Reducing Soaring Insurance Claim Costs
|
With the soaring rise in claims to insurers from their customers, millions of pounds are being lost on a day to day basis throughout the industry in regards to personal property insurance. A new system in the UK provides insurance companies with an easy and effective method to reduce their personal property claims by over 80%. With fraudulent insurance claims costing the industry over £20 million a week alone, the savings created by affiliating and joining forces with companies like Want it Bak are staggering.
As we all know here in the 21st century our lives have become more and more reliant on mobile items. As we go through our days, keeping a mental log of everything we have and where we have it becomes more and more difficult. It is inevitable that some things get lost. In fact as stated in a recent research "Around 62,000 mobile phones were left in London taxis during the last six months. That's an average three phones per taxi, according to a survey of licensed London cabbies by the Taxi Newspaper and Pointsec Mobile Technologies. Absent minded and drunken travellers also forgot 4,000 laptops and 5,000 PDA's when exiting cabs". If each item is claimed for at an average cost of £100 it will cost the industry over £7 million within 6 months just for these three types of items in this one location. Extrapolate this cost Nationwide in the UK and the claim cost to the industry is staggering.
Lost and found company, Want it Bak boast that they can give people an 80% chance of recovery of their lost items. This effectively means an 80% drop in claims for the insurance industry if their customers use this system. In the scenario given above over £5 million of the claims would not of had to be paid.
How does Want it Bak work? Simple. Customers purchase or receive a range of security tags each with their own unique id number. They register them with Want it Bak and that's it. If they ever lose the item and someone finds it they contact Want it Bak directly using their website or their 0800 number and they arrange a courier to pick it up and return it to the owner for a small admin charge.
The "Finders" themselves are offered a basic reward of £10 gift pack of Want it Bak Labels & £5 cash. Customers may also offer an optional CASH reward to Finders as a thank you to the person for taking the time to contact Want it Bak. The system plays on the fact that most people are honest, and if they find something and a method is offered to return it to its owner, they will take it.
This kind of service is a great additional type of insurance that the industry needs to consider. By tying in customers to systems such as Want it Bak it can help itself reduce premium costs, reduce fraudulent claims, reduce claims overall, provide incentives to attract more customers, improve consumer image of company by offering complete protection and solution to everyday problem everyone faces.
www.wantitbak.com for more information
Chris Cameron
|
|
|
Why Dont Insurance Companies Reward Us For Being Healthy?
Insurance is always a gamble, a bet actually.You are betting that you'll eventually get sick or hurt. And your insurance company is betting that you'll stay healthy.If you stay healthy your whole life, but still pay into insurance, that's great for the insurance company. Actually, it's great for you too, because you got to be healthy for your whole life. But you still lost the bet.So an insurance company is never going to reward you for being healthy. That's not the terms...(related: Insurance)
California Catering Truck Insurance
Catering truck insuranceNot many agents/brokers write catering truck insurance as they don't have a contract with companies that will write that type of coverage. There's a certain type of knowledge needed to write the risk with catering truck insurance properly. There are basically (2) categories of operators:They are, hot trucks and Mobile Food Preparation Vehicles (MFPV), which allow food to be prepared as customers order, and cold trucks, Industrial Catering Vehicles (ICV), which sell only prepackaged foods....(related: Insurance)
Tips On How To Save When Buying Car Insurance
If you want to save money when you purchase your car insurance here are a few ways that can help you as you search for auto insurance.First thing you can do is comparison shop. It cannot hurt to call around to see what other prices are out there. If the price is higher you know you are where you need to be and if you find a lower rate you always have the option to change. You can use information from Florida Department of Financial Services, or a similar department within your sta...(related: Insurance)
What Is Permanent Life Insurance?
Unlike term life insurance, permanent insurance policies such as universal life, variable universal life and whole life provide long-term financial protection. This type of insurance will cover you for the duration of your life and continued on time premium payments. Permanent poli...(related: Insurance)
What Is Homeowners Insurance Coverage?
Before attempting to find the best homeowners insurance coverage you should make sure that you are familiar with what homeowners insurance is and what it can do for you. A standard policy provides financial coverage to your house and the property within the house. Natural disasters, theft and other maladies that can occur are usually covered in your policy. Some exceptions include flood and earthquake protection, which require additional coverage. Another feature that home insurance covers is damage caused by household pets and any legal liabilities to anyone caused harm by ...(related: Insurance)
How Does Credit History Affect Car Insurance Rates?
Many personal car insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new car insurance, keep in mind that many insurers are ...(related: Insurance)
Student Health Insurance - Is It Necessary?
As a young, healthy college student, it might be tempting to forgo the expense of health insurance. After all, you're young, you're careful and you're not sick. You don't real...(related: Insurance)
The Awful Truth About Annuity And Insurance Leads
You see the websites, you see the ads: exclusive, never before sold, prospects eager to buy, insurance and annuity Leads. Some leads cost a few dollars - others are over one-hundred a pop.I was curious, just how good are these insurance and annuity leads? I decided to find out.I'm not going to name specific insurance and annuity lead websites, but I will give you a summary...(related: Insurance)
Consequences Of Late Insurance Payments
Did you realize that it could cost you more than a late fee when you make your insurance payments late? That's right, not only will you incur a late fee in most cases but also you are jeopardizing your current coverage and possibly your future rates.Let's consider what is probably the worst-case consequence of making late insurance payments. If you cut it too close and s...(related: Insurance)
Home Insurance: Premium Protection In Case Mishap Takes A Rain Check
My whinstone house my castle is, I have my own four walls.This is truth for every home owner. Your home, your castle, your prized possession, your territory - which is certainly more than four walls. You would do anything to protect it against damage and injury. Damage and injury? Is that too dark a statement? Perhaps. But it is also very probable. Mis-happenings and accidents are things that don't have an allotted time slot. Nobody can calculate their coming and neither be prepared for it. You cannot be equipped to tackle them head on but you can certainly equip your self for the repercussions. Home insurance are practically formulated for the said purpose, something that is unlikely you have not heard about. It is also unlikely that you have...(related: Insurance)
Life Insurance Fears Post The London Bombings Tragedy
Following on from the tube train and bus bomb attacks in London there was a move from several UK insurance companies to reassure victims that claims would be processed "quickly and sympathetically". This need for reassurance came in light of concerns that many victims of the blasts would not be covered by their existing health and life insurance cover. This would mean that families of the bombing victims could not only lose a relative, but also suffer financial hardship as life insurance companies refuse to pay out on policies.Standard Life, Axa-PPP and Norwich Union all announced that policy holders would be covered for events on the 7th July. Standard Life said that...(related: Insurance)
site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance