Research from Keoghs Solicitors has highlighted the impact of litigious credit hire organisations on insurers.

Their findings reveal that the average cost of a credit hire invoice is now five times higher than in 2014, rising by £4,114 over ten years - from £1,105 in 2014 to £5,249 in 2024. Over the same period, the average daily hire rate for customers has also increased from £69 to £212.

How can you ensure you do not miss those priority claims?

360Globalnet's award-winning technology, including our end-to-end Motor Claims System, is helping insurers identify priority claims early in their lifecycle. This is achieved by deploying a robust FNOL process, capturing as much information as possible at claim notification, and then continuously monitoring and profiling the claim throughout its lifecycle, as and when material and additional information becomes available. Insurers can access 100% of their available data, both structured and unstructured. 

This results in the early identification of priority claims, including those with potential latent cost exposure, in this case, credit hire. This is game-changing in terms of controlling indemnity spend, reducing operational expenses, shortening the claims lifecycle, and detecting fraud.

By increasing automated, system-driven decision-making within workflow, case allocation, and priority claim flagging, insurers can intervene earlier and exercise greater control, ultimately delivering improved customer service and experience.

Focusing On Credit Hire Claims

By collecting as much information as possible at claim notification and continuously analysing all data throughout the claim's lifecycle, we are able to identify potential credit hire claims as early as day one. This is done through our automated profiling, including damage and liability assessment. Additionally, we flag potentially high-value credit hire claims by identifying high-value vehicles, aged prestige vehicles, and electric vehicles, all of which can lead to high-value credit hire claims.

In one case study, a client using 360Globalnet's technology overcame the challenge of reducing the time taken to identify and allocate credit hire claims to the correct team. Before deploying our technology, it took an average of 7 days for a credit hire pack to be allocated to the correct team. After implementing our technology, identification and team allocation were reduced to just 1 day, resulting in potential savings of millions of pounds per year.

Our technology is complete configurable from the desktop, meaning that changes to system configuration, workflow modifications, and rules can be made quickly and tailored to individual client requirements.

Beyond Credit Hire: Comprehensive Claims Management

Credit hire claims are just one example of priority claim flagging in which we excel. Our end-to-end case management systems cover all insurance products and classes, including Motor, Home, and Pet.

While some factors driving claim cost inflation are beyond insurers' control, speedy and effective claims processes are now more important than ever. Early identification, accurate triage, rapid response, decisive action, and effective fulfilment execution are key to controlling costs.

Contact us today to discover how we can help you overcome challenges and support you in identifying and managing priority claims.