Be wary of theft, is the warning from digital home insurer Policy Expert.
Citing its claims data for the first half of 2019, the provider said theft or attempted theft now makes up 20% of Policy Expert’s accepted home insurance claims. This represents a continuing climb from 15% in 2013 and 18% last year, meaning theft’s one-fifth share of the claims pie is the highest percentage recorded by Policy Expert.
In fact, according to the insurer, theft has now become its second biggest source of claims. It has overtaken escape of water, which stands at number three. Topping the claims board is accidental damage.
Meanwhile, Policy Expert co-founder and chief operating officer Adam Powell (pictured) believes rising theft makes it vital that the insurance industry gets the basics right when assessing risk and ensuring households have the appropriate coverage.
“Our proprietary software and in-house data analytics ensure we understand risk profiles at a granular level, down to individual properties and customers, to keep pricing low,” noted Powell.
“We’ve also engineered our customer journey to re-confirm that consumers have chosen the right level of cover for their property and possession, to minimise instances of re-pricing, cancellations, and unsuccessful claims after the point of purchase.”