How does the discount rate cut affect your business?

on Mar 9, 17 • by • with No Comments

SmartWitness’ Insurance Partner Manager, Simon Dicks has been speaking to many insurers over the last few days about the Ogden rate ruling, made by the Ministry of Justice. n an emergency meeting between the Chancellor of the Exchequer, Philip Hammond, and 14 top insurance executives, the decision was made to cut...
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SmartWitness’ Insurance Partner Manager, Simon Dicks has been speaking to many insurers over the last few days about the Ogden rate ruling, made by the Ministry of Justice.

n an emergency meeting between the Chancellor of the Exchequer, Philip Hammond, and 14 top insurance executives, the decision was made to cut the Ogden rate, it has been described as both “reckless in the extreme” and “incredibly badly handled.

Due to the serious financial implications that are to follow, SmartWitness are advising and working in partnership with Insurers to protect Combined Operating Ratio’s, Loss Ratio’s and profits.

Concerns are more than justified, figures provided by LV show that a 25-year-old with a moderate brain injury awarded £100,000 per year for life, under the old system the total payment would be £3.1m, but under the new Ogden rate the payment to the same person would be £8m.

Instant notification of a loss with HD camera footage, within seconds of an incident occurring has never been as important, G-force graph showing impact force and angle is evidence to help mitigate claim costs.

With over 10 years’ industry experience SmartWitness understand the challenges faced by insurers – Simon’s 10-year history in Insurance before joining SmartWitness in 2015 puts SmartWitness right at the forefront of the industry.

Simon observed “The industry is ever changing, whip lash claims, crash for cash and now the rate ruling, SmartWitness have the advanced technology to aid our insurer partners in defending and mitigating claims.”

If you would like to discuss how we can protect your “Motor Books” with our proven technology please contact Simon Dicks on 07496 469 843 or simond@smartwitness.com

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