems.

Cerno will implement Stream’s IT systems this year to integrate insurance, loss adjusting, independent building and procurement skills into a single branded customisable claims solution.

Mr Simpson says new products and services will be announced later this year.