SOURCE: Enservio

Enservio

November 02, 2009 08:37 ET

Enservio Offers Insurance Carriers Top 5 Contents Claims Best Practices

Best Practices Help Carriers Accelerate the Claims Process, Improve Accuracy and Increase Customer Satisfaction

NATICK, MA--(Marketwire - November 2, 2009) - Enservio (www.enservio.com), the nation's leading provider of contents inventory creation, valuation and replacement services and software, today announced its Top 5 Contents Claims Best Practices to help insurance carriers accelerate the claims process, improve accuracy and increase customer satisfaction.

Contents claims strategies lacking among insurance carriers

The spend on personal lines for contents totals more than $7 billion annually, yet many insurance carriers lack clear strategies and processes for handling contents claims. Inefficiencies and inaccuracies that arise as a result cause the industry to suffer significant, unnecessary costs.

Carriers also put customer satisfaction and loyalty at risk.

Top 5 best practices for improving the contents claims process

Enservio recommends the following best practices to help carriers develop a strategy, solutions and processes for improving contents claims:

Take Contents Out of the Equation - Processing claims for property structures alone can be a lot for adjustors to handle, and contents claims can be even more complex. Take contents out of the equation by taking advantage of vendor technology and service solutions available on the market today that are focused solely on contents claims. These solutions can reduce the contents claims process from six months to three days or less.

Develop Distinct Strategies for Handling Large and Small Losses - Large, catastrophic losses can mean that all contents owned by an insured have been severely damaged or completely destroyed. Small losses -- which represent 75 percent of contents claims for carriers -- typically consist of 20 items or less. Clearly, different strategies, tools and services are needed for both scenarios, but many carriers fail to make this distinction. In order to handle both small and large loss claims as efficiently as possible, carriers need scalable software and services that support many simultaneous users and plug directly into the valuation and settlement process. This saves multiple steps and delays in cycle time while delivering the highest quality contents inventory and valuation.

Track and Know Your Data/Metrics - In order to constantly improve services and product offerings while also controlling costs, carriers need to understand customer behavior, contents claims trends and history. Carriers can unlock these insights by analyzing contents claims data and metrics over time. This information can help carriers improve services and identify new product and service offerings their customers need. Carriers can also improve fraud detection. Leading contents claims vendors can provide the software tools and technologies that help carriers track, measure and analyze such trends.

Build Customer Trust and Loyalty - Insurance claims due to losses large or small are often stressful and can be traumatic for customers. Many consumers are unaware of how challenging the contents claims process can be and are surprised to find that most carriers rely on them to conduct their own contents inventory after a loss has occurred. Carriers can build customer trust and loyalty by offering contents claims tools and services that take some of the burden off of insureds -- providing on site field experts who can help with the inventory and valuation process, or do-it-yourself tools that use the phone or the Internet to simplify the process. Your customers will appreciate the fast and accurate settlements they receive.

Ensure Accurate Contents Valuation - Accurate contents valuation ensures transparency and protects both carriers and their customers. Even in the cases when a customer or claims adjustor creates a thorough inventory of lost contents, inaccurate valuation can cause carriers to bear unnecessary cost and generate poor customer satisfaction. It's also extremely difficult for adjustors to accurately gauge the value of the multitude of lost items in a home or business. Valuation accuracy and consistency, both within claims and across multiple claims, require centralized processes and valuation tools rather than the current practice of relying on claims adjusters to search the web for pricing information.

"Carriers that follow contents claims best practices realize dramatic cost savings while also improving customer satisfaction," said Jon McNeill, CEO of Enservio. "The challenge for many carriers is to develop the right mix of outsourced and in-house services, tools and technology for handling contents claims. That's where Enservio comes in. Our proven contents claims solutions can help carriers settle contents claims quickly, accurately and easily."

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