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Record High Motor Insurance Premiums

SOURCE: ABI

Insurance premiums have reached their highest recorded level, according to the ABI. The insurance body says the increase has been caused by the combined effect of a rise in repair costs, increases in Insurance Premium Tax and a continued rise in whiplash-style claims.

Premiums rose by more than five times the rate of inflation in 2016, with the average premium now costing £462. Further rises could come if the Ministry of Justice goes ahead with plans to reduce the discount rate for insurance payouts.

One reason for the increase in premiums is a rise in the cost of repairs because of cars’ increasingly sophisticated electronics. Another is that buying spare parts is getting more expensive because of the weakness of the pound. The average repair bill has risen by 32 per cent in the past three years, the ABI said.

Rob Cummings, the ABI’s assistant director and head of motor and liability, said: “These continue to be tough times for honest motorists. They are bearing the brunt of a cocktail of rising costs associated with increasing whiplash-style claims, rising repair bills and a higher rate of Insurance Premium Tax.

"The sudden decision to review the discount rate has the potential to turn a drama into a crisis, with a significant cut throwing fuel on the fire in terms of premiums.”

Fun night out bowling

RDT’s 2017 social calendar kicked off last night with a visit to our local ten pin bowling alley.  Twenty-two staff members from the Kings Hill office spent the evening engaged in intense competition, with Will O’Shea coming out on top with the highest score of 189.

The evening was thoroughly enjoyed by all and was organised by our new Administration Services Manager, Maggie Chapman.  You’ll be able to learn more about Maggie in our Employee Spotlight later in the month.

Digital distribution and the rise of the ‘Nomad’

Accenture has highlighted the rise of a distinct group of insurance customers whose focus is resolutely digital and mobile.

In a report released this month titled The Voice of the Customer: Identifying Disruptive Opportunities in Insurance Distribution, the consultancy firm identify a growing number of people – particularly so-called millennials – who want to purchase insurance in the same way they buy consumer products.

Accenture surveyed more than 30,000 people and divided them into groups according to digital experiences and preferences. The term ‘Nomad’ was used for the most digitally active group, who wanted speedy access to insurance through smartphones and other mobile technology.

Nomads are drawn to pay-per-use insurance, especially for cars, and want the convenience and immediacy of buying online. As Accenture points out, the future of distribution will increasingly be shaped by this group. The report states: “To remain relevant and become an everyday insurer, carriers need to change their business model from one that is product- and process-driven to one in which the customer is central, data and analytics drive most decisions and experiences, and the key enablers are advanced technologies”.

RDT builds the technologies that are redefining user experience and giving providers greater focus and accuracy. We’ve done it with Equator, which centralises rates and enriches data, and now we've created technology that directly addresses the needs of Nomads. A good example is Trice, RDT’s groundbreaking app, developed for Trice Insurance and unveiled at the InsurTech Rising conference last November.