For example, if Jane Bloggs discovers a leak in her ceiling, using Pact™ current CaaS platform she opens her app, starts a claim and is asked to take a video recording of the leak. At the start of the recording Pact™ marries the Global Positioning System (GPS) of the device against the coordinates of the property she is claiming for. This verifies that she is in the correct property when she made the recording. The handler then has confirmation of damage to the claimed for property.
When loss adjusters are sent to inspect damage, they command inspection fees of approximately £250 per claim. Once they’ve taken some pictures, they return to their offices to calculate repair costs. Once they receive a repair quote from their supplier the loss adjuster will add as much as 30% to the repair cost for handling the process. With average property claim pay outs of £2,520 the loss adjuster is receiving £931, taking 37% of the claim.
Returning to our example, Pact™ current CaaS platform removes the need for the inspection as the recording can be confidently passed to the loss adjuster to review the damage only requiring repair costs, saving the £250 inspection fee.
As Pact™ evolves it’s AI, we plan to use the ‘big data’, collected and given to us by our partners to further automate this service. Our AI will be able to take these recordings and apply them against historically paid claims, mapping them by area to give an estimate of repair costs. The claims handler can then pass this to their preferred repair service. Over time we plan on working with partners like checkatrade.com to supply reputable tradesman to undertake the repairs, completely removing the loss adjuster role. This gives work to local tradesman, which is currently handled by larger corporates who charge more expensive fees.
In April 2019 Aviva released the information that they had paid out 88,200 claims. We estimate that we could have saved them roughly £22m in inspection fees alone, which will increase to approximately £88m when removing the loss adjuster completely.