Knowledge is power. And in the world of motor claims, the more knowledge you have over your available data, the more savings you can make.
The rampant inflation in motor claims costs is well known and has been widely reported in recent times. Many of the causes are macro-economic and geo-political but, regardless of the causes, the effect is real-time day-to-day pressures on the cost of motor claims.
Many industry cost benchmarks have been climbing; the ABP Club‘s published average labour rate for repair of non-prestige vehicles now stands at £62.50, and in the past week it’s been reported that agreement has been reached between insurers and credit hirers to increase GTA rates for hire of temporary replacement vehicles by 7.5%. These, and other pressures inflating vehicle repair costs, mean that unidentified (and therefore uncontrolled) third-party exposures are an expensive luxury no insurer can afford.
This means that countering these rising costs is now at the top of the priority list for insurers and unstructured data might be the gold mine you’ve been looking for.
Typically, only around 15-20% of data arrives in a business in a structured format that can be readily accessed. The remainder (emails, letters, expert reports, photos and videos etc.) all constitute unstructured data that cannot be readily interrogated, but within it lie the indicators of high cost and time sensitive claims.
This is where understanding your unstructured data becomes so powerful. Why? Because with the knowledge and insights into 100% of your available data will you able to able mitigate against risk, fraud, incubated claims and any other factors, thus generating savings in claims costs at a time when costs are rising.
360Globalnet’s unstructured data technology, 360Retrieve, ingests all unstructured data and turns it searchable, providing insight into 100% of an organisation’s available data through powerful search engines and detailed analytics.
In a recent deployment, 360Retrieve was able to reduce the time to identify credit hire packs sitting within an insurer’s work queues from eight days to sub 24 hours. The savings derivable from such an acceleration in identification are readily apparent.
With so many drivers of motor claims inflation outside an insurer’s control, harnessing the capability of 360Retrieve and minimising the time taken to identify and gain control of high potential cases is a welcomed addition to any insurer’s armoury.
If you’d like to know more, or to organise an on-line or in-person demonstration, get in touch today.