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Virtual Claims Adjuster presents: Workflow That Works

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A three-part webinar series that explores how workflow, automation and data are impacting the insurance claims process.

TORONTO, August 5, 2021 – Virtual Claims Adjuster Inc. (“VCA”), the InsureTech Platform for Faster Claims Management, presents Workflow that Works, a three-part webinar series that takes a deep dive into the world of workflow, with real-life examples of how automation and data insights help you manage claims faster – and smarter. The series features Pat McGrew, M-EDP, CMP – Managing Director, The McGrew Group. She is joined by VCA’s Founder and CTO, Lee Picano; President and CEO John Varghese; as well as Ilda Cairns, VP of client services and Courtney Randell, VCA’s customer success specialist.

“Whether you realize it or not, the order of things you accomplish every day is part of your business workflow. This is the people, the processes, the technologies – everything,” says Pat McGrew, managing director of the McGrew Group. “The thing is, not every workflow is efficient.”

According to McKinsey & Company, automating your claims process can reduce the cost of a claims journey by as much as 30 percent.

In episode one, titled: Why Workflow Works, Pat gives an introduction to the purpose of a workflow. She introduces viewers to the power of optimizing workflow through automation, addresses some of the common workflow challenges businesses face and teaches firms how to  develop a workflow mindset.

Episode two, titled: Why Workflow Works in the Insurance Industry  explores why workflow is important to the insurance industry. McGrew and the VCA team look at how workflow impacts specific players such as TPAs (Third-Party Administrators) and IAs (Independent Adjusters). They also show how workflow impacts the cost of the claims journey and forecast the future of the industry.

The average claims workflow has 20 touchpoints. By integrating advanced technologies into operations, businesses can reduce the number of touchpoints and drive a more efficient workflow for all departments, from first notification of loss right through to settlement.

The third and final episode, Why Workflow Works Now, examines why workflow matters today. The panel offers a better way to resolve claims faster and displays an optimized claims management workflow. The series closes with a few words on the role of data analytics, and a quick look at how new technologies and a thirst for up-to-the-minute reporting capabilities have impacted the claims workflow.

“Technology is always moving forward. Businesses that don’t take advantage of modern solutions can no longer compete with those that do,” said John Varghese, CEO, Virtual Claims Adjuster. “Improving workflow means maximizing efficiency, and efficiency is key to running the smoothest possible operations. We’re thrilled to share this series with the rest of the claims industry.”

VCA’s Workflow That Works webinar series launches September, 2021. Join the waitlist – and be the first to access the series on demand.

About VCA

Virtual Claims Adjuster is the InsureTech platform for faster claims management. This SaaS Platform automates your process to free up claims adjusters from repetitive tasks. Bringing data to the forefront of your process enables adjusters to resolve claims faster by adding insights to the decision-making process. With VCA, you don’t have to change the way you process claims. It’s flexible enough to fit into your claims process and provides workflow and enhancements to help you solve claims faster. It already integrates with the systems you work with and allows you to create standardized templates, eliminating the need to reinvent the wheel every time you send out a communication. VCA meets all your privacy, data security and Lloyds of London requirements.

More than 170 customers in 15 countries rely on Virtual Claims Adjuster to help resolve millions of insurance claims each year. VCA is a privately-owned global company, founded in 1998, with offices in the United States and Canada. For additional information, visit virtualclaimsadjuster.com #VCAInsuretech

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Press Contact:

Virtual Claims Adjuster
Joanne Gore
jgore@vcasoftware.com
+1 416 543 7951

Freeing up the claims workflow with digitalization

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Digitalization of data and workflow processes is more than just making existing data digital, it increases process efficiency, improves data transparency and accuracy, and helps insurance companies make better business decisions.

Until recently, processes that are ripe for streamlining have typically been those that involve a lot of repetitive tasks and movement of forms and paperwork. Advances in technology now mean that even more challenging tasks can be automated.

Creating increased administrative efficiency by integrating workflow tools like the ones Virtual Claims Adjuster offers, automates everything from processing a customer’s initial contact, right through to settlement and invoicing.

