EscapE Of WatEr Wns perspective placing property OWnErs as a priority

Transcription

1 WNS PERSPECTIVE Escape Of Water Placing Property Owners As A Priority

2 Water damage is a big concern for property insurers the cause of forty six per cent of all property claims. Storm and flood are more of a norm than a rarity in recent years. In fact, in its UK Insurance and Long Term Savings Key Facts 2015, the ABI reported that weatherrelated claims accounted for twenty five per cent of UK property claims in Water damage is not only a result of storm and flood, though, and as the winter months draw in, so the risk of pipes bursting following freezing temperatures and causing havoc in our homes and business premises becomes far greater. This is also reflected in the ABI s Key Facts 2015, with twenty one per cent of property claims caused by escape of water during the year. The case for a one-stop solution to property claims has never been stronger. introduction Weather 4% 14% 25% Escape of Water Fire 10% Theft 13% 21% Accidental Damage 13% Domestic Subsidence Other Domestic Claims Source: ABI UK Insurance and Long Term Savings Key Facts 2015 Report Jargon Buster Escape of Water When water coming in via the mains water supply has, somewhere along its journey through a property, escaped from the pipe or tank it was in, causing damage to that property. Usually this will be from a burst pipe. Flood A flood does not have to be a sudden and violent event. The Financial Ombudsman states that flooding can happen where water enters (or builds up in) a property slowly and steadily and it does not necessarily have to be caused by the forces of nature. So water escaping from something inside a property could be the cause of a flood just as a river bursting its banks can. It is the fact that water has built up and caused damage that it is important. However, damage caused in this way is usually covered by insurers anyway under the escape of water peril. 02 wnsa.com

3 An Industry Approach To Flood And Water Damage Recovery With water damage clearly topping the claims charts, the processes for repairing and recovering properties are high on the agenda for insurers and policyholders. The services supplied by claims management companies need to reflect their needs. With this in mind, the property insurance sector is committed to modernising and speeding up the flood recovery process, and the ABI, in September 2016, has launched a practical guide for repairing flooded buildings. The guide highlights the key principles involved in building repair and restoration, including the importance of understanding the specific incident and the building itself, as well as the need for comprehensive damage investigations, evaluating alternative options before strip out and various drying methods. Each of these stages needs careful management, with services following on from each other as quickly as possible, to ensure the repair process is efficient. Allowing the property owner to return to normal life in a timely manner, while managing costs for the insurer at the same time. Weather Concerns Flood Risks Across The UK It is estimated that one in six homes in England and Wales is at risk of flooding from either rivers and sea, or from surface water. While the average rainfall for 2015 wasn t a great deal higher than previous years, the year was particularly dry until the onset of winter storms. During November, Snowdonia, northern England and southern Scotland experienced twice the normal rainfall, followed by two to three times the norm in December, which was the wettest calendar month on record since While the rise in total annual rainfall in the UK from 1,075.6mm in 1915 to 1,272mm in 2015 may seem quite minimal, weather patterns are on the move, with rain falling in more concentrated periods. The impact of storm can be seen clearly when reviewing the ABI s statistics on Storm Desmond in 2015, which caused 23,700 property claims and resulted in a total claims pay out of 520m.* ,075.6mm ,111.5mm ,272mm Source: Copyright 2016 WNS Assistance wnsa.com 03

4 Average Claims Pay Outs M Source: ABI Escape of Water Claims In The UK A Rising Issue Repairing the damage caused by escape of water is as much of a rising concern as resolving flood damage, especially in colder years. In the cold winters of 2010/2011 ABI members paid out around 2.5 million every day in escape of water claims, with 1 billion (over 16 million per day) paid out in November and December alone. It also reported that the average burst pipe claims cost 7,000. More recent, less cold winters have still resulted in hefty daily pay outs, with 1.72 million paid every day for escape of water claims in residential properties in This rise in escape of water claims is not due to the weather alone. The number of appliances within properties that require a water supply has increased significantly. The Office of National Statistics reports that, while in 1970 only thirty per cent of UK homes were fitted with central heating, today this figure is closer to ninety five per cent. What s more, just sixty five per cent of households had a washing machine in 1970, while now ninety five per cent of all homes have one. Taking into consideration the rise in the value of contents within the average UK home the ABI estimates the average value of contents in a three-bedroom family home is now 55,000 the risk is greater still. 04 wnsa.com

