Claim Metrics, a new benchmarking solution to help personal lines insurers improve claims handling and profitability, is now benchmarking over £12.5bn of motor claims spend and represents over 45% of the UK motor market. Since its launch in November 2018, the claims service has benefited from a benchmarking pool that has grown rapidly due to strong market support.
Claim Metrics, supported by Willis Towers Watson’s claims knowledge, analytical skills and insurance and technology expertise, provides claims leaders with an insurance-focused tool for identifying performance improvements, and offers underwriters, pricing teams, actuaries and senior management insights into profitability drivers and inflation trends.
Tom Helm, Head of Claims Consulting at Willis Towers Watson said: “For Claim Metrics to have attracted such a significant claims spend in such a short space of time is exciting. As new members continue to join the benchmarking service, including a number of the UK’s biggest motor insurers, users are directly benefiting from this rapid growth as the service’s capability to generate highly accurate performance assessments becomes ever more sophisticated.
“With the pricing environment remaining so highly competitive and the ongoing pressures coming through from claims inflation, Claim Metrics provides participants with reliable and timely outputs to compare their inflationary trends against the market. The benchmarks also help companies to identify where they can be more proactive and effective in their claims management strategies, as well as deliver their customers a faster and more efficient claims service.”
Claim Metrics, which provides independent validation and deep analysis on the drivers of change across the spectrum of small to large loss motor and household claims, includes the following performance-enhancing features:
Tom Helm said: “Data and analytics have transformed many areas of the insurance industry, but it has been slower to adapt than other financial services, such as banking and retail. This is changing as the claims process in the insurance market finds itself increasingly under the spotlight, with more insurers recognising claims as an investment opportunity to help gain competitive advantage, market differentiation and increased customer loyalty.”
Scan here to download the app