There can be no hiding from the facts
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2009
Tue
07
Jul
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Economically assisted increase in claims?
· “We are seeing the economy severely affect our claims”.
· “Our claims are being adversely affected by the worsening economy”.
· “We are expecting and in fact seeing our claims increase substantially as the economy contracts further”.
· “We are seeing an increase in fraudulent claims as the man in the street begins to seek out ways of getting cash”
· “On both motor and house hold claims I can confirm an increase in claims”
· “Our growth has been substantially slowed by the weakening of our economy”
These are just some of the latest comments made by leading insurers in South Africa.
It is a well known fact that in such circumstances both motor and house holder’s insurance experience significant rises in fraudulent claims. However, insurers who have learned from history are making a concerted effort to underwrite these risks more effectively.
Focus for Insurers has been slowly shifting from all out claims management process to a far more focused approach at underwriting which positively feeds through to the claims experience. It is also a well established fact that a key deterrent to fraud as well as the most effective way of underwriting for success is to physically view your risks. Asset Management Solutions have spent the last 10 years in South Africa developing a unique service for Insurers which not only offers their clients an enhanced experience but more importantly supplies the underwriter with the facts which secures their risks most effectively.
Bernd Veening, CEO of AMS says, “Insurers are coming round to the fact that they have to offer their clients a convenient professional service when it comes to the viewing of such risks as motor. People are working very hard just to make a living and don’t have the time to take their car for a pre-inspection which is essentially an underwriting issue for the insurer. This is where our full mobile service comes into its own”.
Asset Management Solutions analysis shows three fundamental facts:
1. 93% of clients surveyed would prefer a mobile service
2. 77% of these clients feel more positive about their Insurer after the survey
3. Insurers who use the information at underwriting experience significant value
AMS has established itself as the leading mobile surveying company in South Africa. Their core business is assisting Insurers by supplying them with the correct information about their risks at underwriting. In times when Insurers are battling to add value as well as to differentiate themselves from the rest of the pack a service as focused as this has great benefits for all stakeholders concerned.
With an extensive mobile work force Asset Management Solutions is the largest independent surveyor covering the length and breadth of South Africa. They are an established part of this market sector which has become essential for both Insurers and their clients alike.
It is with this in mind that one needs to ask the question “Can we afford not to use this service?”
Source: Asset Management Solutions
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