The cost of repairs to Uk homes is rising and this creates problems for the insurance companies who ultimately foot the bill after a fire, flood or break-in. Late last year the FT reported that due to rising repair costs many insurers might be looking at making a loss on their home insurance policy books this year.
Companies like Neos are utilising the Internet of Things, such as smart meters, fridges, TV sets etc to offer more competitive rates to wealthier home owners, who can afford to set up and manage an online portal that monitors their home 24/7. Earlier alerts in cases such as flooding often mean less water damage, and therefore lower bills to repair that damage.
But the other solution for insurers is to stop allocating repair work to third party companies like Homeserve, and do the repairs themselves. This offers control over costs, income from regular servicing and maintenance, as well as a chance to look around the property and see if any damage actually matches the claim form submitted by the policyholder. Here’s some news from Allianz, who are heading down that road;
Allianz UK is strengthening its range of Home Emergency Assistance, Home Appliance Protection and Smart Home services, cementing its position as a leading provider of Home Emergency solutions. This follows the successful launch of its boiler and central heating care packages for homes across the UK last year.
Energy suppliers and home appliance, gas heating, inspection, repair and replacement service providers are currently offering the central heating care packages from Allianz to their customers, but its portfolio of home assistance solutions is now set to expand significantly with investment in people, partnerships and products. The new range of services will benefit its financial, travel and motoring clients, as well as energy and home appliance providers, who are looking to expand and add value to their own customer propositions.
Bruce Eaton joined Allianz Worldwide Partners UK, as Head of Business Development, at the end of 2017. He is already playing an instrumental role in promoting the Home Emergency services to existing clients as well as exploring new market channels. Bruce Eaton adds: “We are making innovation a central focus of our development process, to ensure we create a suite of services that are competitive and accessible for all home owners.”