Are you a public adjuster interested in outsourcing your claims documentation services? Consider these advantages.
In today’s economy it is important for business owners to improve profitability by leveraging their core competencies, while outsourcing other activities to less expensive and more innovative providers. Over the years, insurance carriers have begun outsourcing in the areas of IT, HR and claims services. Firms specializing in claim documentation and valuation have become increasingly popular, as these businesses aim to minimize overhead by reducing staff and employ outside claim valuation experts to aid in their “cost reduction” efforts. One major advantage of outsourcing claims for insurance carriers is the ability to settle claims quickly while keeping office labor cost low, thus ensuring that future premiums are not inflated. Due to the nature of the claims business, in which work loads go up and down, outsourcing allows business owners to maintain more of an “on call” staff.
B.P.O.-business process outsourcing is here to stay.
Public adjusters have begun to notice the positive effects of B.P.O. (business process outsourcing) by the results shown in the legal, medical claims and insurance industries and have started to follow suit. In regards to the work load variance, many public adjusters get stuck doing the “busy work” themselves instead of outsourcing these tasks. The valuable time that is lost could be spent retaining new losses, meeting with attorneys, brokers, and dealing with complex issues from current claims.
Alternatively, many public adjusters are forced to rely on the insured to document their own claims. Obviously, as most homeowners are not experienced with personal property claims, policy terms and conditions, and valuation of contents, they are at a huge disadvantage when submitting their own claim to the carrier. When their inexperience is coupled with the emotional aspect of losing their home, there is almost no way they can document their damages, and accurately appraise their loss in a time manner
Future trends of the claims process.
As the public adjuster’s industry gains publicity and more home owners see the advantages of hiring an advocate to represent them, much growth is expected over the next 5 years. With this growth, adjusters must embrace today’s technology to not only compete with other adjusters and counter act the efforts of the carrier to reduce claim settlements, but also to demonstrate to their clients that they are utilizing all aspects of claims technology. Remember, selecting a claim documentation service should allow you to focus on the core aspects of your business and save you time and money, while maximizing the insured’s settlement amount.
