Credit Hire Aware 13

Our first credit hire publication of 2018 will be swiftly followed by our first credit hire roundtable event of the year on the 28th February in London. At the event we will focus on the learning from last year, but critically providing insight to best prepare for the year ahead (details coming soon).

In this edition, and in preparation for the roundtable, Neil Garrett, Head of New Business and Account Management at Audatex, provides insight into the challenges insurers face with the rising cost of repair. Analysis of the changing face of the UK repair market has been of particular interest to clients recently and Audatex are ideally placed to give a truly excellent insight.

Neil sets out the implications not only for the direct impact on increasing indemnity spend, but the impact on credit hire durations (and therefore cost) and what we can expect coming down the track to mitigate this. I am pleased to say Audatex will be joining Keoghs in London at our roundtable event to further assist our clients in preparing for, and managing, this claims inflation.

Also in this issue, Chris Clapp reviews the first half of 2017. Chris, our Client Support Manager, is now working on a full review of the second half of 2017 to enable full year benchmarking based on the c. 40,000 credit hire claims Keoghs handled in the last 12 months. We will again present a benchmarking report to clients in London at our event.

In our case handling section, we have given some background to our experience of handling taxi claims. Often an area that receives the most questions in surgeries and training sessions at insurers, we have looked to give specific examples of how with good investigations, good results can be achieved.

Finally, partner Fraser McAndry sets out his review of the last 12 months in the fraud arena. With the volume of credit hire claims we now have passing through the Keoghs intel function and data analytics tools, Keoghs is in a unique position to provide insight to insurers in this area. We know these claims, and those presenting them are not representative of the majority of CHOs in the market. However in 2017 Keoghs alone repudiated £2.5million in claims for our clients. In February Fraser will as ever be present in London to talk to customers about how insurers can set up to identify fraud more effectively to challenge these claims.