Services
In 2023 Acumen launched our new Subsidence service line ‘SMART|SUBS by Acumen’, to provide insurers with a smart solution to address key issues such as high cost and long timescales that have persistently dogged the subsidence world.
We have observed over time how the subsidence market has moved in favour of volume-based service propositions, but with this, rigorous claim handling expertise has been diluted. We have also observed the impact of these trends on specialist Insurers. We recognise the need to personally understand and manage the different cover scenarios, whether it be liaising with a designated architect, or commercial/residential situations where various key stakeholders need to be kept closely involved and expectations managed. We appreciate the requirement to blend technical expertise with solid adjusting skills in addressing the impact of business interruption and consequential loss impacts.
With our wider Acumen Model experience in mind, and having over time talked in-depth to insurers and MGAs about their experiences and pain points in recent subsidence surges, we tasked ourselves to develop an Acumen Subsidence service line which would, like all Acumen services, be cost controlled and fully project managed by directly employed Chartered Surveyors. Over the last two years we have worked with some of the leading subsidence consultants in the industry to develop our now fully fledged subsidence solution.
Why is our solution SMART? We based our value proposition on four key factors:
We looked at FOS data around subsidence-related customer complaints, and identified key complaint types around service, timescales, technical inability, quality issues, and customer confusion and dissatisfaction with outcome.
We systematically addressed all of these issues in the way we have modelled our approach to subsidence claims.
Pain Points
We discussed pain points around customer service, timescales, and cost uncertainty/creep with a range of insurers and MGAs, and systematically addressed these issues in the way we have organised our approach to subsidence claims.
The current service offerings in the market clearly result in elongated life cycles; however, this is natural given the volume and process-led models suppliers operate.
This results in lower expertise, multiple hand-offs, and frequent failure demand. We have already identified these issues across other perils and can demonstrate how the Acumen model is able to apply a different approach and emphasis on what we believe are the critical phases in a claim.
We identified that the majority of issues arising from subsidence claims can be mitigated by deploying technical excellence at the front end to make the right decisions on site on day one – e.g. undertaking SI and reducing lifecycle on our first visit rather than send a low cost video enabled technician.
Our directly employed true subsidence expert will:
- Validate the claim.
- Establish and manage the key mitigation activities from the outset.
- Introduce new and innovative methods to achieve early mitigation.
- Establish quantum and scope.
- Establish accurate early reserve and apply proper reserve management.
- Nurture a supportive end-to-end relationship with the customer.
- Fully project manage the claim to completion.
The benefits of the Acumen expert early intervention and fully project managed approach to Subsidence will be significantly reduced costs, timescales, and customer complaints. Please look out for further information and announcements regarding our ‘SMART|SUBS by Acumen’ launch.
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