For Credit Hire Organisations (CHOs), time is everything. When a claimant needs a replacement vehicle after an accident, insurers demand proof of impecuniosity. But proving a claimant cannot reasonably afford to hire a car without financial hardship is a slow and frustrating process.
Right now, outdated methods are creating bottlenecks:
- Delayed Claims Processing – Insurers set strict deadlines. If proof isn’t provided fast enough, the claim can be rejected outright.
- Paperwork Overload – Sifting through months of PDF bank statements eats up admin time and introduces human error.
- Payment Disputes – Without structured, standardised proof, insurers often challenge claims, causing further delays and cash flow issues.
Every delay affects both CHOs and claimants. A taxi driver who relies on their car to earn a living can’t afford to be off the road for days while financial proof is gathered. And for CHOs, every slow claim means revenue stuck in limbo—hurting cash flow, operations, and customer service.
The business impact of slow financial proofing
🔍 How much are slow processes costing CHOs?
- Claim disputes drag on for weeks, delaying payouts. Insurers are far more likely to challenge cases where financial proof is incomplete or unclear.
- More than 30% of impecuniosity claims are rejected or delayed due to missing, inconsistent, or slow-to-process financial evidence.
- Every extra day in processing costs CHOs money. Delays impact relationships with insurers and can lead to lower acceptance rates over time.
Why CHOs need a faster way to prove impecuniosity
- Prove impecuniosity in minutes – No more chasing paperwork, manual calculations, or unnecessary delays.
- Improve acceptance rates – Clear, standardised financial data makes it harder for insurers to push back on claims.
- Reduce admin time – Free up internal teams from handling stacks of documents and focus on case resolution.
- Get paid faster – Smoother claims mean fewer delays and quicker payouts, improving cash flow.
- CHOs already using digital impecuniosity proofing have cut processing times by up to 80%, resolving claims in minutes rather than days.
Are CHOs ready for digital transformation?
Many CHOs are still relying on manual processes that haven’t changed in years. But as insurers increasingly demand faster, standardised financial proof, CHOs that delay digital adoption risk:
- Higher rejection rates – Insurers are less willing to accept slow, paper-based financial proof.
- Longer payment cycles – The slower the process, the longer CHOs wait to receive funds.
- Falling behind competitors – CHOs using digital solutions are settling claims faster and building stronger relationships with insurers.
For CHOs, staying ahead of industry expectations means ensuring impecuniosity proofing is smooth, fast, and reliable, without unnecessary delays or inefficiencies.
A smarter, more efficient approach
With insurers tightening expectations on financial proofing, CHOs need solutions that speed up decision-making while maintaining compliance and accuracy.
Atto provides a direct, first-party connection to a claimant’s bank, eliminating delays caused by reliance on third-party aggregators. CHOs using Atto benefit from:
- Direct, First-Party Open Banking Data – As an FCA-regulated AISP, Atto connects directly to a claimant’s bank, ensuring data integrity without relying on intermediaries.
- Real-Time Insights – Instantly verify income, affordability, and spending patterns within minutes—reducing claim delays and insurer pushback.
- A Dedicated Dashboard – A centralised platform designed for CHOs, removing the need for multiple tools, manual document handling, or additional verification processes.
- Compliance & Security First – As an FCA-authorised provider, Atto ensures the highest levels of data protection while avoiding reliance on credit agencies.
The industry is shifting towards faster, more secure, and automated impecuniosity proofing. CHOs that embrace digital solutions now will be the ones leading the way in efficiency, insurer trust, and faster claim approvals.
💬 Is your organisation still relying on manual financial proofing? How are you handling insurer demands for faster claim validation? Let’s discuss the future of impecuniosity proofing in credit hire.
