Don’t let profits plunge with the mercury

Don’t let profits plunge with the mercury

Feb 17, 2015

Long range forecasters have warned that future winters in Britain could consist of months of heavy and persistent snow, freezing gales and sub-zero temperatures.

British Gas is predicts that the freezing weather could trigger more than 20,000 emergency calls a day, as one in five homes are estimated to be at risk from damage caused by frozen and burst water pipes. The potential bill for insurers is staggering and Aquarium Software is urging all insurance providers and loss adjusters to avoid unnecessary losses - by making the most of new technology to process the claims and ease the stress levels of already stressed claimants.

“Figures from the Association of British Insurers show that in 2002 burst pipes cost insurers £415 million,” said Mark Colonnese, Sales & Marketing Director. “Losses due to bad weather are a natural hazard in the insurance industry and of course insurers accept that. However, these latest predictions will cause much apprehension about the scale of the potential bill, and insurers will be keen to make sure that there are no unnecessary losses.”

The extreme weather in December 2010 resulted in a total bill of £1.43 billion for British insurers and forecasters are expecting winter weather to generally worsen. Loss adjusters will certainly have their work cut out trying to keep the bill down, and Aquarium are expecting demand for their loss adjuster claims technology platforms to be high, as insurers seek every possible commercial advantage.

“We have worked with insurers on both sides of the Atlantic and developed a host of technical solutions using the Aquarium platform to help them boost efficiency in claims management and fraud detection. The systems we design for loss adjusters build on that understanding,” explained Colonnese. “It’s important to remember that there is no ‘one size fits all’ solution as each organisation has different ways of operating. We work with the client, using our knowledge of the industry and technology capabilities to deliver systems built specifically around their needs – the constants are greater efficiency, effectiveness and MI for the client, coupled with a better customer journey for the claimant.”