Claims resolution specialist InterResolve is offering to slash insurers' claims costs with a price guarantee for experts' fees.
The guarantee, which InterResolve claims is the first of its type in the UK, means that costs for straightforward personal injury claims settled under the company's bodily injury claims resolution scheme will be fixed at a maximum of £800.
This fee will include legal advice for claimants, medical fees, anti-fraud checks, rehabilitation assessments, any settlement mediation and InterResolve's own costs.
InterResolve said the £800 limit represented a saving of 80% for insurers on the average claimant costs. According to the ABI, these are in the region of £4,300.
The company said more complex claims would also be covered by a similar costs guarantee, which it claimed equated to a saving of around 45% when compared to ABI figures.
Peter Ashdown-Barr, chief executive of InterResolve, said: "With the majority of personal injury claims being straightforward, legitimate claims don't need a litigation process with thousands of pounds of cost and lengthy delays, they need to be settled."
The company also announced this week that AXA is now piloting the scheme.
The insurer's decision to work with InterResolve comes less than two months after the company launched a fast track compensation scheme with law firm Russell Jones & Walker called Claimsense.
The InterResolve Scheme enables insurers to start their claims investigations much earlier. It checks for fraud or exaggerated claims and provides claimants with access to independent legal advice.