There are many professional claims adjusting firms out there. All of them handle claims. Each firm is attempting to acquire more business by trying to handle more claims better and faster than the next firm.
However, the challenges in accomplishing better and faster are:
- I’m counting on other adjusting firms servicing the carriers to not be as competent.
- I need to retain the quantity and quality of talent to handle these claims to those standards by paying the adjusters timely.
- Everyone is using the same tools and estimating platforms.
IA firms desire to be in a prominent place with the carriers and servicing their clients, but the game has changed. The industry is starting to understand and need technology, but many carriers are unable to deploy or engage those resources for a number of reasons, some even outside of their control. The firm that can provide the technologies and adaptations to their clients will not only build their brand equity, but will also build their client’s brand. That’s leadership.
So, how can a business build their brand identity when what they offer is so commoditized? For a carrier to give business and more business to an adjusting firm, the firms are leaving it up to the carrier’s own devices to decide the “why give me business” and “how much business to give me”.
We need to stop this.
You are the professionals and the experts in the field of handling claims. You do it for multiple carriers, in multiple states, in multiple lines of business, and sometimes during multiple events around the clock every day. It is time to tell your story to your clients and potential clients, better than the next firm. An insurance carrier’s claims department includes you, which means you are a part of their department. Make the carrier understand that. Do not only tell your story, but bring it to life. Differentiate your company from the rest of the market by factors which you can control and that will influence the value that an insurance company places in your brand and in your services.
Invision is the way to get you there. It will further your efforts to build your brand. Imagine the ability to automate invoicing for your services without using your human resources to create, manage and process invoices to the various carriers with various fee schedules. You can provide this instantly to the carrier for immediate payment.
- Impress the client on the accuracy and the analytics of your billing, including showing them the drivers of supplemental claims to improve their reserving practices.
- Improve cash flow by expediting the carriers’ payments for your services.
- Increase the loyalty of your claims professionals in reducing their administrative involvement and shortening the remittance of payment to them for their services.
Invision will help you to help your carrier client become smarter about their business by becoming their claims expert:
- Provide reports on supplement and reopened claims, including: reason codes as to why claims come back, coupled with data on those claims by venue, by cause of loss, by adjuster, etc.
- Enable the carrier to better understand reserve development based on knowledge of drivers of the tail of their claims. They in turn can become more profitable through their reserving practices and improve their own position with reinsurers.
- Provide detailed analysis as to what is entailed in billing for services and cost averaging on adjusting services.
- Use your data to compare to the industry benchmarks within Invision so you and your clients can understand how you perform against the rest of the industry by venue, by cause of loss, etc.
Invision your opportunity.