BrightClaim, a leading provider of claims administration solutions to property/casualty insurers, today announced the results of a property claims research survey it commissioned. Conducted by Ward Group, an independent consulting firm specializing in the insurance industry, this survey identifies and compares insurer utilization of third party claims services for the property line of business. It highlights the use of external partners in several aspects of the claims process, including file adjusting, catastrophe management, contractor repair networks, and contents evaluation.
Participants included more than 70 property/casualty insurers across North America, and represented a cross-section of carriers by size, business type, and financial performance.
Survey highlights include the following findings:
• Enhancing customer claims experience ranked as the most important area of current focus for participants. However, while 84 percent of companies believed they outperformed peers in customer service, only 23 percent validated their customer experience results through independent sources.
• 90 percent of participants used independent adjusting services in some form. Task-based assignments were most common for daily claims while full claim adjustment services were most often used and 30 percent more common than task assignments in a catastrophe event.
• When using independent adjusters, high-performing carriers were nearly 2 times more likely to assign full claims adjustment activities to the independent firms rather than task-based assignments. These carriers achieved loss and expense ratios six points lower than the overall benchmark.
• 95 percent of insurers that utilized a managed contractor repair network were satisfied with its performance and indicated loss adjustment expense expectations had been met or exceeded. Those carriers with contractor repair networks achieved lower loss and expense ratios.
• 52 percent of insurers had a corporate-wide program for contents evaluation. 37 percent completely outsourced contents evaluation to a third party vendor.
“This property claims survey highlights the role of third party service providers in helping insurers attain their claims objectives. It provides unique insight into the ways insurers work with service providers and the impact those services have on insurer performance, productivity and cost of claims services,” said Howard Rogers, CEO of BrightClaim.
To register for a survey results webinar on June 4, 2105 or to receive a copy of the survey visit www.brightclaim.com
BrightClaim is a national provider of integrated claims solutions, including property & casualty claims administration, contents evaluation, warranty administration, contractor network management and catastrophe claims services. From individual claims services to complete claims outsourcing, BrightClaim provides superior claims outcomes backed by quantitative performance metrics.
About Ward Group
Ward Group, a McLagan/Aon Hewitt company, is the leading provider of benchmarking and best practices studies for insurance companies. The firm analyzes staff levels, compensation, expenses and business practices for all areas of insurance company operations and helps companies to measure results, optimize performance and improve profitability. For more information about Ward Group, visit www.wardinc.com
Source: BrightClaim, Inc.