Reducing Soaring Insurance Claim Costs

With the soaring rise in claims to insurers from their customers, millions of pounds are being lost on a day to day basis throughout the industry in regards to personal property insurance. A new system in the UK provides insurance companies with an easy and effective method to reduce their personal property claims by over 80%. With fraudulent insurance claims costing the industry over £20 million a week alone, the savings created by affiliating and joining forces with companies like Want it Bak are staggering.

As we all know here in the 21st century our lives have become more and more reliant on mobile items. As we go through our days, keeping a mental log of everything we have and where we have it becomes more and more difficult. It is inevitable that some things get lost. In fact as stated in a recent research "Around 62,000 mobile phones were left in London taxis during the last six months. That's an average three phones per taxi, according to a survey of licensed London cabbies by the Taxi Newspaper and Pointsec Mobile Technologies. Absent minded and drunken travellers also forgot 4,000 laptops and 5,000 PDA's when exiting cabs". If each item is claimed for at an average cost of £100 it will cost the industry over £7 million within 6 months just for these three types of items in this one location. Extrapolate this cost Nationwide in the UK and the claim cost to the industry is staggering.

Lost and found company, Want it Bak boast that they can give people an 80% chance of recovery of their lost items. This effectively means an 80% drop in claims for the insurance industry if their customers use this system. In the scenario given above over £5 million of the claims would not of had to be paid.

How does Want it Bak work? Simple. Customers purchase or receive a range of security tags each with their own unique id number. They register them with Want it Bak and that's it. If they ever lose the item and someone finds it they contact Want it Bak directly using their website or their 0800 number and they arrange a courier to pick it up and return it to the owner for a small admin charge.

The "Finders" themselves are offered a basic reward of £10 gift pack of Want it Bak Labels & £5 cash. Customers may also offer an optional CASH reward to Finders as a thank you to the person for taking the time to contact Want it Bak. The system plays on the fact that most people are honest, and if they find something and a method is offered to return it to its owner, they will take it.

This kind of service is a great additional type of insurance that the industry needs to consider. By tying in customers to systems such as Want it Bak it can help itself reduce premium costs, reduce fraudulent claims, reduce claims overall, provide incentives to attract more customers, improve consumer image of company by offering complete protection and solution to everyday problem everyone faces.

www.wantitbak.com for more information

Chris Cameron

---

Types of Auto Insurance Coverage Explained

A question you might ask yourself is: why must we... Read More

Should I Buy Rental Car Insurance?

Rental car agencies have a menu of insurance policies they... Read More

Life Insurance Benefits

Life Insurance is a legal contract between you and a... Read More

Travel Health Insurance - Understand the Benefits

If you're planning an overseas trip, you need travel health... Read More

Motor Vehicle Accident Insurance Claim Guide

This is a FREE Insurance Claim GuideYour "Motor Vehicle" can... Read More

An Introduction to UK Home Insurance

Unlike motor cover, home insurance is not a legal requirement... Read More

Guide to Life Insurance Terms

Listed below is a useful guide to life insurance terms.... Read More

Protecting Your Expatriate Family

If you and your family relocate overseas, one of your... Read More

What is Home Insurance?

Home Insurance is designed to provide you with financial protection... Read More

Give Your Auto Policy a Tune-Up

When you originally purchased your auto insurance policy, you purchased... Read More

Used Car Insurance

Every state requires that drivers carry liability insurance. The liability... Read More

Discount Car Insurance Brokers - Get Amazing Comparisons

To get the cheapest possible quote for your car insurance,... Read More

Factors That Affect Your Car Insurance Premium

Many factors affect the premium you will pay for auto... Read More

Life Insurance, the Universe, and Everything

You may have noticed that life insurance is coming back... Read More

Theres No Problem Getting Texas Auto Insurance in Texas

Everything is big in Texas and so it is with... Read More

Life Settlement: Towards A Free Market for Life Insurance

The Life Settlement market is all about providing due access... Read More

Health Savings Account (HSA): Do I Lose It At the End of Each Year?

The Health Savings Account (HSA) is an amazing tool to... Read More

Health Insurance Online - Save Today

It is now possible to thoroughly research and buy health... Read More

Is Your Financial Security at Risk?

The topic of insurance is not sexy by any means.... Read More

Discount Insurance - Get Affordable Coverage For All Your Insurance Needs

Insurance is an important part of our lives. If you... Read More

What Does Buildings Insurance Cover?

You will find that your lender will insist that you... Read More

Health Savings Account (HSA): How Do I Invest It?

The Health Savings Account (HSA) is an amazing tool that... Read More

If You Rent A Home, Protect It By Buying Renters Insurance

Renters insurance is often overlooked by people who are renting... Read More

UK Young Driver Motor Insurance - Build Your Own No Claims Bonus or Insure through Your Parents

For may young drivers, affording the costs of motor insurance... Read More

Saving on Auto Insurance: The Road to Reduction

The road to saving on auto insurance is something that... Read More

Insurance Adjusters How They Work And How They Think

Here comes the insurance adjuster. Is he overly friendly? If... Read More

Senior Life Settlements- A New Financial Dawn Emerges

When delving deeper into the market-driven research on the myriads... Read More

Insurance For All Your Gadgets

Personalisation, Digitalisation, Mobilisation, these 3 words represent your life today.... Read More

Alternate Risk Transfer (ART) - Insurance Strategies

Risk ManagementAlternate Risk Transfer is a fancy way of saying... Read More

Choosing Long-Term Care Insurance

A little over sixty percent of the folks who reach... Read More

Cheap Health Insurance - Health Insurance for The Self Employed

If you're self employed, you may think of health insurance... Read More

Medical Bills - Evaluating Your Personal Injury Insurance Claim

The value of a personal injury claim has a direct... Read More

Finding California Truck Insurance

It's very easy to find California truck insurance on the... Read More