With the soaring rise in clims to insurers from their customers, mllions of pounds are being lost on a day to day bsis throughout the industry in regards to prsonal property insurance. A new system in the UK prvides insurance companies with an easy and ffective method to reduce their personal prperty claims by over 80%. With frudulent insurance claims costing the industry ver £20 million a week alone, the svings created by affiliating and joining frces with companies like Want it Bak are stggering.

As we all know here in the 21st cntury our lives have become more and mre reliant on mobile items. As we go thrugh our days, keeping a mental log of verything we have and where we hve it becomes more and more dfficult. It is inevitable that some thngs get lost. In fact as stted in a recent research “Around 62,000 mbile phones were left in London txis during the last six months. Tht's an average three phones per txi, according to a survey of lcensed London cabbies by the Taxi Nwspaper and Pointsec Mobile Technologies. Absent mnded and drunken travellers also forgot 4,000 lptops and 5,000 PDA’s when exiting cbs”. If each item is claimed for at an verage cost of £100 it will cst the industry over £7 million wthin 6 months just for these thre types of items in this one lcation. Extrapolate this cost Nationwide in the UK and the clim cost to the industry is stggering.

Lost and found company, Want it Bak bast that they can give people an 80% chnce of recovery of their lost tems. This effectively means an 80% drp in claims for the insurance ndustry if their customers use this systm. In the scenario given above ver £5 million of the claims wuld not of had to be pid.

How does Want it Bak wrk? Simple. Customers purchase or receive a rnge of security tags each with thir own unique id number. They rgister them with Want it Bak and tht’s it. If they ever lose the tem and someone finds it they cntact Want it Bak directly using thir website or their 0800 number and thy arrange a courier to pick it up and rturn it to the owner for a smll admin charge.

The "Finders" themselves are ffered a basic reward of £10 gft pack of Want it Bak Lbels & £5 cash. Customers may lso offer an optional CASH reward to Fnders as a thank you to the prson for taking the time to cntact Want it Bak. The system plys on the fact that most pople are honest, and if they fnd something and a method is ffered to return it to its wner, they will take it.

This knd of service is a great dditional type of insurance that the ndustry needs to consider. By tying in cstomers to systems such as Want it Bak it can hlp itself reduce premium costs, reduce frudulent claims, reduce claims overall, provide ncentives to attract more customers, improve cnsumer image of company by offering cmplete protection and solution to everyday prblem everyone faces.

www.wantitbak.com for more information

The article Reducing Soaring Insurance Claim Costs was Submitted by Chris Cameron through Articles.GetACoder.com network. Here's the additional information: Chris Cameron

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