Commercial and fleet insurance can be difficult this time of the year, with Christmas deadlines to meet, tired staff working longer hours and the general conditions on UK roads too. The latest findings from the Direct Commercial Broker Barometer shed light on a key challenge that commercial motor brokers face when it comes to claims. Here’s the word;
During the last quarter (July – Sept 2023), a significant 78% of brokers said that across the commercial motor market they had noted an increase in complex losses and 91% of commercial motor brokers said they had seen claims costs rise in the last quarter. As a consequence, two-thirds (66%) expressed a growing need for comprehensive guidance from all carriers to expedite claims reporting and mitigate costs.
The Barometer findings underscore the essential role of strong partnerships between insurers, brokers, and policyholders to help reduce incurred costs, enhance efficiency, and foster the sharing of expertise to address these challenges.
Direct Commercial supports its stable and sustainable proposition to brokers with regular, face-to-face contact and guidance, and formally at least on a quarterly basis. Direct Commercial also leverages multiple channels to disseminate its expertise, knowledge, and guidance, aimed at mitigating costs and delivering good outcomes for policyholders.
For example, the Direct Commercial ‘Don’t delay, report today!’ guidance paper, distributed to brokers, highlights how swift FNOL reporting (preferably from the roadside) can lead to savings of up to 75% on credit hire claim costs through effective third party intervention. As part of its engagement with brokers in the commercial motor market, Direct Commercial will host a Claims Clinic regional roadshow in the new year, welcoming brokers to share their experiences in commercial motor claims and discuss challenges in need of resolution. Further details will be announced soon.
Carl Cripps of Direct Commercial Limited, said:
“The results from the Direct Commercial Broker Barometer highlight a new, pressing need for brokers’ support when it comes to working together to minimise the escalating claims costs many are witnessing. However, it is also evident that the capacity for them to access guidance on claims from insurers has somewhat waned across the wider market, so we hope to help re-invigorate that.
“We look forward to the participation of brokers at our upcoming Claims Clinic roadshow. During this event, our team will be sharing a wealth of expertise, providing valuable guidance, and offering essential resources, particularly on the importance of roadside claims reporting.”
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