Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Personal Insurance Claims Market by Private Motor Insurance, Household Insurance, Travel Insurance and Pet Insurance 2023" report has been added to ResearchAndMarkets.com's offering.
The report analyzes the claims landscape across four key personal lines: motor, home, travel, and pet insurance. Claims fraud, method, channel, and satisfaction are all examined across each line. Insights into the future of the claims landscape (and how to mitigate the impact of claims inflation) are also covered by the report.
Inflation remains the key challenge faced by insurers in 2023. As high inflation due to supply-side issues drives up repair, rebuild, and replacement costs, gross claims incurred in all four personal lines are expected to grow in 2023.
This inflation has raised costs for insurers, but at the same time has left consumers in financial difficulty and unable to purchase policies. Improved digitalization and automation across claims channels; improved fraud detection methods; and new methods of insurance payout such as parametric insurance will help insurers reduce claims costs going forward.
In the motor and home insurance lines, telephone remained the most popular claim method in 2022. Yet in the travel and pet lines, telephone has dropped in popularity, with more consumers preferring digital methods. Insurers' efforts to encourage consumers to make use of simpler and faster digital channels have clearly been successful in these two insurance segments; they should continue to persuade more motor and home insurance customers to adopt these less expensive, less time-consuming claims methods.
Consumers showed high levels of satisfaction if their claims experience was swift and simple. Insurers that make use of technologies to automate processes - such as utilizing AI and parametric techniques within the claims process - will see greater customer satisfaction. This will also result in cost savings as fewer claim handlers will be required, while giving remaining handlers time to deal with more complex cases.
With high claims costs due to inflation, it is vital for insurers to reduce claims wherever possible. Telematics devices and apps can encourage good driving behavior, and recycling car parts can reduce replacement costs. Smart home devices can minimize the impact of theft, fire, and escape of water claims. 24/7 virtual vet access and symptoms databases can help pet owners spot health issues early on, reducing severe illness in later life.
Scope
- Around 20% of motor and home insurance customers made a claim in 2022, with this figure falling to around 10% in the travel line and rising to over 30% in the pet line. Across all four lines, over 75% of claims were accepted.
- In the motor and home insurance lines, telephone remained the most popular claim method in 2022. Yet in the travel and pet lines, telephone has dropped in popularity, with more consumers preferring digital methods.
- Results from the publisher's 2022 UK Insurance Consumer Survey indicate that consumers place value on speed and simplicity in the claims process, as well as freedom to choose their method of claim.
A selection of companies mentioned in this report includes
- Admiral
- Aviva
- Direct Line
- Hastings Direct
- Churchill
- Zurich
- Blink
- Allianz
- AwayCare
- Firemelon
- Animal Friends
For more information about this report visit https://www.researchandmarkets.com/r/i4fxe3
Source: GlobalData
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