Control, by definition, means to influence or direct people’s behavior or the course of events.
We all want some semblance of control over life, our businesses, even over our employees, and families. Control keeps balance and supports the many responsibilities we have orbiting our life. When things begin to spin out of control, we often hear terms used like “drowning” or “hopelessness.” Lack of control creates a feeling that things are falling apart and there is nothing that can be done about it. Former baseball professional, Ben Zorbist says, “At the end of the day, you can’t control the results; you can only control your effort level and your focus.”
In the insurance industry, the focus is always on the uncontrollable. Events such as hurricanes, tornadoes, hail, wind, and plain old-fashioned mistakes turned disaster are the livelihoods of the industry. The weather may not be controllable but that’s when we step in to help clients feel like they are in control even after a catastrophe. What happens when the industry that steps in after a catastrophe gets hits by one? Irma was supposed to be a $9 billion dollar storm but over three years has added up to $17 billion. Poor reforms have led to skyrocketing legal fees and lawsuits. To cover these cost reinsurers are raising prices all during a pandemic that appears to be targeting our economy as much as our health.
Many companies are struggling to find the right solutions by raising rates, and dropping high risk properties, even entire zip codes. One company is delivering solutions that allow these businesses to regain control when expenses and loss seem to be spinning out of control. When asked exactly what VIP Software offers clients, CEO, James Makris stated, “Cost containment needs to be the priority for carriers. Poor negotiated rates and the inability to enforce the contracts in place with third-party service providers is the foundation for unnecessary losses. Automation empowers our industry to overcome these challenges by driving transparency and accuracy into claims handling and specifically expense management. We compliment their biggest investments, their estimating software or CMS. VIP’s programs deliver a proactive, transparent approach to Expense Management resulting in data driven improvements to vendor relations.”
VIP Software is recognized for delivering effective agnostic solutions that compliments existing workflows which is now an increasing reality with Covid. Our industry needs to navigate in investments that result in siloed technology and focus on integrated technology ecosystems that deliver rich data. Workflow solutions are the conduit that results in outcomes that empowers the carrier to execute based on data driven decision making. Persistently creating innovative solutions based on the needs of the industry.
“We cannot control what goes on outside, but we can control what goes on inside.” – Wayne Dyer
Carriers, adjusters, reinsurers work hard to give control back to the property owner, VIP works hard to help those companies maintain control of their business. Helping them integrate, so they can give a higher level of effort and focus, providing a better product at a reduced cost to the end user. VIP’s programs have over 25 integrations, 140 carriers and adjusting firms and a retention rate of over 98%. Modernizing procurement methods and providing predictive expense forecasting. VIP Software doesn’t sell technology it offers solutions.
Solutions for every aspect of the industry.
The industry standard for Claims Expense Management. This agnostic platform supplies a proactive approach to Claims Expense Management and Straight through Payment Processing resulting in transparent vendor relations across multiple lines of business including Property, Commercial and Auto. BAP™ has processed over $9.1 billion in claims.
Services providers are encumbered by the multitude of siloed systems needed to deliver their respective services to industry. Invision™ is the conduit that provides service providers with true straight through back office processing resulting in high value, actionable data. Increasingly, service providers leverage the power of Invision™ to deliver differentiation in a commoditized industry. Delivering solutions that addresses the business challenges carriers face results in more assignments. The average invoice is paid out within 3.8 hours.
Augmenting traditional procurement processes. Mimeo empowers industry to focus on best practices and standardized pricing. pricing, capturing, and analyzing data and using it as a benchmark is trending through every industry. VIP’s mimeo™ is the standard for expense management data. Companies use it to identify problems, monitor risk, benchmark progress and pricing. Mimeo™ is one of the newest and fastest growing solutions VIP offers.