Subsidence View - October 2015
Subsidence View: Issue 5 October 2015
The week of October 5th to 9th is National Customer Service week. Following hot on the heels of a new survey by Engine which found the insurance sector is ranked as one of the worst industries for customer experience (read more here), how is the subsidence sector doing when it comes to the customer?
With only 70% of spring rainfall in the clay soil areas of the south east, followed by record temperatures in July, the insurance industry was gearing up for a potential surge of subsidence claims for the first time since 2003. A wet and cold August brought properties back from the brink - the MORECS soil moisture deficit reducing significantly - with early indications suggesting that claims numbers in the 2nd half of the year will be only 10%-20% above numbers received Jan to July.
But could the subsidence industry have handled any more than this in 2015?
During the period 2011 to 2014, ABI figures for subsidence claims reported have reduced each year. However, upheld complaints to the FOS on subsidence more than doubled between 2011 and 2013, and although absolute numbers reduced slightly in 2014 the upheld rate continues to increase year on year, from 44% in 2011 to 59% in 2014.
Commenting on the figures BVS Subsidence Director Giles Carter said: "It is shocking to see that the subsidence industry is still failing to deliver on its service to customers. The Financial Ombudsman Service say that the main reason for the steep rise in complaints is that claims are taking too long to resolve, but their comments appear to continue to fall on deaf ears? Antiquated technology and archaic processes mean many of our competitors are unable to deliver the service that customers expect, and a surge in 2015 may have seen some simply unable to cope".
State of the art IT facilities enable BVS to optimise the customer journey
Giles continued: "Customers who are unfortunate enough to suffer from subsidence are getting a raw deal. This is why we recently launched BVS Subsidence, to extend our proven track record on customer satisfaction, to a subsidence sector badly in need of help."
"At BVS we are extremely proud of our customer satisfaction rating. We consistently exceed 98% and we firmly believe this is due to our customer focussed technically advanced approach to claim management. We can reduce the claim life cycle, provide complete transparency and at the same time offer great customer service with a cost effective solution tailored to meet our client's exact requirements. Insurers need to ensure they employ the skills of suppliers who can deliver a similar approach on subsidence."
Perhaps National Customer Service week 2015 is the right time for everyone involved in subsidence claim handling solutions to start to put the customer first?
Building Validation Solutions new division – BVS Subsidence has a new and innovative approach to handling subsidence claims. If you would like to talk to us about how we could make a difference for you and your customers, please contact Giles Carter at email@example.com