Claims Magic2018-10-28T23:45:14+00:00

Claims Magic

Claims Magic V3 2

I don’t think it will come as a big surprise to anyone that having claims usually results in premium increases. No broker can magically make these claims disappear from your claims experience but there are actions which Movo can take to help. It is your brokers job to present your ‘Risk’ in the most positive way possible: we have an obligation to do this and at Movo we have the experience and ability to crunch the data to your benefit.

The simplest way to present claims is to just submit a list of these to your insurers. With no narrative or explanations, if you have had any insurance claims, then this could result in the worst outcome for you or your business.

At Movo we obtain as much information about each claim and use this to tell a story. It might be a pattern that we’ve identified or the fact that there was a localised problem with an individual.

This work is a big part of what has made us successful at Movo. We want all our clients to feel reassured that when they choose to place their insurance with us, they will have access to our expertise and help should they need it.

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Claims Magic 1a

Some Examples of Our Work Include:

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ISSUE 50
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Negative claims experience

REMEDIAL 50
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Highlight improving trend

OUTCOME 50
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The previous claims history showed that the fleet was particularly susceptible to claims over the winter period. We suggested that the client adopt some form of winter driver training for their drivers. The above graph shows the impact that such training had in the following year.

Introduction of winter training enabled Insurers to view the fleet based on the past 12 months performance rather than the typical approach of looking at the last three years and ultimately deliver a saving to the policyholder.

Creating Claims Magic Box 1 1
ISSUE 50
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Steve, a vehicle driver, is having repeat fault accidents

REMEDIAL 50
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Driver training or disciplinary procedure adopted

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Some insurers were prepared to consider the claims experienced excluding Steve’s claims which were both high in number and represented 50% of the total claims costs over the period. As Steve no longer worked for the company, the risk he posed on the fleet had been eliminated. Insurers accepted this and applied a more realistic premium.
Creating Claims Magic Box 3 2
ISSUE 50
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High number of slip and trip claims

REMEDIAL 50
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Highlight improving trend

OUTCOME 50
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With the aid of the above diagram, we were able to demonstrate to Insurers that the claims only related to a small number of the customers stores.

We confirmed to Insurers that the client had subsequently invested in CCTV installed throughout the problematic locations to help defend spurious slips and trips, therefore helping to reduce future claims.

Creating Claims Magic Box 5
ISSUE 50
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Working with a large client to identify areas of concern

REMEDIAL 50
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Reversing sensors and assisted breaking systems

OUTCOME 50
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Insurers never want to lose money. Clients rarely want to pay higher premiums. In this large fleet’s case, it was undeniable that the claims were starting to mount up. By identifying the types of incidents, we were able to propose that the client and insurers pay half each on risk improvement features like reversing sensors and assisted breaking systems.
Creating Claims Magic Box 4 1
ISSUE 50
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Explaining the story behind the improving claims experience

REMEDIAL 50
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Identified the client had installed forward facing camera in the current year

OUTCOME 50
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With an improving claim experience, it can be tempting to think that no work needs to be done to convince insurers that the improving trend isn’t a fluke. It’s rarely the case that providing an explanation will not improve the insurers outlook.
Why Choose Movo Claims Magic 1
Why Choose Movo Claims Magic 1