The increasing complexity and severity of claims in the UK are ramping up the associated costs. Escape of water related claims, for example, cost an average of £2,600 per claim (according to the Association of British Insurers) — a figure which has risen some 31 percent over the last three years. At the same time, events over the past year, such as the 'Beast from the East' and Storm Emma, are adding additional weight to the claims burden.
The need to drive down costs is a business imperative. However, claims savings can quickly become costly expenses further down the line if the quality of repairs carried out drops in the push to reduce spend.
At Contractor Connection in the UK, we have sought ways to reduce claims-related costs on multiple fronts while also ensuring that we not only maintain, but enhance, the calibre of service we deliver. We are 100 percent focused on reducing loss adjuster expenses, increasing policyholder satisfaction and delivering repair savings.
In recent years, we have tripled the size of our UK network of highly-qualified contractors to more than 100 practitioners and expanded our remit across many specialist areas. Being able to leverage such an all-encompassing range of services means we are always able to deliver precisely-tailored programs that only utilize the most relevant services for each specific project.
Data analytics are central to our push to reduce costs and deliver efficiency throughout the supply chain. We constantly monitor contractor performance and share this valuable data with our clients. This enables us not only to monitor service delivery with pin-point accuracy, but also to help support insurers in their decision-making processes.
Our comprehensive contractor and performance data sets also enable us to benchmark pricing and ensure the right contractors are on the right projects. We assess contractor rates and shifts to ensure they are always fair and reasonable.
As part of our membership benefits scheme, we have also recently launched an app which gives our contractors access to multiple suppliers and sub-contractors and supports them in their efforts to generate savings which can then be passed on to clients.
The success of all of this work is already clear to see. To date, clients have seen claims lifecycles drop by an average of 23 percent with an overall seven percent savings on repair spend. Our net promoter score (which helps us gauge the loyalty of our customer relationships) has also risen.
That our efforts are producing such tangible results is highly motivating and we will continue to assess every aspects of the services we provide and extend that out into the contractor network that we leverage to ensure every possible saving is made — with absolutely no impact on quality.
