4 Ways to Speed Up the Insurance Restoration Process

Kathryn brill | November 12, 2019

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The busy season for insurance restoration can be a chaotic time. Work starts coming in all at once, and your crews are juggling multiple projects. Meanwhile, your field team is trying to close more sales, meet with more homeowners and get paid quickly. This hectic period is no time for delays or slowdowns. But in the course of your work day, you can run into many speed bumps. Paperwork can get lost or misplaced.

Spotlight

Vericlaim UK Ltd

Founded in 2009, Vericlaim is a practitioner-led loss adjusting house which specialises in loss adjusting within the commercial claims and mid/high net worth sectors, the management of corporate claims programmes, and the resolution of major and complex claims. In the UK we operate from thirteen locations including London City, Birmingham, Bristol, Belfast, Chelmsford, Glasgow, Leeds, Manchester, and Uxbridge. The head office is situated at No 1, Alie Street, London E1 8DE. From a standing start with 44 staff in February 2010 our current headcount is now over 230, of whom 151 are professional claims handlers and adjusters. Many are qualified or multi–qualified, bringing a breadth of knowledge and expertise to the resolution of our clients’ claims.

OTHER ARTICLES

The role of AI in enhancing claims experience for Insurance customers

Article | February 12, 2020

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

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Working From Home: What You Need to Know About Insurance Coverage

Article | March 30, 2020

During these unprecedented times, the everyday norm is shifting for most Americans. Commutes have become a simple walk down to the coffee maker instead of the usual 15-30 minute drive from home. With much of the workforce working remotely, likely from a home office, it is important that you are protected from further unexpected exposures. Most homeowner and renters insurance policies limit coverage, so discussing business exposures with your agent to ensure proper coverage is in place is a must.

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Can AI Solve Health Insurance Fraud?

Article | February 18, 2020

Insurance fraud scams seem to make the news at least every month, as organized criminals seek to exploit the way insurers reimburse clinics, pharmacies and other providers for their services. What’s often shocking is how much money fraudsters can steal from insurers before they’re caught. Recently, in a single month, two separate alleged fraud rings based in California were busted for scams that investigators say netted $20 million or more.

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Will your insurance IT investments pay off?

Article | April 12, 2021

Automated claims processing, price comparison platforms, mobile bill paying—these are just some of the digital services that insurance customers expect and insurers want to provide. As the demand for digital skyrockets, so does the need for insurers to invest in IT. In the past seven years, the share of IT in total operating costs of property-and-casualty (P&C) insurers increased 22 percent. The rise of digital means technology is no longer a cost center. Rather, it is an asset that, if managed well, can increase growth and profitability. But do these IT investments pay off? As the COVID-19 pandemic exacerbates already increasing cost pressures, insurers’ IT budgets are under scrutiny; they want to see the business impact of their IT investments. Insurers with targeted IT investments achieve better growth and performance Data from McKinsey’s Insurance 360° benchmarking survey provide strong evidence of the positive business impact of targeted IT investments. In fact, insurers that invest more in technology outpace competitors that don’t pursue targeted investments in business measures such as gross written premium (GWP) growth, return to shareholders, and expense and loss ratio (exhibit). As an example, in life insurance, companies that invested more in IT saw a greater reduction in expense ratios (by 2.0 percentage points) and higher returns on technical reserves2 (1.7 percentage points) when compared with insurers with lower IT investments. Insurers achieved these outcomes within three to five years of making their investments. For P&C insurers, those with high IT investments achieved approximately twice the top-line GWP growth of low IT investors. High IT investments also produced a greater reduction in combined ratios when compared with those with low IT investment. Four areas for targeted IT investment So what kinds of technology investments can help insurers achieve growth and improve productivity and performance? Investments in four areas are critical: Marketing and sales: Marketing technology solutions can increase sales and processing efficiency, improve the quality of core customer-facing processes such as policy inquiries and policy applications, and improve customers’ overall experiences. McKinsey’s Insurance 360° benchmarking data show that tech investments in this category can facilitate top-line growth for P&C insurers by up to 20–40 percent; for life insurers, that growth could be 10–25 percent over a three- to five-year period. Underwriting and pricing: Automated underwriting fraud detection can improve the likelihood that insurers correctly identify fraud and set accurate prices. A pricing tool kit that analyzes pricing across competitors and enables a flexible, more segmented market versus technical pricing further improves profit margins. Insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 10–15 percent in P&C insurance and 3–5 percent in life insurance. Policy servicing: Workflow automation, artificial intelligence–based decision support, and user experience technologies in policy servicing and within IT can improve the customer self-service experience and automate back-office processes, thus reducing IT and operations expenses. And state-of-the-art self-servicing options will reduce processing times and even improve customer experience. An analysis of programs for large-scale insurance IT modernization finds that insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 5–10 percent in P&C insurance and 10–15 percent in life insurance. Claims: P&C insurers can use automated case processing—machine-learning technology trained to process basic claims cases—to segment more complex cases and significantly improve claims accuracy. Combined with better partner integration and steering technologies embedded in a transformation of the claims operating model, such technologies can help P&C insurers improve profit margins by 25–40 percent, according to McKinsey analysis of large-scale IT modernization programs. To realize the full value of IT investments, insurers must strategically allocate their resources and view tech as an asset, not a tool.

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Spotlight

Vericlaim UK Ltd

Founded in 2009, Vericlaim is a practitioner-led loss adjusting house which specialises in loss adjusting within the commercial claims and mid/high net worth sectors, the management of corporate claims programmes, and the resolution of major and complex claims. In the UK we operate from thirteen locations including London City, Birmingham, Bristol, Belfast, Chelmsford, Glasgow, Leeds, Manchester, and Uxbridge. The head office is situated at No 1, Alie Street, London E1 8DE. From a standing start with 44 staff in February 2010 our current headcount is now over 230, of whom 151 are professional claims handlers and adjusters. Many are qualified or multi–qualified, bringing a breadth of knowledge and expertise to the resolution of our clients’ claims.

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