5 Water Damage Meeting The Needs Of Property Owners With very little that can be done to dampen the effects of the Great British weather, whether that be from storms creating flooding or severe cold causing pipes to burst, mitigating costs and ensuring outstanding customer service with a fast and efficient property insurance clean-up and settlement process is paramount. Speed of service is also vital in minimising unnecessary additional costs due to secondary damage, such as expansion of building materials, that could lead to structural damage. From validation, through intricacies such as asbestos testing and removal, to drying and repair management, the supply chain dealing with water damage can be lengthy and, as a result, the claim lifecycle can be drawn out. This means that, already a traumatic experience at first impact, water damage can affect day to day life for property owners for many months. Managing each service to ensure no unnecessary gaps in the process is critical. Making Claims Management More Efficient Due to the drying process, water damage claims can take a significant time to repair in some cases up to a year, or even more. With a lengthy supply chain, ensuring services are quick to follow on from each other can cause a significant increase in work for insurers and brokers, as well as a time delay causing frustration and reduced satisfaction for property owners. For this reason, selecting a claims management provider with all services under one roof including validation, drying and repair management can make a great deal of sense. Within 24 hours 48 hours 3 to 7 Days 4 Weeks 6 Weeks to Months A Typical Post-Flood Timeline Contact your home insurance provider Loss adjuster gets in touch Loss adjuster visits home Cleaning and stripping Drying out Several Months Repair Source: Up to a Year Moving back in Copyright 2016 WNS Assistance wnsa.com 05

6 End To End Property Claims Management From WNS Assistance From 24/7/365 First Notification of Loss through validation, asbestos testing and removal, drying services and repair, at WNS Assistance we can manage every aspect of the claims process in house as an end to end, customer centric service. We work to minimise the disruption to affected policyholders, mitigating costs and having a positive impact on brand loyalty for our clients. Quickfire Five Fact File Whatever The Weather With WNS Assistance One stop, end to end service 24/7/365 FNOL Network of trusted repairers on standby 100% UK coverage 97% rated excellent for customer service and satisfaction 06 wnsa.com

7 One Stop Claims Management With a dedicated account manager, every aspect of the claim is dealt with under one roof. From First Notification of Loss through to resolution, our customers and clients have one point of contact, with no confusing hand offs. Effective Validation Effective inspection and validation is the key to a well-managed claim. Our in house team is industry trained and experienced with skill sets that include all types of property repair, covering domestic and commercial properties. UK Wide Repair Management Our specialist team works to secure capacity within any key trades needed during the claims clean-up process, ensuring speed of response and helping to minimise unnecessary additional costs due to secondary damage, such as expansion of building materials that could lead to structural damage. Our UK-wide network of trusted contractors covers all trade types, ensuring customers receive a fast and high quality response. All work is surveyed for quality and is protected by a three year guarantee, while our repairers are continuously audited to ensure high standards of performance and measurably high levels of customer satisfaction. Market Leading Claims Automation We also recognise that communication is key and we keep our customers and our clients informed at all times. Our dedicated claims teams are supported by our market leading web-based portal, PropertyNet, delivering performance dashboards and real time information direct to clients desktops, laptops or mobile devices. PropertyNet also provides intelligent workflows for speed of service and client visibility, while actively reducing cycle times through on-site estimating, paperwork provision and paperless, responsive, supplier management. To find out more about mitigating the effects of water damage to property with WNS Assistance, please call David Machin on or david.machin@wnsa.com Copyright 2016 WNS Assistance wnsa.com 07

8 About WNS Assistance WNS Assistance is the UK s leading personal and commercial lines insurance claims and business process outsourcing specialist. Providing a different approach to claims management, with WNS Assistance clients and their customers benefit from a full, end to end service, spanning all aspects of the motor, property and legal claims lifecycle. Each of our clients, including fleets, insurers and intermediaries, benefits from outstanding levels of service and cost efficiencies, coupled with cutting edge technology and proven processes all based on a uniquely transparent business model. A financially stable organisation, we are a part of the WNS Holdings Group, a profitable, cash-generative and financially secure NYSE listed global organisation, with a market capitalisation of over $1bn. To find out more, call us on Copyright WNS Assistance 2016