by Chad Sedlacek, Central Regional Manager, Appraisal Services
When you need to tackle a large appraisal project for your organization, it can seem overwhelming. To complete it successfully, you need a structured approach. Here at Centurisk, we have years of expertise in implementing large appraisal projects for our clients. Check out the framework we use when our team conducts sizable insurance valuations, to help ensure customers get the thorough and accurate information they need so their properties are insured to value:
Comprehensive Planning
We view our customer relationships as a partnership. This means we work closely with our customers throughout the process to make sure we get the results that organizations need.
- Define Objectives: It all starts here. We listen to what the client wants to achieve with the project, and then clearly outline the goals and objectives of the appraisal project within a custom project plan. Together, our project leaders and our customer contacts identify key metrics, timelines, and milestones and develop it into a mutually-effective action plan. In the case of very large projects, valuations may need to broken down into separate phases, based on estimated value, location, etc.
- Allocate Resources: We work with each client to make sure that sufficient resources (financial, human, and technological!) are allocated for the project’s scope.
- Risk Assessment: It’s important not to simply make assumptions about a project because every organization has its own unique challenges. That’s why we conduct a thorough risk assessment before we start the project, to anticipate potential barriers and mitigate them proactively.
Set Clear Expectations
By setting expectations in advance of a large appraisal project, we can make sure both our customers and appraisal staff are all on the same page.
- Communicate Criteria: Internally, we clearly communicate the appraisal criteria and methodology to all team members involved, to keep the processes efficient and well-informed.
- Role Clarity: Before the project starts, we work with the customer to define roles and responsibilities of all team members, reviewers, and participants to avoid confusion and ensure accountability. When everyone understands their role, projects move more smoothly and we avoid duplicate efforts!
- Feedback and Project Status Mechanisms: We set up robust feedback channels to gather insights and address concerns throughout the project lifecycle. We set up an interactive client-to-customer based platform, so customers can check progress on each stage throughout the project’s entirety. This includes when an agency is scheduled, field appraisal is in progress, data upload has begun and finally project manager review is complete.
Adaptability
Anyone who’s been involved in a large project knows: no matter how thoroughly an initiative is planned out, sometimes the unexpected happens. This is where allowing for a little adaptability and creative problem-solving is important.
- Flexibility in Approach: After decades of insurance appraisal projects, we know how important it is to remain adaptable to changing circumstances or new information that may impact the project’s direction. We work with clients to keep them informed of any changes and how that will affect project timelines, etc.
- Continuous Improvement: At Centurisk, we encourage a culture of continuous improvement by soliciting customer feedback and implementing lessons learned from previous projects. Our Quality Assurance manager is on the job to retain high standards for thoroughness and accuracy throughout the project — and take feedback into account for the future.
- Agile Management: We utilize agile project management principles to swiftly respond to evolving needs and optimize project outcomes. This keeps the project moving in the right direction, even when changes occur.
Monitoring and Evaluation
A successful appraisal project isn’t like a toy you just wind up and let go, hoping it will stop where you want it to. To achieve optimum results, an effective project requires regular monitoring, assessment, and adjustment.
- Regular Check-ins: We schedule regular progress reviews and checkpoints to monitor project milestones and ensure alignment with our original goals. Our in-house communication tool helps support this, showing the customer’s project status and progress in real-time, so they always know where things stand.
- Performance Metrics: We evaluate the success of the project against the predefined objectives and performance metrics that the customer and Centurisk agreed upon at the project’s start. That way, we can verify we’re meeting the project’s goals.
- Course Correction: Because of our regular monitoring, we can use the performance data and feedback to make timely adjustments and course corrections. This flexibility helps ensure the project’s ultimate success.
Large appraisal projects don’t have to be large stressors, too. With comprehensive planning, clear expectations, and adaptability, you and your trusted valuation partner can successfully navigate the appraisal process and secure the thorough, accurate insurance coverage your organization deserves.
About the Author
Chad lives in Pittsburgh, PA with his wife Johnna and infant daughter, Sophia. When he’s in Centurisk’s office sharing knowledge with appraisers, he enjoys Steelers football, spending time with his own family, and being the “fun uncle” to his three nieces.