The motor insurance industry continues to evolve and, with new insurers and MGAs entering the market both in the UK and overseas, providing outstanding customer service while also protecting indemnity costs has never been more important.
Using data to maximise cost savings is nothing new, but with insurance claims, for which data collected includes customer and third party details, accident information and repairer data, it can be easy to overlook opportunities for improvement.
Insurance fraud costs the industry dearly. One in seven personal injury claims are linked to suspected cash for crash cases and the latest ABI statistics show that motor insurance fraud costs our market over £800 million every year.
For most fleet owners and operators, unplanned vehicle off-road time, or ‘downtime’, is a major bugbear.
In January 2016, the ABI published figures relating to storms Desmond, Eva and Frank suggested total pay outs would reach £1.3 billion with an average payout for each domestic flood claim of £50,000.
International specialist insurer, Hiscox, is committed to providing an extraordinary quality of service and its claims service is no exception.