VIP Software, a national provider of integrated software solutions to property and casualty insurance companies, has commissioned a comprehensive research study to evaluate the spend management and independent adjuster fee schedule validation at property and casualty insurance companies.
The study, conducted by Ward Group, an insurance solution unit within Aon, will provide benchmarking and best practices information to help insurance companies compare independent adjuster spending and fee management against their peers.
“Industry studies have shown that insurers, on average, have 8-10% leakage or loss improvement opportunity on property claims. A significant amount of leakage occurs during the adjuster fee invoicing and review process.” says James Makris, CEO of VIP Software. “The data from the survey will identify the activities insurers perform to approve invoices, the associated cost, and the improvement opportunities that exist to more efficiently and cost effectively manage adjuster fee invoicing”.
The comprehensive analysis conducted by Ward Group will accomplish the following:
- Probe independent adjuster utilization strategies used by top carriers;
- Evaluate drivers of inaccurate billing and over-spend that affect profitability; and
- Investigate the establishment and management of adjuster fees and the impact of supplemental adjuster fee activity on reserve development.
There is no cost to participate. All participants will receive a summary of the results and an analysis of the claims strategies used by top carriers to drive efficiency and improve operational performance. Individual submissions will remain confidential.
About VIP Software
VIP Software transforms process into profit for its customers by identifying and improving processes that can be more efficient, accurate, cost effective and data driven. VIP Software has emerged as the leading SaaS software provider for the property and casualty insurance industry by automating processes that are critical to their business operations, namely interactions with third parties involved in a claim. VIP Software offers industry-leading software products that drive accuracy to customers’ critical workflows and mitigate corporate risk while positively impacting loss costs. VIP Software is based in St. Petersburg, Florida.