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Sweeping up the aftermath from the storm of the century

The trail of destruction left by the unprecedented storms this month is expected to cost well over £200 million in insurance claims.

The financial damage caused by up to 97mph winds and extensive flood damage to homes, cars and businesses will have a massive impact on insurers across the whole of the UK as nowhere was left unscathed by the battering of the storms.

EY forecasts that the combined ratio — a measure of claims and costs as a proportion of premium income — will worsen to 102% for home insurance this year after the industry has struggled for the last eight years with profitability.

Working together to help improve the claim life cycle

With such a gloomy forecast, staff at Plastic Surgeon are aware that insurers are constantly looking to save costs and mitigate even more financial issues.

Lauren Robson, Insurance Services Account Manager at Plastic Surgeon explains:

“The insurance industry needs to implement a repair-first approach – only 16% of items effected by water damage are beyond restoration and we are working hard to educate the industry on the repair options available, especially now, when all services are under extreme pressure due to the huge increase of claims during recent weeks.”

“There is a high volume of low value claims following storm damage.  The type of repairs that we see following recent storms include:  damaged guttering, soffits, facias, roof tiles and impact damage from falling trees and various flying objects with the average cost to replace these items is around £700 per claim, typically a repair costs around £250 a claim.”

Self-survey will speed up the process.

Weather-related claims can often be lengthy and require lots of human interaction, so it’s vital insurers and suppliers look at alternative solutions to manage lower value claims.

Last year, Plastic Surgeon invested heavily in a bespoke claims management system which utilises intelligent systems in the assessment of low value claims. Customers can ‘self-survey’ the damage to their property, providing a much-improved service during particularly busy times, such as the current weather surge, by assessing lower value claims in minutes.

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