The credit hire industry is set for massive change, according to a new report published by leading UK motor claims support services provider Gemini Vehicle Solutions. Writing in a newly released research paper, 'Life After Credit Hire?' Eddie Longworth, Managing Director of Gemini Vehicle Solutions, argues that structural, financial and client relationships are all set for massive change in the credit hire industry.
The paper suggests that the case for better treatment of policyholders involved in a road traffic accident that is not their fault is now a universally accepted principle. This means that insurers are now seeking to control this market after the realisation that it is better to 'out service' the competition rather than fight endless legal battles. This new approach by insurers will see the cost effective and efficient provision of mobility solutions to all those policyholders that need them.
Eddie Longworth believes that this will mark the end of the traditional approach to credit hire: "We may even see the day when providing 'credit' to the non-fault policyholder almost becomes a thing of the past. Instead, pre-approved mobility solutions from the at-fault insurer will replace the current practices and service providers will need to be more competitive in their pricing models." He continues: "At the same time the advent of new technology and the ability to easily validate service provision means that margins will come under pressure. This will drive the need for greater operational efficiency on the part of service providers."
The report goes on to suggest that the advent of bi-lateral trading relationships between insurers and credit hire operators is further sign of a more integrated approach to the supply of mobility solutions to policyholders.
Eddie Longworth concludes: "Combining the tremendous benefits of Third Party Assistance programmes with pre-approved supply arrangements for the non fault policyholder is part of the way forward. Add to this the standard supply arrangements for at-fault policyholders and it is easy to see that the overwhelming majority of mobility needs will be met through co-operative and cost effective means."
To download a copy of the research paper 'Life After Credit Hire?'
About Gemini Vehicle Solutions Ltd
Gemini Vehicle Solutions Ltd (geminivehiclesolutions.co.uk) is a provider of motor claims support services to the insurer, broker and intermediary sectors. Our objective is to deliver competitive advantage to our corporate clients and extraordinary service to their policyholders and customers. Building on a platform of continuous innovation, transparency and trust, Gemini has rapidly become a leading provider of niche services including credit hire, third party assistance and repair management programmes.
Gemini Vehicle Solutions Ltd
Gemini House, Stourport Road, Kidderminster, DY11 7QL
T: 01562 749390
Submitted by NeonDrum on behalf of Gemini vehicle Solutions
Nicky Denovan / T: +44 7747 017654.