These improvements free up staff time to focus on more complex, value-adding activities, including any final decisions that machines can’t make. The metrics available from automating how your work flows can be used in conjunction with machine learning to optimize procedures and spot errors and potential fraud.

Regulatory compliance is a business-critical area that benefits from better administrative efficiency. Digitalization can, for example, create optimal compliance with Lloyd’s of London.

Transforming Legacy Systems

Many agencies are still using outdated and monolithic systems and processes in their workflow. These procedures were filled with endless paper, keying in data from phone interactions with customers, or pulling up PDFs that were filled out by other agents. Adjusters often work with decades old core systems, which, yes, are ticking along just fine, however, they offer very limited functionality.

Optimizing workflows with automation can cut expenses. In some insurance segments, like P&C, insurance carriers have as much as 30 to 40 percent of their expenses locked up in their top 20 to 30 core end-to-end processes, McKinsey estimates. And accessing and sharing information is nothing but frustrating. Transforming legacy workflow procedures even a little bit with the technology offerings available now can result in almost immediate savings.

The market has seen dramatic changes only this past year, and competitors are springing up without a single legacy system – giving them flexibility and a competitive advantage. Analysts are predicting that the difference between falling behind and those who have an edge will be embracing automation and intelligent technologies.

It’s time to begin thinking of how InsureTech can help you resolve claims faster. We can help get you there.

Managing Risks this Hurricane Season by Leveraging Technology

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The year 2020 was a landmark year for insurers.

The 2020 Atlantic hurricane season was one of the most active on record and the claims industry had to quickly pivot to adapt to the added challenges of the pandemic. Last year had 30 named storms, breaking the record of 28 set in 2005. The season also broke the record for the most storms making landfall in the U.S. with 12 hurricanes, an amount not seen since 1916.

So, what of 2021?  NOAA is predicting 13-20 total named storms, 6-10 hurricanes, and 3-5 major hurricanes (Category 3 or higher). All of those categories are above the average of 14 total named storms, seven hurricanes, and three major hurricanes. Hurricane researchers at Colorado State University concur with NOAA in their annual Hurricane Activity forecast, citing the likely absence of El Niño as a primary factor: “Tropical Atlantic sea surface temperatures are near their long-term averages, while subtropical Atlantic sea surface temperatures are much warmer than their long-term average values.”

A look back at 2020 offers guidance for loss adjusting and effective claims management in the 2021 season. The loss adjusting and claims industry had to quickly pivot and incorporate new tools, technologies and workflow efficiencies for processing claims and creating timely resolutions during the unprecedented COVID-19 pandemic. Faster, smarter and more effective response became a mantra in 2020 for insurers who wanted to remain agile and competitive.

In 2021, loss adjustment planning will again need to be nimble and able to respond quickly to the unpredictable and ever-changing storm environment. The use of technologies can be incorporated throughout the claims process and can greatly mitigate any contingency that could possibly arise. Using a platform which can quickly sort through claims smartly— distributing them to adjusters based on location, workload capacity and productivity scores, further enhances the automation process.

In this 2021 storm season, efficient workflows will be pivotal in helping you:

  • Create standardized templates, eliminating the need to reinvent the wheel every time you send out a communication.
  • Track and view files within the workflow to help prioritize workload.
  • Stay organized with reminders and diary updates ensuring nothing falls through the cracks.
  • Quickly capture relevant data on behalf of your customers, with real-time data and imagery collection.

With InsureTech solutions powered by VCA, adjusters can assist in virtual inspections or virtual meetings with insureds. The web-based application can be accessed from any desktop and adjusters can use the mobile device for scaled down features while in the field.

Through smart devices, adjusters and users with access to VCA can facilitate timely reporting and assessment. VCA’s mobile features assist insurers by allowing them to:

  • View file data
  • Upload and review images and attachments
  • View reminders, messages and appointments
  • Enter time and disbursements
  • Add file notes and update status
  • Email insured and insurer

Best of all, our platform processes large numbers of claims—fast—while reducing the cost of a claims journey up to 30%.

Climate change is a reality. 2020 has taught us that leveraging technology is the best way to remain prepared for storm seasons. In a world that requires insurers to expect the unexpected, VCA has your back.

