We have all heard about the way insurance companies and accident claims bandits rip us off when it comes to the costs of accidents.
Now the largest accident repair specialist has teamed up with an insurance company to try and work together to reduce the time, and therefore cost of accidents. We spoke exclusively to Nationwide and its Chief Executive pointed out that his company makes a smaller profit from spending days working on each damaged car than a claims management company makes from a couple of phone calls.
Nationwide's idea is that they reduce the key-to-key time (the time Nationwide take possession of the keys to the vehicle, to the time the keys and car are returned to the vehicle's owner). They have agreed incentives with Groupama, an insurance company, to encourage quick solutions, rather than the normal pattern of claim and counter-claim.
Since the incentive started in January 2012, 58% of Nationwide's network of repair centres have achieved a key-to-key time inside 10 days, one third of which are inside 6 days. This is good news for both the customer, who obviously gets their car back quicker, but also for insurance costs. The fewer the number of days a car is off the road, the fewer the number of days a replacement car has to be hired.
Darren Wills, Claims Director Groupama Insurance adds "Groupama and Nationwide have employed a very different, collaborative approach to the insurer-repairer partnership which has proven to be much more beneficial for both parties."