According to the ABI, tackling escalating escape of water claim costs is currently the top priority for the domestic property insurance market. This session outlines the reasons why escape of water claim costs and complexity continue to rise year-on-year. It examines the changing expectations customers have of their insurers and how developing trends in society, building practices and regulation are further complicating these claims. Above all, the session aims to highlight ways in which the insurance industry can bring escape of water claims costs under control. This includes a discussion of the key roles training, data and smart technology have to play going forward, as well as the potential influence disruptors in the tech space could have on traditional insurance business models.
Delegates will be able to outline the key variables driving escalating escape of water claims and identify factors that could influence claims cost and complexity in the future. They will also be able to list a range of strategies Insurers can adopt to tackle the problem, including using data and technology to improve risk mitigation, underwriting and claims management.