Pen Underwriting has revamped its water claims process with the help of Davies Group.
The underwriter predicted that its re-engineered claims process will result in a 10% saving on indemnity spend and a 15% reduction in the time taken to settle.
Citing Association of British Insurers figures that found the cost of escape of water claims rose to £483 million within the first nine months of 2017, Pen identified a need for innovative claims handling strategies to bring claims spend under closer control.
Its re-engineered claims process, designed to expedite administration of specialist services to customers, ensuring they receive the appropriate support sooner, now boasts a team of dedicated escape of water experts, a bespoke handling process, use of of mobile technology to accelerate repair process and reduce costs, and an advanced customer portal providing real time access to their claim.
Gareth Crosbie, claims director at Pen Underwriting, commented: “This innovation is reflective of Pen’s unwavering commitment to improving customer experience and delivering on its virtual insurer strategy. By working with the collaboration of Davies, we can give our coverholders and brokers an enhanced service and our customers more control.”
“Escape of water claims were flagged by the Association of British Insurers as a key area of focus for insurers in 2018, and we’re proud to be delivering a solution to address this challenge.”