Be ready when mother nature strikes. Choose VCA today to resolve claims faster – and smarter

VIRTUAL CLAIMS ADJUSTER: Revolutionizing the Insurance Claims Industry with Technology – The CEO Views

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It has become increasingly important that insurance file handlers are using some form of claim management software to help them become more efficient and organized. If properly executed, companies can resolve claims faster, offer a higher level of service with less overhead, and increase their bottom line.

Technology is advancing rapidly. Inefficient operations can no longer compete with the efficiency and accuracy of firms that have implemented an advanced claims management system. VCA knows about the demands that are placed on different regions and different companies as well as the business challenges that they face. Working with clients around the world has shown how even small course corrections can make a big impact and drive significant efficiencies, client satisfaction, and business growth. These benefits make even more impact as companies scale in size.

The VCA brand has become synonymous with quality and is best known for industry-leading uptime and reliability, rapid support response times, and ability to offer consultative services as required. A
client-first approach is a core tenet of VCA’s culture.

Read: “VIRTUAL CLAIMS ADJUSTER: Revolutionizing the Insurance Claims Industry with Technology” from The CEO Views 

The CEO Views Names Virtual Claims Adjuster a Top 50 Most Innovative Company to Watch in 2021

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The CEO Views Names VCA a Top 50 Most Innovative Company to watch in 2021

TORONTO, May 21, 2021Virtual Claims Adjuster Inc. (“VCA”), the InsureTech Platform for Faster Claims Management, announces that it has been named a Top 50 Most Innovative Company to Watch in 2021  by The CEO Views, which aims at providing the perfect platform for entrepreneurs to connect with the peers of their industry.

The objective for the list of top influential companies is to aid business organizations and aspiring individuals to achieve their professional goals, rising above the socially distanced working structures. To make the list, CEO Views picked the companies that have been laser-focused on innovating to overcome the obstacles brought forth by the pandemic. Dealing with a diverse group of companies around the world provided VCA with the opportunity to learn about the demands that are placed on different regions and different companies as well as the business challenges that they face. 

In its review, CEO Views writes that with the rapid advancement in technology, “inefficient operations can no longer compete with the efficiency and accuracy of firms that have implemented an advanced claims management system. VCA offers the best services by implementing high level technologies and data analytics backed by Security and compliance.”

VCA not only processes large numbers of claims fast, it also distributes them to adjusters based on location, workload capacity and productivity scores, further enhancing the workflow of your claim. With VCA, you don’t have to change the way you handle claims. It’s flexible enough to fit into your claims process and provides customized workflows which adapt to your business rules, all to help you solve claims faster. 

Working with clients around the world, the article explains how even small course corrections can make a big impact, drive significant efficiencies, client satisfaction, and business growth. VCA satisfies various lines of insurance and a number of industries, including: case management; third-party administrators; Lloyd’s syndicates; property management; municipal incident management; self-insured organizations; as well as the transportation and legal industry.

VCA was the first to offer SaaS products for the claims industry. Over the past two decades, the company has become more than just another web-based claims management system. It has become a recognized brand among insurers, claims syndicates, and business professionals worldwide.

“The VCA brand has become synonymous with quality and we are best known for our industry-leading uptime and reliability, rapid support response times, and ability to offer consultative services as required”, said John Varghese, CEO, Virtual Claims Adjuster. “We’re honoured to be named one of the top 50 most innovative companies to watch in 2021 by CEO Views.”

Read: “VIRTUAL CLAIMS ADJUSTER: Revolutionizing the Insurance Claims Industry with Technology”

About VCA

Virtual Claims Adjuster is the InsureTech platform for faster claims management. This SaaS Platform automates your process to free up claims adjusters from repetitive tasks. Bringing data to the forefront of your process enables adjusters to resolve claims faster by adding insights to the decision-making process.

With VCA, you don’t have to change the way you process claims. It’s flexible enough to fit into your claims process and provides workflow and enhancements to help you solve claims faster. It already integrates with the systems you work with and allows you to create standardized templates, eliminating the need to reinvent the wheel every time you send out a communication. VCA meets all your privacy, data security and Lloyds of London requirements.

