This post is part of a series sponsored by CoreLogic.
When disaster strikes and the policyholder files a claim, adjusters must immediately issue a full damage estimate to continue the recovery and replacement process. For so many claims, these valuations must include an estimate of both property loss and personal property damage.
The process of measuring personal belongings is particularly complex and time-consuming due to the large number of items that measurements often include. Difficulties in pursuing this aspect of measurement are compounded by the difficulty in determining individual values. For example, assigning a value to an obsolete electronic item takes a lot of research and, thus, precious time. And, no matter how much research an adjuster does, they can still end up over or under the price of the item.
Insurance carriers must use technology solutions that help them overcome three main valuation challenges: delays in valuation creation and inaccurate valuations that lead to mistrust and dissatisfaction among policyholders, and the costly involvement of third parties.
Tackling the Challenges of Content Rating
- Long delay in content rating
Creating an estimate for personal items can be time-consuming, often taking months to find replacement rates through extensive online research that can be challenging to organize. Delays may also occur because valuations may be prioritized due to the urgency of other claim actions such as emergency repairs, cause-and-origin investigations, and structural valuation creation. This adds to the overall claims cycle time, increasing administrative costs for insurance carriers and reducing policyholder satisfaction.
- Payments for wrongful claims
It's common – and understandable – to issue incorrect payments based on the balance of items with full and incorrect value. Underpaying results in customer dissatisfaction, while overpaying results in claims leakage. Inaccuracies also lead to frustration and mistrust for the policyholder, which may require additional time and expense for the insured and the carrier.
Carriers often offer a personal belongings portion of the balance. This, however, is an expensive way to get the job done. In addition, the work is not done when the independent adjusters or service providers finish—the estimate still has to go back to the internal adjusters for review.
If you involve multiple parties, the process will be more expensive and time-consuming—especially if there are inaccuracies or policyholders object to the estimate.
The Editors Solution: A Mid-Range Web Personal Content Rating Solution
To address these challenges, home decorators can use inventory creation software that allows users to perform web-based searches on all items – a central base for conducting comprehensive online research on all items in the inventory. Using a web-based solution to generate material estimates, insurance companies will simplify and create a more efficient workflow.
One example of a web-based personal assessment solution from CoreLogic is Contents™ , a self-service workflow within Workspace™, a complete claims workflow management solution with resources for inspectors, adjusters, and recovery professionals.
The content allows adjusters to list items in a web-based search engine that determines the most recent prices for each item. When a moderator selects an item in the search results, which shows a full internet search, it is automatically added to the rating. Users can combine all the items they have determined to be priced into an inventory of priced items, making it easy to create a quote. At a glance, Content calculates the replacement cost, depreciation, and Real Cash Value of personal items, all within an easy-to-read format.
Since Content is embedded within the Workspace, editors don't need to navigate multiple systems to complete an estimate and move it through review and validation processes. In every claim, users can create both objects and structural dimensions within the workspace.
How Content Addresses Common Challenges in Measuring Objects
With its intuitive internet-based search feature, Content significantly reduces the time required to research and price items. If similar items are not found, users can search for replacement items such as, brand, and quality in this system, too. Content simplifies and shortens the valuation process by eliminating the need to contact multiple sources to obtain values and without having to issue a process. This solution allows price searches on different items within an easy-to-use interface.
Being part of the Workspace, Content allows editors to make structural and material measurements within a centralized system, which reduces both measurement and cycle times. Having both claims in one system makes it easy to report, review, and track.
To ensure that users price items accurately, the Content provides current price evidence, which promotes good relations between carriers and policy managers during the claim reconciliation process. Users have indexed online pricing sources to show policyholders, increasing trust and reducing disputes, which also shortens claims cycle times.
Content also eliminates the need for carriers to involve third parties in the valuation process as adjusters can quickly quote a full and accurate price themselves. Maintaining file disposal control in-house saves time and costs for applications.
Use the Content
Using a web-based solution that integrates with other claims solutions brings great value to the claims assessment process. The content helps adjusters overcome the biggest challenges in estimating personal items, reduce the time needed to complete estimates, improve the confidence of policyholders, and increase the efficiency and independence of in-house adjusters, ultimately saving time and reducing costs.
To learn more about Content™ from CoreLogic, contact us today.
©2024 CoreLogic, Inc. All rights reserved. Although all content and information is believed to be accurate, CoreLogic makes no warranty, representation, or warranty, express or implied, of any kind including but not limited to the completeness, accuracy, functionality, or suitability, regarding the content or information or products referred to herein and assumes no responsibility or liability for any content or information or products mentioned herein or any reliance thereon. CoreLogic®, Contents™, and Workspace™ are registered trademarks of CoreLogic, Inc. or its affiliates or subsidiaries.
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