You probably are saving hugely as motor claims volumes have practically halved even though repair cost inflation eats away at some of those savings. So why do you still have to pay millions for the claims management software?
Worst still the big upgrade will eventually have to be paid and there are other cost pressures in the pipeline. The FCA judgement on price optimisation means carriers are going to have to pay more to acquire customers. And once the population is vaccinated twice and immune travel will start to increase again.
Even if work-at-home stays higher than pre-pandemic the total miles travelled will increase. So repair and replacement costs will rise again. And the FCA has its sights on premium finance and other profitable 'added value-sales' which could further threaten profits.
During 2021 it would be wise to add cost optimisation and improving customer UX to claims strategy. And speed of innovation as pressures increase from customers and competitors to introduce user-based insurance pricing.
How can you : -
- Innovate fast without incurring fixed and large licensing costs?
- Be free forever of upgrade costs as you will always be on the current version of the claims platform?
- Be able to deploy customised digital claims across all categories- P&C and Commercial?
- Avoid paying expensive development and consulting costs - i.e. beyond coding?
- Avoid adding to the key tasks facing central IT yet still pass all compliance and regulatory requirements?
- Rejuvenate core systems whether legacy or newer complex and inflexible ones?
- Give power to innovate and improve back to the business from FNOL to Settlement?
Household name insurers and brokers from Australia to the USA have already found out. No Code 360SiteView that's more than just No Code.
It's beyond code .
Why not find out more? Ring Mike Daly on +44 7341 971132 or email me on Mike.Daly@360Globalnet.com
Insurers have saved about £4.4 billion this year because of fewer claims thanks to driving restrictions during the Covid-19 pandemic. The number of claims was almost halved compared with 2019, according to Hello Safe, an insurance comparison website. It reported a 41 per cent fall in the number of car accidents, 26 per cent fewer deaths and a 54 per cent drop in repair claims, which collectively have saved the industry a huge amount in payouts.