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Insurance Trends

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many clients worldwide and reviewing their individual needs, it has become clear that most companies are frustrated by outdated and inefficient manual processes inherent with the insurance industry”, explains Varghese.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

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

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

TEXAS DISASTER: The New Age of Catastrophic Weather Patterns?

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“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.

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5 tips to simplify your claims assigning process

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

Insurance claims adjusting is increasingly moving to innovative software that can help them process and assign claims more quickly, especially in this exceptionally busy season, and amidst the pandemic.

It’s the year of COVID and natural disasters

The COVID-19 pandemic continues to be a problem we are all grappling with, however it has expedited innovative and technological solutions to error-prone manual processes that over 50% of insurance providers are still entrenched in. COVID has forced many claims processors to look at how automation can make their claims assignment process more agile, productive and efficient. 

Secondly, this year offered one of the most volatile weather and natural event seasons in history. With the increased volume of claims in a record 2020 storm year, you need a claims management system that can handle them, while also adjusting to seasonal challenges – without increasing wait times or affecting quality. Systems with automated claims assignment features can provide the keys to achieving customer satisfaction and lower claims costs. 

How to move more quickly through claims assignment

Are you still stuck in the decades-long mentality of complex, time-consuming, manual claims processing and assignment processes? These outdated, error-prone and time-eating tasks lead to bottlenecks, inefficiencies and disappointed clients at a time when customers are demanding convenience, visibility and communication. Streamlined claims assignment through software automation is increasingly the answer.

Look for a software provider with tools that are: 1) easy and intuitive to use; 2) move the user quickly from initial input to completion; and 3) provide a reservoir of information they can tap into with a click. 

VCA’s simplified screens allow the user to navigate through the assigning process in just a few clicks. Users have access to information pertinent to the claim: which adjusters and teams are closest to the loss, star ratings and open claims, utilizations, and more. Want to assign a loss to an adjuster who currently has a lower claim count? Want to be sure you are assigning a loss to the correct team? VCA shows you who is out there, where they are on the map, how busy they are and who would be the most efficient choice. 

Visual makes it fast – map-based claims tools for claims assignment

Let’s face it. Most of us are more visual than mathematical. A map, and icons on a map, are immediately understood. With VCA’s map-based tool, a user clicks on the map, sees where the loss is located, and sees where adjusters and teams are in relation to that loss. 

A mapping feature saves time: A user can click on the loss icon and obtain all the info on that loss. It also plots where adjusters are, and lists their information, on the map. To process, just click on the name of the adjuster you want to manage the loss and click ‘assign.’ Done. Our innovative software uses easy-to-recognize symbols (like a map) to compel immediate understanding – making claims assignment intuitive and fast!

Know whether adjusters can handle more claims, or are too busy for you

Does your software allow you to see real-time stats on individual adjusters or teams that you are sending your claims to? Are you still using email, or the phone, to get them? If you send out your claims, do you know whether that adjuster can handle his/her own claim count – plus yours?  

VCA speeds up claims assignment time by giving you info on each adjuster’s or team’s status including: how many claims are assigned to him/her, open claims, and total claims. You can even limit the amount of claims you send. When assigning to teams, you can see all the members within the teams, at a glance. Armed with that knowledge, you can confidently assign claims.

Automated features take out the extra (costly) touches

Want to go one step further? Automate the entire assignment process. VCA’s Automatic Claims Distribution removes the last bits of manual process in claims assignment. Our system will automatically assign claims to the closest adjuster who not only has the capacity to handle the volume, but also has a high ranking in productivity and output.

New losses can be set up with criteria to properly assign a claim including: star rating, utilization, or distance from the loss. It’s simple: Access the system administration and set up the criteria most important to you in assigning a claim. In this way, you can triage thousands of claims in minutes. Once claims have been assigned, your email that lets clients know who their claims adjuster is, gets sent automatically.

Using automation, you are freed from performing manual and repetitive tasks. You have more time for decision-making. And, you can go the extra mile to create memorable customer experiences.

See VCA’s Visual Mapping Assignment Tool in action 

To help, we have been offering free, customer-exclusive webinars throughout the pandemic crisis – so you can discover new ways to streamline your claims management process.

In this 20 minute webinar on-demand, take a deep dive into VCA’s Visual Mapping Assignment Tool. 

Join Matt Barrett, Senior Claims Specialist and learn about:

☑ Traditional claims assignment

☑ Visual direct assignment

☑ Visual team queue assignment

☑ Automated claims distribution

Watch: Claims Assignment Tools for CAT Season Relief

Disaster Recovery for 2020

By Insurance Trends No Comments

2020 if off to a wild start. Canadian pipeline protests forced rail networks to shut down. The United Kingdom saw two major storms in the space of a week, causing flooding and property damage across the country. Australia is even still recovering from a major bushfire that destroyed thousands of buildings and burned almost 46 million acres of land.

