Claims inflation is skyrocketing in the motor and property arenas—but why?
And how data can help insurance providers improve efficiencies, reduce costs and enhance the customer experience?
We ask Kajal Vakas (pictured), senior manager, claims, LexisNexis Risk Solutions, Insurance, UK and Ireland.
CM: What do you see as the main contributory factors to claims inflation in motor insurance?
KV: Global issues are having a trickle-down effect on claims inflation. We are still feeling the effects of the lack of vehicle production during the pandemic, and more recently, the Russia/Ukraine conflict delaying production of many car parts. Meanwhile, Brexit has impacted the available workforce, so as well as seeing parts inflation, labour costs have increased, too.