Instead of the nominal average of 21 days to agree a write-off claim, CAP Market Value Management points to average three-day settlement times.
CAP says the unidentified insurers represent nearly one third of the UK motor insurance sector.
Final settlements are an industry performance benchmark. The longer they take, the higher the insurer’s related costs, including storage, car hire and administration. Drawn out claims periods can also lead to higher settlements as consumers’ expectation levels rise.
MVM manager Colin Whelan says the web-based valuation system can reduce disputes, satisfy expectation and restore brand loyalty.