More than 160 customers in 15 countries rely on Virtual Claims Adjuster to help resolve millions of insurance claims each year. VCA is a privately-owned global company, founded in 1998, with operations in the United States, Canada, the United Kingdom and Australia. For additional information, visit virtualclaimsadjuster.com #VCAInsuretech

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Press Contact:

Virtual Claims Adjuster
Joanne Gore
jgore@vcasoftware.com

+1 416 543 7951

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FOR IMMEDIATE RELEASE

The CEO Views Names VCA a Top 50 Most Innovative Company to watch in 2021

Silicon Review names Virtual Claims Adjuster a Top 50 Leading Company in 2021

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FOR IMMEDIATE RELEASE

Silicon Review names Virtual Claims Adjuster a Top 50 Leading Company in 2021

 

TORONTO, May 13, 2021Virtual Claims Adjuster Inc. (“VCA”), the InsureTech Platform for Faster Claims Management, announces that it has been named a 2021 Top 50 Leading Company by The Silicon Review, the world’s most trusted online and print community for business & technology professionals.

“We have a lasting commitment to providing our clients with an evolving product to meet their individual file management needs of today and tomorrow”, said John Varghese, CEO, Virtual Claims Adjuster. “We’re honored to have VCA named one of the top 50 leading companies of 2021”

The entire claims process has many touchpoints, from initial claims intake, notifications, claims handling and billing. As many (or more) than 16 manual processes stand between taking in the claim and when an agency processes payment.

“In the digital world we live in, insurance companies are continuously challenged by new government regulations and high customer expectations,” cites The Silicon Review. “The marketplace has become extremely competitive, and it is important for insurance companies to manage their claims effectively, irrespective of their size.”

In a 1:1 interview with John Varghese, CEO of Virtual Claims Adjuster, the Silicon Review discussed some of the major components of the claims handling process, including “prevention of frauds, customer satisfaction, and developing new strategies to reduce costs. Customers of insurance companies expect the settlement process to be done quickly and provide satisfaction.”

Read: “In conversation with John Varghese, CEO of Virtual Claims Adjuster”

VCA’s intuitive system enables new users to start resolving claims in less than an hour of training. All features are accessible with a mouse-over and customer service calls are addressed in less than 30 minutes.

“While meeting with many clients worldwide and reviewing their individual needs, it has become clear that most companies are frustrated by outdated and inefficient manual processes inherent with the insurance industry”, explains Varghese. “Managers and business owners alike need to easily track the performance of their company and their staff at all times – securely and from anywhere.”

VCA is a SaaS solution; companies can easily scale up in the high-volume months and scale back as the volume dies down – from as little as 60 to over 10,000 claims per month. VCA’s Standard License is customizable and configurable right out of the box, to meet the needs of small and mid-size firms averaging up to 250 claims/month. An Enterprise License is ideal for larger, more complex organizations. It provides robust customization, API and platform integrations and more, to help manage large claims volumes averaging 500 – 10,000+ claims/month.

Read: “In conversation with John Varghese, CEO of Virtual Claims Adjuster”

About VCA

Virtual Claims Adjuster is the InsureTech platform for faster claims management. This SaaS Platform automates your process to free up claims adjusters from repetitive tasks. Bringing data to the forefront of your process enables adjusters to resolve claims faster by adding insights to the decision-making process. With VCA, you don’t have to change the way you process claims. It’s flexible enough to fit into your claims process and provides workflow and enhancements to help you solve claims faster. It already integrates with the systems you work with and allows you to create standardized templates, eliminating the need to reinvent the wheel every time you send out a communication. VCA meets all your privacy, data security and Lloyds of London requirements.

More than 160 customers in 15 countries rely on Virtual Claims Adjuster to help resolve millions of insurance claims each year. VCA is a privately-owned global company, founded in 1998, with offices in the United States, Canada, the United Kingdom and Australia. For additional information, visit virtualclaimsadjuster.com #VCAInsuretech

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Press Contact:
Virtual Claims Adjuster
Joanne Gore
jgore@vcasoftware.com
+1 416 543 7951

Stay ahead of the curve in this extremely competitive insurance market with Virtual Claims Adjuster’s robust claims management solutions

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Stay ahead of the curve in this extremely competitive insurance market with Virtual Claims Adjuster’s robust claims management solutions

 

Insurance companies are continuously challenged by the new government regulations and high customer expectations.

