Worth its weight in gold

Pitch winner IVAA is helping insurers settle on lost items such as jewellery without resorting to cash

By Miranda Maxwell

Matthew McHutchison developed a passion for precious stones and fine jewellery during a stint at a wholesaler after completing a business degree.

He later combined these two areas of expertise to establish award-winning start-up IVAA Claims – or Independent Validation Advisory Australia.

He now counts major insurers as customers, including IAG in Australia and Suncorp in New Zealand.

And his Brisbane-based insurtech was crowned winner of a pitch contest at the 2025 Insurance News Beyond the Buzzwords conference, and has ambitions to operate in a third country soon, probably in Asia.

“I decided to start my own business when I realised no one was offering impartial jewellery expertise to insurance companies,” Mr McHutchison tells Insurance News. “We were really lucky to get insurers nationally signing up within the first few weeks.”

The team provides a procurement service and assessments, settlement recommendations and other advice for contents claims, including fraud detection. Its specialty is helping insurers reduce their rate of cash settlements. 

“A lot of our focus is on helping customers replace their items. This seems to resonate with everyone – insurance companies don’t want to cash settle but feel like they’re forced to. We’re trying to show there is sensible and data-centric evidence that replacement is possible,” Mr McHutchison says.  

IVAA is expanding to contents claims more broadly, offering help with hearing aids, furniture and sporting goods, and exploring eyewear opportunities. Most contents claims are cash settled – creating a “massive opportunity” for alternative options that IVAA says it is meeting.

“You won’t be able to replace every single item, but connecting customers with suppliers and helping them replace their items should be in everyone’s best interest. Whether it’s flood victims or theft, there’s a big area here where we can make a difference.”

IVAA says it has prevented $2 million of fraudulent contents claims in the past year, working with more than 5000 retailers across Australia and New Zealand.  

It now has a tool called Checksum that allows insurers to easily see if a document such as a receipt or an image has been reused to facilitate claims fraud.  

Mr McHutchison says it is an “insurer-facing” tool. “Rather than having to appoint us, they can now just do checks on their own.”

In one case, IVAA found a receipt presented as part of a claim had been used before.

“Once we started digging deeper, we found …  there were 20 claims across five different insurance companies, all under fake names, all tied back to the same person. This is one of many examples.

“Recycled proof of ownership happens way more than you probably realise. Rolex watches with the same serial number, indicating it’s the same watch being claimed again and again; items that have been pawned and then claimed as lost or stolen.   

“Through our distributed network, we can identify those scenarios – valuations that have been Photoshopped, or modified photos from eBay that have been used as proof of ownership. The opportunity is to help other categories within the insurance industry.”

IVAA says its procurement expertise helps protect insurers from upgraded replacement values and fraudsters chasing easy cash, while policyholders concerned they will receive an inferior replacement are reassured by its independence.  

It does not take commissions or fees from suppliers, reassuring insurers, and the flexible claims options it offers win over policyholders.

“We get quotes from the insurer’s preferred jeweller and your own jeweller, giving better visibility as to what fulfilment options are available,” Mr McHutchison says.

“It generally makes it a better claim outcome for the insurance company because we prevent upgrades …  and as the end consumer, you’ve got way more choice. You can choose to proceed with the insurance company’s jeweller or use the approved amount towards your own quote. Insurance companies and their customers generally benefit when somebody with jewellery knowledge is helping them but they’re not also trying to make a sale. We’re in a position to support customers to get their questions answered and resolved correctly.”

Replacing items like for like – or close to it – helps avoid resentment on either side that the settlement was not a true reflection of the loss, and IVAA finds insurers have “a lot of appetite” to help customers replace contents where practicable.  

“When you cash settle, it typically means you’re negotiating a price because you can’t get what the customer wants or needs as easily,” Mr McHutchison says.

“You might not be confident in settling the claim for the correct amount. Also, by helping customers replace their items, you are effectively also reducing the benefits of any fraud.

“Insurance companies generally get better outcomes when they see it to fulfilment rather than simply cash settle … Getting it right can be difficult, but it’s worth helping your customers replace their items, and it’s not impossible.”