SOURCE: Enservio

Enservio

December 22, 2009 08:56 ET

Enservio Announces 2010 Contents Claims Trends and Predictions

2010 Will Be "The Year of Contents" as Insurance Carriers Roll Out New Contents Claims Products and Services to Enhance Homeowners Insurance Offerings

NATICK, MA--(Marketwire - December 22, 2009) - Enservio (www.enservio.com), the nation's leading provider of contents inventory creation, valuation and replacement services and software, today announced its 2010 contents claims trends and predictions.

"Homeowners products have been a loss leader for insurance carriers for the past decade, due mainly to inaccurate and inefficient contents claims processes, but new technologies and services have emerged that are helping carriers overcome homeowner policy economics," said Jon McNeil, CEO of Enservio. "Now that more sophisticated processes and detailed analyses are available, carriers and chief claims officers see contents claims as a compelling opportunity to finally put homeowners offerings on track for profitability."

Enservio predicts that 2010 will be "The Year of Contents" as insurance carriers implement strategic new technology, services and product innovations focused on improving the accuracy and efficiency of contents claims as outlined by the following trends and predictions:

Contents Excellence Goes Mainstream -- As the economy lurches out of the recession, insurance carriers are under tremendous pressure to find new ways to cut costs, improve efficiencies and position themselves for the recovery. Early adopters of contents claims solutions have dramatically reduced costs and improved customer satisfaction due to more accurate and swift contents claims resolution. An increasing number of carriers and chief claims officers are taking notice, which will lead to wider implementation of contents claims solutions in 2010 -- the year when contents excellence goes mainstream.

Carriers Will Lift Homeowners Products Out of the Red with Contents Claims Solutions -- The spend on personal lines for contents totals more than $7 billion annually, yet many insurance carriers still lack clear strategies for handling contents claims. Carriers taking advantage of contents claims technology and service solutions will be able to realize up 20-30 percent improvement in the accuracy of contents claims settlements. Claims will also be completed in a matter of days rather than months -- significantly boosting customer satisfaction, loyalty and retention rates. These improvements will help carriers lift homeowners products out of the red and into the black.

Contents Claims Innovations Will Help Carriers Diversify Homeowner Products -- Current homeowners products on the market offer consumers few options for customizing their coverage to match their personal needs or unique financial profiles. In a manner similar to auto insurance products, carriers will introduce new options and services for homeowners insurance, with new contents claims innovations as the main driver for product diversification. Improved contents claims services will allow carriers to offer homeowners distinct levels of contents replacement packages and services, such as:

--  Contents Concierge Services for handling every step of the contents
    inventory, valuation and replacement process for the customer.
--  Access to online and brick-and-mortar retail stores for deep discounts on
    elective replacement of content items.
--  Specialized contents service offerings to protect the investments of high
    net worth individuals with rare, valuable items in their homes such as
    artwork and collectibles.
    

Many carriers are also beginning to look at contents coverage offerings for renters, another growth opportunity that new contents claims solutions put within reach.

Contents Claims Will Drive Insurance Industry Job Growth -- Carriers have already begun to create specialized business units and personnel for handling contents claims and replacement services, and that trend will gain momentum in 2010. The growing number of new contents-focused product offerings are going to require more personnel for managing and marketing these new services. What is more, the cost savings and improved efficiencies ushered in by growing adoption of contents claims solutions will sustain new job growth opportunities while also improving the bottom line for carriers.

About Enservio

Enservio is the market leader in contents inventory creation, valuation and replacement. We provide software and services to property insurance carriers and their policy holders nationwide. Founded in 2004, we are headquartered near Boston, with offices and professional staff across the United States. For additional information, please visit the company's web site www.enservio.com or call 888.567.7557

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