As Xceedance continues to expand the claims services under the leadership of Marc Rothchild, head of claims, we strive to provide unique and meaningful insights as a part of our “Examining Modern Claims” blog series. In this installment, Marc highlights how insurers can navigate the increasingly complex claims landscape in the context of catastrophic (CAT) events.
While there are resources and efforts devoted to ensure consistency and stability in claims handling, there are inherently unpredictable and ever-changing factors that impact how claims are managed. From staffing gaps caused by leave or departures to temporary spikes due to localized events, a modern claims team needs to be prepared to efficiently and effectively address almost any eventuality. Despite the best preparation, however, surges in demand can exceed the capabilities of any team, leading to poor policyholder experiences and inefficiencies in claims management. And if a CAT event damages or destroys your claims management offices or technical infrastructure, it can fully incapacitate your operations for weeks at a time.
According to a recent Aon report, insurance and reinsurance losses due to extreme weather events and natural catastrophes in just the first quarter of 2022 amounted to $14 billion, making 2022 the sixth consecutive year where Q1 losses exceeded $10 billion. As CAT events grow in both frequency and severity, instances of activity surges overwhelming in-house claims capabilities are likely to become more common. But there is a solution.
Insurance organizations are increasingly turning to third-party claims administrators to fill claims handling gaps. These resources can augment in-house claims management teams to streamline operations, support established processes, and help organizations maintain policyholder service expectations and good business relationships. But identifying the right solution provider is critical. Some key capabilities to look for when sourcing a third-party claims resource include:
- A team with comprehensive experience across claims management and operations, including relevant coverage line experience
- The technical proficiency to deliver end-to-end claims processing and advisory services
- Familiarity with modern, industry-standard technology tools
- Virtual claims adjusting capabilities
- Flexible pricing options to meet your organization’s specific needs, both now and when CAT events occur – without feeling gouged during peak demand periods.
The claims team at Xceedance is well positioned to help your organization handle spikes in claims volume this CAT season, while you deal with claims team turnover, or to simply fill gaps as you expand your in-house capabilities. Our dependable insurance professionals serve as an extension of your claims team, for as little as 30 days or as an ongoing resource, depending on your needs. We have the proven claims and technical expertise you need, and our goal is to ensure policyholders have a positive claims experience to reflect well on your brand. Our desk adjusters average over 12 years of claims experience and are led by a management team with over 18 years of experience working for some of the top U.S. and multi-national P&C carriers.
Our industry-trained professionals possess extensive claims management experience across the commercial and personal property coverage lines, can onboard rapidly to handle unpredicted spikes in call volumes following a large CAT event, and are licensed to work in all 50 states. Additionally, we are proficient in the entire Xact Suite, including Xactimate, XactAnalysis, Sketch AR, and Symbility.
If your insurance organization needs assistance this CAT season the Xceedance claims team stands ready to reinforce your operations and amplify your capacity to deliver superior policyholder experiences. If you have a need then let’s connect to discuss specific solutions to address it.