Subsidence may only account for around 1.8% of all UK home claims but hat still adds up to an eventual cost to insurers of £500m . In the construction industry waste time and materials can represent 35% of costs.
It therefore behoves insurers to apply the efficiencies of digital transformation to claims services. A new initiative from 360Globalnet does just that.
It has deployed its digital claims platform to communicate with and orchestrate customers, insurers, technical experts and fulfilment providers seamlessly with complete transparency. This means faster service, higher customer satisfaction (claimant and insurer) at a lower cost.
Live video-streaming means that groundworks and other specialist engineers can inspect and control local service providers without having to make site visits. Handy when the property is out in the sticks.
This is enhanced by the national WYi5 service, a distributed workforce that deliver on-demand services throughout the UK using the unique 360SiteView technology suite.
Applying digital platforms to subsidence and drainage has brought the same transformation with which Uber, WeGoLook and Airbnb disrupted their industries.
Last summer’s heatwave saw the highest quarterly level of subsidence claims in over a decade. The surge saw more that 10,000 households make a claim in July, August and September, according to the ABI - adding up to claims totalling £64m. The second quarter of 2018 had seen 2,500 claims, with £14m paid out. But how can insurers and policyholders expect this increase to impact on home renewals this year?