The Insurance Situation
$170B Australian Construction Industry
$42B Residential and Small Commercial Construction
$4.2B Insurance Industry Work
$840M Insurance Leakage
The construction industry in Australia accounts for over 10% of GDP and is worth $170B
Residential and small commercial alterations, general repairs and renovations account for approximately 25% of construction industry turnover at $42B
Insurance claims represent approximately 10% of this spend at $4.2B
The insurance industry estimates that between 20-25% of this $4.2B can be considered as 'leakage'.
This industry 'leakage' is thought to be as high as $840m.
Leakage is mainly due to inadequate understanding of insurers liability, scope creep and accuracy of professional scope production.
The intention is to create a framework for how repair work is identified, scoped and quantified in order to ensure adherence to a risk carrier's claims philosophy, construction method and legislation process.
The net result will be to improve consistency when building a scope of work and help reduce the amount of variation requests whilst consistently aligning with Insurance Code of Practice
Consistency and transparency when producing a scope of work will ensure the policy holder is treated in a fair and unbiased manner making sure they derive correct benefit of cover as provided for under their policy.
- Personalised service
- Brand reputation
- Insurance expertise
- Scoping independence
- Fast turnaround of estimates
Drive Value By
- 'Once and done' processing
- Minimised leakage
- Consistency and accuracy
- Quality control processes
- Independently researched pricing
Our Clients To
- Remove friction and complexity
- Provide transparency
- Reduce claim cycle times
- Deliver fast and accurate reporting
- Improve the insured party's claim experience