Delivering A Sustainable Approach To PI And Claims Management
George Osborne’s proposed reforms to personal injury claims have given rise to much debate (and a little unrest) in the industry.
While for the majority of policyholders the reforms look set to provide a platform for reduced premiums, industry commentators are suggesting that for insurance brokers, and especially those with revenue streams generated through Price Per Policy contracts, the reforms could prove expensive – both as a result of lost non-fault income and because falling premiums could mean reduced commission.
For these reasons, and with the likely impacts of the reforms just a year away, brokers are looking into new ways of managing motor claims. Now, a new, customer centric solution that won’t be affected when the changes are implemented is being sought.
What Are George Osborne’s Reforms To PI Claims?
In his Spending Review and Autumn Statement, George Osborne said:
“The government will bring forward measures to reduce the excessive costs arising from unnecessary whiplash claims, and expects average savings of £40 to £50 per motor insurance policy to be passed on to customers, including by:
- removing the right to damages for minor soft tissue injuries
- removing legal costs by transferring personal injury claims of up to £5,000 to the small claims court.”
With figures from the government finding that whiplash claims cost the country £2bn every year, these moves are not surprising, especially when coupled with their suggestion that this adds up to an average of £90 per motor insurance policy.
Targeting these costs, the government expects that, if the proposed changes are implemented in primary law, over £1bn would be removed from the price of providing motor insurance and that this in turn could result in lower premiums for customers.
The reforms may not stop there and in their report ‘The Autumn Statement: A Pain In The Neck For Personal Injury’ OC&C suggest that “…there is the possibility that extending the fixed fee regime to even higher value claims could be the next item on the agenda.”
For brokers, safeguarding against future regulation has become a priority.
Better For Brokers – A One Stop Solution For Sustainable Business
Recognising the limited lifespan of the Price Per Policy model, at WNS Assistance, we have already made the necessary investment to deliver a sustainable approach to motor claims for tomorrow’s world. With the simple aim to make dealing with customers’ claims easier for our clients, we can manage every aspect of the claim ‘in house’ as a full, end to end service, reducing hand offs to external parties and managing a seamless claims journey.
With a competitive commercial proposition that can deliver revenue without the worries of the impending reforms, we also provide a single point of contact for ease of business and peace of mind, as well as the information our clients need at their fingertips, whenever they need it.
From 24/7/365 First Notification of Loss, Third Party capture, dealing with credit hire and repairers, engineering and active management of claim progression, right through to personal injury claims, with WNS Assistance, every aspect of a customer’s motor claim is managed by our dedicated in house claims teams.
Complementing this end to end claims service, with WNS Assistance clients also benefit from a truly transparent process. Regular updates are proactively communicated via our customer servicing teams, all supported by our online Web Portal and access to performance dashboards. Delivering the real time information needed to build business sustainably, direct to desktop, laptop or mobile devices.
Driving Business Forward With WNS Assistance
Delivering an end to end service that won’t be adversely affected by the Osborne Reforms is just one advantage of working with WNS Assistance.