The unexpected happens all the time, and if your business isn’t ready, it can spell real trouble for your future. Whether it’s a loss of staff, travel disruptions, data loss, hacking, or even a natural disaster that makes it near impossible for you to continue operations, an unexpected turn of events can end an unprepared business overnight.

What Should Your Business Prepare for in 2020?

Nobody can predict what’s going to happen this year, but we can analyse trends.

Data protection and cybersecurity have become two of the most important considerations for businesses across every industry in recent years, and it will become even more relevant in 2020. A study from Accenture found that just 17% of global organisations are performing as “leaders” in cybersecurity, despite it being one of the biggest issues for companies as we enter the new decade.

As big players get better at protecting their data online, hackers have focused their attention on weaker targets; third-party vendors further down a better-protected company’s supply chain. This kind of cyber attack now accounts for 40% of security breaches worldwide.

In 2020, your company is at greater risk than ever from online hackers, and a good disaster recovery plan ensures that you are not only protected but prepared for the possibility of the worst happening.

Beyond data protection, natural disasters remain a very real possibility for companies in any country. Whether it’s a major storm, flooding, or even something as extreme as a bushfire, your business needs to be prepared.

VCA Prepares Your Business for All Scenarios

Virtual Claims Manager can’t eliminate the risks your business faces, but we can help minimize them, and ensure you are prepared for the worst. We help you make smart decisions for your business based on your industry, your location, and other factors the define what risks you are most vulnerable to.

We work with small, medium, and large enterprise clients all over the world, evaluating working environments and processes to ensure disaster recovery plans are as efficient (and relevant) as possible. Our team of specialists ensure that you, your team, and even your equipment is ready to face all varieties of challenges thrown at you.

We take everything into consideration. Our team of specialists analyse your hardware life cycle, ensure your data is backed up frequently, and that you’re protected against backup corruption. We’ll guide you through minimizing the risk of data loss and hacking and help you set up a plan that ensures you can set up a new office or operation in as short a time as possible.

We’ll ensure you can get your business back on its feet in the event of any kind of disaster.

To find out more about our services or to arrange an initial consultation, don’t hesitate to contact us. You can also request a quote or a free demo right here on our site.

Businessman writing on a notebook in front of a laptop

Top Insurance Industry Trends in 2019

By Insurance Trends No Comments

With the right tools to empower your claims handlers and yourself, your company can grow by leaps and bounds. Let’s look at some of the top insurance industry trends in 2019… and find out how web-based claims management software can help you stay ahead of those trends.

Top Insurance Industry Trends in 2019

Speedy Claims Handling

The pace of business seems to get faster every year and 2017 was no exception. Expect that trend to continue into this new year and prepare to meet the challenges of speed head on with online claims management software from Virtual Claims Adjuster.

With Virtual Claims Adjuster, your company can finally eliminate inefficient processes that lead to unbillable time, so you can increase your revenues and achieve your business goals.

Office Scalability

2017 was an unprecedented year for natural disasters. For your company to keep up with the ever-increasing load of claim assignments, you probably had to increase your staff. 2019 will likely be yet another tumultuous year with unpredictable weather, so your best bet is to be prepared to add staff members quickly and easily. With Virtual Claims Adjuster, the leading online claims management software, you can scale quickly to meet these demands while taking advantage of our entire suite of services.

Virtual Claims Adjuster makes it simple to react to absences, process file transfers, and onboard new hires with a standardized, easy-to-follow procedure that helps your company grow by better defining internal processes to control costs and quality. Click here to learn additional features and benefits of Virtual Claims Adjuster.

Maximum Agility

The largest trend that defined success for businesses in 2017 was the ability to pivot, nearly instantaneously, in order to react to changing market conditions. The insurance industry is ever-evolving, and the ability to make fast, clear, well-informed decisions will be an asset for your company in the coming years.

With Virtual Claims Adjuster, you’ll have the capability to view trends and analytics so you can track the process of your business. Drill down to look at granular data such as employee performance, or get a big-picture overview of your average processes and procedures. This will help you eliminate bottlenecks and streamline the claims handling process with ease.

Rock-Solid Security

One insurance industry trend that can’t be forgotten from 2017 is the increased security issues required to combat cybercrime. Not only is it important to protect your own claims handling business’s files and data, it’s also critical that you secure your client’s files and records.

Reassure all your compliance-burdened clients of your commitment to data protection by providing a secure portal for assignments and claim file details. With 2048 bit SSL encryption, 99.9% uptime, seamless backups, and a complete disaster recovery plan, Virtual Claims Adjusters claims management software provides your business with the security assurance your clients need.

Be Prepared for Changes

Ensure that your claims handling business stays profitable in 2019 and beyond. The best way to do this is by streamlining the claims handling process, scaling up to meet demand, meeting your clients’ security needs, and staying ahead of the ever-changing industry requirements and trends with ease.

Take Virtual Claims Adjuster for a spin when you schedule your free, 30-minute, guided demo followed by free, hands-on demo access.

Once you see Virtual Claims Adjuster in action, you’ll understand why this web-based claims management software has been the global leader for nearly two decades.