The latest findings from the Direct Commercial Broker Barometer shed light on a key challenge that commercial motor brokers face.
During the last quarter (July – Sept 2023), a significant 78% of brokers we surveyed said that across the commercial motor market they had noted an increase in complex losses and 91% of commercial motor brokers said they had seen claims costs rise in the last quarter.
As a consequence, two-thirds (66%) expressed a growing need for comprehensive guidance from all carriers to expedite claims reporting and mitigate costs.
Supporting our brokers
The Barometer findings underscore the essential role of strong partnerships between insurers, brokers, and policyholders to help reduce incurred costs, enhance efficiency, and foster the sharing of expertise to address these challenges.
Direct Commercial supports its stable and sustainable proposition to brokers with regular, face-to-face contact and guidance, and formally at least on a quarterly basis. We also leverage multiple channels to disseminate our expertise, knowledge, and guidance, aimed at mitigating costs and delivering good outcomes for policyholders.
For example, the Direct Commercial ‘Don’t delay, report today!’ guidance paper, distributed to brokers, highlights how swift FNOL reporting (preferably from the roadside) can lead to savings of up to 75% on credit hire claim costs through effective third party intervention.
In-person Claims Clinics
As part of our continued engagement with brokers in the commercial motor market, we will be hosting a Claims Clinic regional roadshow in the new year, welcoming brokers to share their experiences in commercial motor claims and discuss challenges in need of resolution. Further details will be announced soon.
Our Claims Director, Carl Cripps, said:
The results from the Direct Commercial Broker Barometer highlight a new, pressing need for brokers’ support when it comes to working together to minimise the escalating claims costs many are witnessing. However, it is also evident that the capacity for them to access guidance on claims from insurers has somewhat waned across the wider market, so we hope to help re-invigorate that.
We look forward to the participation of brokers at our upcoming Claims Clinic roadshow. During this event, our team will be sharing a wealth of expertise, providing valuable guidance, and offering essential resources, particularly on the importance of roadside claims reporting.