Comprehensive Cat Planning Enables Policyholder Satisfaction and Retention
After two consecutive active hurricane seasons, an established Homeowners insurer needed a partner to help them plan for the next season and provide support during any other extreme weather events.
Before hurricane season, the insurer added Catastrophe Response Planning and Management to its portfolio of Xceedance services. Xceedance created a cat response plan with the insurer, which included workflow documentation, training manuals, and call scripts. As expected, the next season was active and hurricane activity wreaked havoc in the insurer’s markets. The insurer’s plan was put into action to optimize their response to policyholders during a period of increased weather catastrophes. The training was conducted before one especially significant cat event, which enabled a team of 20 employees to assemble immediately with an altered work schedule and double the capacity
to accommodate call volume. A senior adjuster was on site for the duration to provide assistance and support. During the first days of the event, the insurer lost power, and Xceedance stepped in as the primary service connection to policyholders, to handle all calls until they were back online. Xceedance monitored the storm and associated events, as they were happening, to make the appropriate adjustments to fully support the insurer.
The insurer realized improvements in customer satisfaction and retention as well as significant cost savings of more than $500K for a single cat event.
RETURN ON INVESTMENT
More than $500K savings for a single cat event
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