Escape of water is one of the drivers of increasing costs. On the other hand there is evidence that waste materials, time and control add up to around 35% of costs. That is the case in construction and 360Globalnet has found the same in more complex home claims
That means there is ample opportunity to counter rising costs with greater efficiency. Digitising the whole home insurance claims value chain is a sure way of tackling this.
St the same time customer experience will significantly improve resulting in much higher net promoter scores (NPS).
Home insurance premiums are soaring as rising inflation increases the cost of claims while fraud escalates, according to research findings. Analysis from Consumer Intelligence found that average home insurance costs rose 8.5% – nearly three times the 3% rate of inflation for the economy as a whole – in the year to October to £131. Premiums are being hiked by inflation increasing the cost of repairs as claims for water leaks damage grow with more homeowners installing bathrooms and wet rooms. The rising cost of gold and diamonds is also hiking the cost of jewellery claims, while fraudulent claims are another issue, particularly among younger demographics, analysts said.
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