Benefits of Automating the Claims Management Process
by Elliott Holmes, Software Developer In the Claims industry, automating the claims management process has evolved from “How can we achieve automation?” to “When can we achieve automation?” Despite the desire to employ today’s industry best practices, many organizations’ processes continue to revolve around the use of cumbersome Excel spreadsheets, lengthy documentation workflows, or in-house […]
What to Look for When Choosing a Property Appraisal Company
We all know that age-old saying: “You get what you pay for.” And when you’re choosing a property appraisal company, there are several important factors that can prove that adage true. When you engage an appraisal firm, you place a lot of heavy responsibility into the hands of your vendor because, let’s face it, your […]
What Robust Property Risk Software Means for Your Organization
by Ryan Tate, Director All property insurance programs are different: that, we know. But whether we’re talking about States, Risk Pools, or smaller public entities like counties, municipalities or school districts, it’s fair to say that they all have common problems when it comes to managing and perpetuating their property data. As insurers and reinsurers […]
Property Risk Management Reporting: The Reports that Help Reduce Risk
An effective Property Risk Management System is about more than the property appraisal data that you pour into it. (Though collecting property data is still a critical part of the process.) It’s also about the robust level of information you can get out of your system. The ideal property risk management system should help you form a […]
Property Valuations for Insurance: 3 Scenarios to Avoid
Addressing 100% of the buildings and structures listed on a statement of values (SOV) with property insurance valuations can seem like a daunting task. One rule of thumb, sometimes used to make the task more manageable, is to set a threshold. Then, everything currently valued above the threshold will be appraised while everything below it […]
Property Risk Management Software: 3 Big Benefits
The year 2023 marked the highest number of billion-dollar disasters in a calendar year for the U.S., with 28 separate weather and climate disasters costing at least 1 billion dollars. Exposure to environmental risks like fires, floods, and earthquakes are inevitable, but there are ways to prepare your organization for risks like natural disasters. One such tool […]
2022 Construction Cost Trends and Property Valuation
COVID-19’s business ramifications extend well-beyond the more popularly-discussed healthcare and restaurant industries. Throughout 2021 and into ’22, the construction industry faces skyrocketing costs, presenting significant challenges for new construction projects as well as property repair and replacement work. This, in turn, creates a dilemma for organizations with large property portfolios. How do you place value […]
How an Accurate Statement of Values Can Secure Insurance Coverage at the Best Rates
A statement of values (SOV) is a declaration to insurance providers of which properties your entity intends to insure. At a minimum, an SOV generally includes a name, address, square footage, occupancy, and replacement cost for each property listed. For risk management professionals concerned about property risk exposures, an up-to-date, accurate SOV is critical. By […]
Is a Vendor-Hosted Software Solution Right for Your Organization?
If you’re not an IT professional, shopping for a software solution of any kind can be a daunting process. From a technical perspective, you must first address some of the basic considerations, like the type(s) of data being stored and the amount of data storage required. But then the questions become trickier: Should the solution […]
Closing the Protection Gap: Natural Disasters and Property Insurance Holes
Talk of the protection gap tends to focus on developing nations, but a recent report from global reinsurance intermediary Aon Benfield found that almost 50 percent of the losses sustained from natural disasters in the United States remained unprotected. It’s noteworthy considering the U.S. is one of the most insured countries in the world. The protection […]