NEEDHAM, MA--(Marketwired - Jan 13, 2014) - Enservio, Inc. (www.enservio.com), the leading provider of contents inventory, valuation, and payment services for property insurers, today announced it achieved greater than 50 percent revenue growth since 2011. The company attributes its continued success to new software and service offerings that give insurers the ability to deliver a superior claims experience while driving customer loyalty.
"Our goal has always been to help insurers solve one of the biggest issues in property insurance -- quantifying and valuing what's inside a policyholder's home or business," said Jon McNeill, Enservio CEO. "This visibility into what's inside a property gives carriers a powerful advantage in right-pricing policies upfront, settling claims quickly and accurately, keeping customers happy, and lowering premiums and risk for the entire industry."
Highlights of 2013 included the introduction of the ContentsExpress™ Software as a Service application for adjusters, a U.S. patent that enables a more secure claim settlement on a debit card, a new payments feature called QuickStart, and the launch of the EnservioIQ™ consulting practice. Enservio also received several awards for its leadership and services, and formed a strategic partnership with the National Insurance Crime Bureau (NICB) to assist in insurance fraud detection and prevention.
Enservio was awarded a US patent (#8,346,665) that marked the industry's first co-party activation debit card for insurance claims payments mimicking the security features of a check. The card requires both parties in a joint household to activate their cards individually in order for funds to be accessed, minimizing fraud. Already used to process over $300 million in transactions, the Enservio ReStore Payments™ solution covers all types of auto, property, liability and other claim settlements.
As an enhancement to the ReStore Payments platform, the company launched QuickStart, a self-service web portal where carriers and adjusters can go online to easily manage the set-up and provisioning of payments to claimants with minimal IT involvement. The solution significantly reduces the time required to deploy a payments system, streamlining the process for insurers and adjusters to get funds into the hands of claimants and settle quickly.
ContentsExpress, an innovative adjustment and online settlement application, was also introduced in 2013. ContentsExpress allows adjusters to receive, edit, and review contents claims. As an integrated portal, adjusters can collect and review insured inventories, receipts, and photos, adjust contents estimates, and issue contents settlement reports all for the purposes of driving an optimal settlement experience.
In July, the company rolled out EnservioIQ™ consulting services, a consulting practice that partners with insurers to improve the claims process with the goal of delivering a superior claims and settlement experience for policyholders that will help establish long-term loyalty and customer retention. Carriers also benefit by gaining additional visibility, process improvement, financial, and operational efficiencies from their claims processes.
Service on Site to the Rescue
During the worst storm system to strike the region since 2011, Enservio deployed its Service on Site (SOS) field inventory team to Moore, OK. The team worked closely with carriers and claimants to conduct onsite inventory and valuation services. Enservio rolled in a mobile RV office equipped with resources to help adjusters and insureds expedite their claims processing for quicker settlement. Less than a month later, the SOS team traveled to Black Forest, CO to work with insurers and homeowners affected by the wildfires.
Awards & Recognitions
Boston analyst firm Aite Group selected Enservio as one of 10 companies that represent "players who are transforming the industry and addressing significant portions of the overall opportunity." In its published report, Aite stated these innovative companies "will boost customer satisfaction through faster, easier, more accurate claims resolution and improved catastrophe claims response times; improving property loss valuation accuracy and lowering loss adjustment expenses."
CEO Jon McNeill received an award for "Most Admired CEO" from the Boston Business Journal and in April Enservio received a Pacesetters award in recognition for reporting a revenue growth rate of at least 70 percent since 2009. Most recently, Enservio was named by AM Best as a "Recommended Expert Service Provider."
Additional company highlights in 2013 included the appointment of Joel Collins as General Counsel, the promotion of Matt Gore to Chief Architect, and the promotion of Kathy Breslin to VP of Human Resources.
Enservio® works on the biggest challenge in property insurance -- what's inside. We provide a complete suite of software and service solutions to help property insurance carriers price their policies correctly, settle their contents claims quickly and accurately, pay their claims, and help policyholders get their stuff back. Founded in 2004, we are headquartered in Needham, MA, with offices and professional staff across the United States. Enservio is a strategic partner of the National Insurance Crime Bureau (NICB) in their continued fight against insurance fraud. For additional information, please visit the company's web site www.enservio.com or call 888.567.7557. Connect with Enservio via LinkedIn (http://us.linkedin.com/company/enservio), Twitter (https://twitter.com/enservio), and Facebook (https://www.facebook.com/enservio).
Enservio is a registered trademark; ContentsExpress, ReStore Payments, EnservioIQ are trademarks of Enservio, Inc. All other trademarks referenced are the property of their respective holders.