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Insurers are grappling with rising escape of water claims costs. One of the most common types of domestic property damage claims, insurers are paying out an estimated 2.5 million every day, according to the ABI. While most claims are genuine, fraudulent claims in property are on the rise with the ABI reporting that in 2019 there were 27,000 dishonest claims detected worth £124million – a rise of 30% in number and 8% in value in 2018.

Technology can play a key role in providing insurers with better oversight of the claims process as they have all the information they need in one place, while also proving direct customer service, reducing claim lifecycles and leakage to lower costs.

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