The marketplace has become extremely competitive, and it is important for insurance companies to manage their claims effectively, irrespective of their size. Some of the major components of the claims handling process include prevention of frauds, customer satisfaction, and developing new strategies to reduce costs. Customers of insurance companies expect the settlement process to be done quickly and provide satisfaction. This is mainly due to the fact that higher customer satisfaction levels will contribute immensely to the insurance company’s success.

Read: In conversation with John Varghese, CEO of Virtual Claims Adjuster from Silicon Review Magazine

Best Practices: Optimizing Your Insurance Workflow

By Blog, Claims Management No Comments

Seamless. Streamlined. Efficient.

We are talking about workflow—the managing of tasks in an insurance company from initial claim to resolution. Consisting of a sequence of connected steps, workflow is a depiction of a sequence of operations. It is the ‘flow’ of ‘work’ – generally from initial contact, through final billing.

But what do words like ‘streamlined’ and ‘seamless’ actually mean when applied to the tasks an insurer must accomplish daily, weekly, or seasonally?

Exactly how would your company benefit from having an optimized workflow?

In one word, it can save you TIME – which, in turn, translates to money.

Where there are ‘hands-on,’ time is lost. Time which could be billed.

Insurance companies have numerous processes that are traditionally operated manually. Even as we turn into the next decade, claims processing in the modern insurance space remains a manual, inefficient, error-prone operation. Claim information submitted through multiple channels such as email, phone, or other online forms is often entered by hand into the claims system – sometimes more than once. That’s where time gets wasted, and where errors can be made.

The first step to optimizing the insurance claims workflow is to eliminate as many manual processes as possible, without affecting customer service. In fact, automating mundane tasks frees up employees to focus on more productive, client-oriented activities.

As you can see from the diagram, the entire claims process has many touchpoints, from initial claims intake, notifications, claims handling and billing. As many (or more) than 16 manual processes stand between taking in the claim and when an agency processes payment. Agencies that are successfully implementing best practices actually rewrite their workflow processes integrating technology into a new workflow system. It means a “letting go” of old ways of doing a transaction – and embracing new approaches and technologies for a more efficient process – that saves you time and money

Your workflow is broken or disconnected. Time is spent connecting parts.

Another issue that can hamper efficient claims processing is having multiple workflows—multiple apps or software that are siloed, or isolated. According to  The Wall Street Journal, the average number of apps used by companies is 129. Perhaps you have an app that helps users view documents, but it is not connected to your main software, so it’s not in real time. Payment processing is another separate system. There are mobile apps for policy holders to submit information, and mobile apps for contractors – resulting in claims information that lives in many different locations and disconnected systems. And if your current claims, policy administration and billing systems have reached their practical limits, data is then siloed across disparate platforms and not easily available when you need it.

As a result, you struggle to capture a real-time, complete picture at any given moment of the claims process – your clients suffer from a lack of transparency – and your staff spends more time chasing information – and less time resolving claims.

Automating the claims process

The speed and convenience with which claims are settled have a huge bearing on an insured’s reputation. Automated workflows help insurers keep the ball rolling between the multiple steps in the insurance sales cycle, making claims processing seamless. A comprehensive claims management system connects all parts of your system and speeds up the process. 

Insurers can reduce the inefficiencies and inaccuracies of inputting data by hand, measurably decrease Loss Adjustment Expense, and keep customers satisfied by implementing a single platform claims management system.

Where integrating new technology makes sense

And how exactly can technology interact with the human side of the insurance experience of clients? It is definitely possible to automate to speed up the claims process and ensure compliance, but still provide superior customer service.

A few examples:

First, document management systems have the capability to completely automate. This includes preparation and tracking in a completely paperless environment.

Another example–insurance agents sometimes turn to process automation to automate specific tasks, such as automatically reaching out to prospective policyholders and collecting details of a claim.

Automation can be used for tasks that don’t need a live person, such as using video for property damage assessment; an app can help you figure out what needs to be fixed, and for how much.

