We have noticed that there have been numerous responses written in relation to an article in Post Magazine last week that looked at the total amount of expenses incurred in dealing with claims by home insurers in 2014.
The report noted that the amount paid in expenses outstripped the cost of claims for home insurers, for the first time on record.
The £2.5bn paid out in total by home insurers in 2014 was the lowest amount since 2004, however that was eclipsed by the almost £2.6bn that was paid in expenses.
We looked at our own data for the last 12 months to see how we compare, and if the findings differ with our performance.
Chris Brown, managing director at BVS explains:
"Using data extracted from our claims management system – Metrix™
- we have discovered that over the past 12 months the fee spend on all claims handled by BVS, equates to only 20% of overall indemnity spend, for every £10 our customers spend on claims they only spend £2 in fees with BVS."
"It's interesting to note that our findings differ significantly with the national average, great to see that our model is certainly working."