Digital disruption in insurance – managing indemnity spend on escape of water claims

Escape of water

Insurers are grappling with rising escape of water claims costs. One of the most common types of domestic property damage claims, insurers are paying out an estimated 2.5 million every day, according to the Association of British Insurers.

While most claims are genuine, fraudulent claims in property are on the rise with the ABI reporting that in 2019 there were 27,000 dishonest claims detected worth £124million – a rise of 30% in number and 8% in value in 2018. 

Technology can play a key role in providing insurers with better oversight of the claims process as they have all the information they need in one place, while also proving direct customer service, reducing claim lifecycles and leakage to lower costs. 

In this recent live webinar Insurance Post in association with Claims Consortium Group and Synergy explored how insurers can manage rising EoW claims costs and how implementing innovative technology can deliver a better service for both insurers and customers.

Among the questions the panel addressed are: 

  • What are the benefits of managing claims in-house for insurers and customers? 
  • How can insurers use policyholders’ data to reduce premiums for customers? 
  • How can unifying data stored on legacy systems offer transparency and control for insurers? 
  • While factors such as Brexit will continue to drive up the costs of EoW claims, what role does technology play in reducing these costs? 
  • The ABI found over £1.2bn of general insurance claims fraud was detected/suspected in 2019.  What is the likely impact of more investment in fraud detection on indemnity spend? 
  • How has the way insurers communicate with their customers shifted in the last 12 months and how will this impact the insurer-customer relationship? 
  • How can optimising the claims journey improve customer loyalty? 
  • In the event of an escape of water, how can smart technology be used to improve the customer journey?

Joining us for the discussion are:

Robin Challand, claims director, Ageas UK

Jeremy Hyams, CEO and founder, Claims Consortium Group

John Pyall, senior product and wordings manager, Great Lakes

Stephen Walker, head of property and fleet claims, Covea Insurance

To watch on demand click here

 

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