A vision of the future of claims processing

Every insurer wants to be known as a company that puts client needs first and offers superior customer service. Your customers want to know that you are working hard to maximize coverage and eliminate risk. They want a well-trained, qualified staff available to be able to answer questions or concerns in a timely way.

A single unified platform. Dynamically build automation where you need it, without having to replace your entire claims system.

Ready to accelerate your enterprise’s claims process?

  • Create workflows that leverage existing systems and provide them with agility
  • Enable digital management of processes
  • Add visibility into transactions and processes
  • Reduce your dependance on paper and spreadsheets to eliminate cost, waste and errors
  • Increase productivity by automating manual tasks

Seamless. Streamlined. Efficient.

Towards 2036: The Insurance Industry Reassembles Itself

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“It’s highly likely that the insurance industry will change more in the next 15 years than it has in the previous 100.”

Change is the theme for 2021. A bright future for the convergence of insurance and technology is the theme of this article, published in the February issue of Insurance Journal.

In the article, Andrew G. Simpson delves into the vision of Mark Anquillare, executive vice present and chief operating officer of Verisk Analytics where Angquillare says: “When we look toward 15 years from today to 2036, the landscape of insurance will look utterly different than it does today.”

What will differentiate insurance today with insurance in 2036? It’s a two part answer.

“In this future, nearly everything will be connected, contain smart technology, be mobile, produce data, and analyze in real time.” At the speed that technology is morphing customer experience with insurance claims, Anquillare sees changes in the models that steer the insurance industry. He sees a race between the traditional model of an insurer—familiar names and giants that are decades, sometimes hundreds of years old—and the technology companies of today and the future, who are championing the model of a fully connected and integrated insurance ecosystem.

The insurance industry has the challenge of complexity and a regulatory jungle that takes nuances to navigate through. The established giants downplay disruption in their models, believing instead that any new technology will be integrated into already existing structures. Tech companies are unfamiliar with the vast network of regulations insurance companies need to contend with. Insurance establishment maintains that what has worked for a hundred years will still work in 2036, as companies continue to pivot and adapt. In what Anquillare calls a race to build a better insurance ecosystem, it will be up to the consumer to determine the winner.

Key drivers of change in the next 15 years

As we have seen in 2020, disruption can come suddenly, and changes can take place rapidly. Anquillare believes the industry will change in the next decade and a half. A lot.

He cites three disruptors: global climate, people, and artificial intelligence (AI) technology. While we have known for decades that global climate change was in the works, today it is a major player. Records are being smashed, and profound changes are taking place that can no longer be ignored. In the next 15 years, weather events will be front and center to insurance industry considerations.

Second, the consumer profile is changing. Whereas boomers may find comfort in the old faithful insurance companies, Anquillare cites research that shows upcoming generations who have grown up with technology, are more likely to trust technology. And Big Tech excels in simplifying complex transactions and prioritizing customer experience. It will be a race to win consumer confidence.

Technology like artificial intelligence “has the potential to accelerate at amazing speed in the very near future,” Anquillare states. As innovation continues to increase in insuretech, disruption to traditional models may be inevitable. After all, he notes, other industries have already been disrupted, “think about music, network TV, travel, telecommunications, taxi service, newspapers…”

Some insurers still struggle with integrating technology. Anguillare cited a recent Verisk-backed study in which a number of insurer chief information officers said they were still using Excel spreadsheets to make underwriting decisions. Insurance providers who rely on those more traditional, manual systems usually struggle to achieve the same results as those who have automated and optimized their workflow. They don’t have the same control over what’s happening on a day-to-day and on a long-term basis, and they have to work harder to create the same level of relationships with customers.

How can today’s players in the insurance industry respond to the challenge from big tech?

Anguillare’s answer to big tech’s challenge is to throw down the gauntlet. Embracing technology’s advances and integrating it into the insurance landscape are a natural evolution. CEOs are taking leadership stances when it comes to technology, and Anguillare sees that as hopeful: “Few industries are better positioned for outstanding growth over the next 15 years.” Taking a long range look at 2036 can be insightful for insurance companies preparing for the future. “I think the models point to possibilities that can be highly helpful for us to consider, that can help us prepare for the future and to also do our part in shaping it because the insurance industry itself has a very bright future,” Anguillare said.

