Blog

New survey says 79% of insurers believe they are not acting in the most sustainable way

Only 36% of insurers believe a restoration approach is considered as a first option when dealing with claims, with a shocking 79% of respondents stating that they are not handling claims in the most sustainable way, according to a recent survey we conducted with insurance professionals.

Our head of insurance Chris Edwards explains: “We work with many of the country’s leading insurers, and over the past 12 months our insurance division has doubled in size. 

“We carried out the survey to help establish how we can further assist our clients, and the industry in general. 

“What was shocking to us was that the majority of insurers are still using outdated approaches to claims management, with the majority – 79% believing that they are not acting in the most sustainable way.”

Reducing claim life cycle times and costs

Our approach greatly reduces the claim life cycle and the overall claim cost whilst offering impactful sustainability credentials.“Many insurers do not understand just how many items are completely repairable, and that replacement should only be considered as a last resort”.

This was another highlight from the survey, with a number of respondents commenting that a lack of understanding about restoration as an option, is one of the reasons it is not considered.

“We will aim to work with the industry to further demonstrate and shout about the huge impact that restoration can have on the overall customer journey.”

Those benefits include an average saving per claim against the equivalent cost of replacement of around £900 and a significant reduction in landfill waste. Our savings are growing year-on-year and improved by 9% when compared against 2017. Last year we saved an impressive 3,783 tonnes as a result of repair over replacement.

Which property claim type is the most challenging to resolve?

The survey also asked respondents to highlight which property claim type they find the most challenging to resolve in a cost-effective way. The majority of respondents – 57% commented that escape of water claims were the most challenging.

Added Chris: “Escape of water claims are on the increase – 1 in 4 claims are now as a result of an escape of water, with claim costs rising by 24%.

“We are working with loss adjusters – through our triage support service, to improve the way escape of water claims are managed.”

“We will attend a policy holders’ home, alongside the loss adjuster to look at the damage and provide a report on what can be repaired and what needs to be replaced. This ensures that for large scale claims, we’re repairing every possible item lessening the impact on the environment even further”.

More posts like this