Nearly a quarter of businesses have seen a significant reduction in claims volumes in the last fortnight.
This is according to a live online poll carried out during ARC360’s webinar – 10 February – focusing on finance.
It found that 23% said they have experienced a significant decrease in volumes in recent weeks, with a further 38% also saying volumes had decreased, but only slightly.
Less than a third (30%) said volumes had remained static with only one in 10 reporting a slight (eight per cent) or significant (two per cent) increase.
61% report volumes below 60% normal
These difficult recent conditions have contributed to low overall volumes of claims and repairs, with 61% of respondents to another ARC360 poll reporting levels below 60% of normal – including eight per cent which said they had fallen below 40% of normal. Exactly a third of respondents put the figure at between 60 and 80%, with only six per cent saying they were above 80% and not one reporting a rise in claims volumes.
Reducing costs & cashflows a priority
Perhaps unsurprisingly then a third multiple choice poll, underscored the priority now being given to reducing costs, with 58% of respondents saying reducing overheads was a key financial focus and 36% saying it was reducing variable costs. Meanwhile, nearly a third (32%) said improving cashflow was a key focus.
Alongside this though, there was also considerable optimism with 30% seeking investment for either acquisition or growth, and 26% focused on finding the funding to support business development.
Financial focus
Meanwhile, the accusation that businesses in this sector are not always business-minded was not borne out by results of the fourth and final poll, which asked attendees if the last year had changed the way they manage their business finances.
More than a quarter (27%) said this was already a strong point before the pandemic, with 29% reporting a much sharper overall business focus and 36% saying their business focus had sharpened in certain areas.
ARC360, in association with I Love Claims, is supported by corporate partners BASF, BMS, Copart, EMACS, Entegral, Enterprise Rent-a-Car, Mirka, Nationwide Vehicle Recovery Assistance, S&G Response, Sherwin Williams and CAPS; partners asTech, The Green Parts Specialists, Indasa, Innovation Group and Prasco; and strategic partners AutoRaise; NBRA; RepairTalks; and TrendTracker.
