We’ve spoken to a lot of organisations recently about some of the more challenging issues facing the loss adjusting and insurance industry. The demands of digital transformation being one of the stand-out issues.
Loss Adjusters are facing a slowing volume of business from their customers - the insurers. Two key reasons for this dwindling volume are that insurers are bringing the loss adjusting function back in-house and also changing how they process claims of $8,000 or less. With that size claim representing around 80% of the total, insurers are now either settling them as a cash payments to the policy holder, allocating structural claims directly to builders who, in-part, perform a loss adjusting role or handing remediation directly to a supplier (e.g. a carpet cleaner), bypassing loss adjusting as a discrete function.
While this has caused the traditional volume of work to diminish, there are opportunities available for loss adjusters to adapt to these changes and leverage them to their advantage. One of the greatest opportunities can be found in the adoption of new technologies and smarter processes. Mobile enabled loss assessment applications allow the onsite loss adjuster to report back real time from the loss event, and in the case of a catastrophe, it enables the coordination of many loss adjusters in the field, all providing digital images or video of the overall scene and verification and quantification of loss quickly and efficiently.
In the event of a natural disaster, claims tend to be in excess of $8,000, they are generally more complex and require a skilled loss adjuster to quickly and accurately quantify the loss. Catastrophes also represent a spike in claim volume and most insurers simply do not have the man power to cope.
This is when a professional loss adjuster with mobile loss assessment technology can step in to save the day. The combination of technology, loss assessment skills and experience enables professional loss adjusters to provide a fast, efficient and accurate service to the insurance companies. Of course, this premium service is valued by the insurance companies who, when dealing with a natural disaster generated portfolio of claims, are rightly focussed on maximising the customer experience out to the effected policy holders.
BTP’s Virtuoso suite has been proven in the field and users are reporting increases in productivity of up to 57% while reducing the overall claim processing lifecycle by up to 45%. So, while loss adjusters may no longer see the volume of work coming from insurance companies that they once did, there’s the opportunity to combine smarter processes, technology and their unique skill set to continue to make their services relevant and attractive to the insurance companies.