Some takeaways for insureds:

  • Utilize automation to reduce costs
  • Find the most innovative technology that exists now
  • Make your digital experience friendly to customers
  • Make sure your data is secure from threats

Examine the tools that technology can offer you NOW that will keep you ahead of your competition as we all speed our way towards 2036

TEXAS DISASTER: The New Age of Catastrophic Weather Patterns?

By Blog, Claims Management, Insurance Trends, Workflow No Comments

“We are anticipating, within the industry, that we will see more claims out of this storm than any hurricane in Texas ever.”

(source: The Insurance Journal)

In February 2021, ice, snow and record-breaking cold left millions across Texas without electricity, heat, or water – and many homes damaged or destroyed. Roughly 4 million homes and up to 15 million people had no power for several days. 13 million homes had no water or poor water quality. This storm spared no one, even in the farthest corners of South Texas that rarely see temperatures below freezing. It became a dangerous crisis for millions, particularly those living in poverty and acutely suffering the effects of the COVID-19 pandemic.

“We were woefully unprepared for this kind of cold,” said Texas State Representative Ron Reynolds, whose own house was without power, Claims Journal reports.

Record losses

  • Camille Garcia, with the Insurance Council of Texas, says, “This will be the largest insurance claim event in history.”
  • Insurers’ losses could be more than Hurricane Harvey in 2017 according to Moody’s analyst Jasper Cooper in The Insurance Journal.
  • Bloomberg reported on Feb 24 that, in total, losses from this event could be close to $90 billion.

Adjusters on the front lines

Insurers are deploying an army of adjusters from across the U.S. to help, according to Camille Garcia, a spokeswoman at the Insurance Council of Texas. Hundreds of thousands of claims will likely be filed and will begin filtering through claims management systems of insurance companies in the coming weeks. The Dallas Morning News reported that 750,000 claims so far have resulted from the Arctic blast.

In an interview with State Farm, Jason Wheeler of WFAA reports that the insurer has already received 34,300 claims, mostly of frozen pipes which burst and caused damage. In all of last year, nationwide, State Farm only had 3,800 broken pipe claims. The insurance company is employing the latest tech for this storm—a remote app which homeowners can use to speed a claim’s management.

Unprepared. Unprecedented. Unpredictable. The new normal. Sometimes called a Black Swan event, unexpected weather anomalies like this one that left so many in horrendous conditions may happen again. Climate change is upending the assumption that insurers can use past events to predict seasonal claims volumes.

“We are colliding with a future of extremes,” said Alice Hill, who oversaw planning for climate risks during the Obama administration. “We base all our choices about risk management on what’s occurred in the past, and that is no longer a safe guide.”

Technology tools for claims adjusters

One storm may not represent how global climate change is influencing weather patterns, but scientists believe it is part of an overall rise of extreme weather, and it’s creating sweeping new risks. As 2021 continues to unfold, insurers need systems in place to manage the avalanche of claims that will happen as unexpected events continue to occur.

The ice and snow storms that affected Texas in mid-February caused unprecedented damage. Fast and efficient business models and technology can help insurers manage the unpredictable and the unexpected in 2021 and beyond.

What to look for as you explore technology tools and software:

  • Mobile claims management that allows clients to quickly check claim details, access contacts, make notes, add time, send emails, review documents
  • Accurate measurements from smartphone photos that create a fully interactive 3D model of any property
  • Software that connects policyholders directly with contractors
  • Instant access to photos, documents, scopes, estimates, and reports as soon as they are created
  • A system that secures data from cyber risks

Embrace technology to easily manage CAT events

Virtual Claims Adjuster provides business owners and employees alike, the power to control their business so the increasing likely ‘freak’ events can be managed in stride.

In a “survival of the fittest” industry, you not only need the right tools, you also need the right people behind the tools. Our experience in the claims management industry and continued industry research including direct client feedback ensures that Virtual Claims Adjuster remains the most evolutionary claim management software on the market. Product enhancements are completed on a regular basis — ensuring Virtual Claims Adjuster’s tools always remain cutting edge to help you even in the most challenging of times.