The future of property claims restoration is here…and it’s easier!
When a large-scale disaster strikes, such as a tornado or hurricane, time is precious to your policyholder response. The pressure is on to quickly find contractors for insurance claims who are available where you need them, when you need them to prevent escalating issues and inflated claims payouts.
Insurance carriers have typically depended on their own internal systems to track down independent repair contractors within affected areas. As the insurance claims environment continues to shift, claims leaders and adjusters are feeling the squeeze of more frequent, sudden claims surges and a tightening adjuster workforce.
There are several reasons this system isn’t working anymore for anyone:
The Carrier:
- Insurance claims from catastrophic events are predicted to continue increasing, with 2021 considered one of the most costly years on record by Swiss Re and Munich Re.
- There are a finite number of reliable contractors in any one area. When their demand suddenly surges in an emergency, it becomes very difficult to quickly mobilize adequate services to your affected policyholders.
- Today’s claims adjuster simply doesn’t have the capacity to maintain a dependable list of reliable, professional contractors and repair professionals nationwide.
- Managing a fragmented network of providers creates inconsistent communication and disjointed reporting between the adjuster and the contractor, which costs time and increases LAE (loss adjustment expense).
The Policyholder:
- With advances in technology and customer service, today’s policyholder expects fast response times and an efficient property restoration.
- In cases where contractors are hastily hired, policyholders may be left feeling uneasy about their experience with the contractor. Or worse yet, the repairs are found to be inadequate.
The Contractor:
- If you don’t have airtight systems for hiring and communicating with a contractor in an emergency scenario, contractors will become frustrated in their attempts to complete repairs with unclear specifications or guidelines, especially if it affects their income.
There is a game-changing solution: A nationwide network of highly vetted contractors available to you in just one step.
From small claims to major catastrophes, wouldn’t it be great if a single phone call or simple online form could give you near-instant access to dependable contractors ready for rapid deployment?
Hancock Claims Consultants thinks so, which is why the Preferred Repair Network exists as part of our promise to deliver full claims lifecycle support Under One Roof. The immense value this service provides our carrier partners was on full display recently when a record-breaking hurricane created an immediate need for a brigade of reliable contractors.
Case Study: The Preferred Repair Network in Action
On Sept. 28, 2022, Hurricane Ian ravaged the state of Florida. The Gulf Coast sustained remarkable damage before the hurricane made landfall in South Carolina two days later.
- Hurricane Ian’s top maximum sustained winds were recorded at 155 mph just hours before it made landfall.
- Rated a Category 4 hurricane, Ian was just 2 mph shy of the highest possible Category 5 classification.
- Hurricane Ian was the second-deadliest storm to strike the continental U.S. in the past 100 years, just behind Hurricane Katrina in 2005.
- In Florida alone, Hurricane Ian is estimated to have caused over $60 billion in insured losses.
How Hancock’s Preferred Repair Network Provided Critical Support
- Proactive Planning: Once Hurricane Ian was forecasted to hit Florida, we began proactively contacting our carrier partners to discuss action plans. With a plan in place, we were also able to respond to two new carrier partners who called on us for emergency assistance when their providers reached capacity issues.
- Prep & Mobilize: Through our nationwide Preferred Repair Network, we began preparing and mobilizing our contractors and vendors in Florida. We also engaged providers in neighboring states in order to effectively and efficiently scale to the anticipated need.
- Immediate Response: Our team of contractors safely moved into the region days before the hurricane struck. They were on the scene as soon as the storm passed to address the resulting damage, which included many cases of general property repairs, tarping, emergency water mitigation and mold. Each contractor was armed with information they needed to prepare appropriate equipment and complete the job according to policy guidelines.
According to Donald Crouch, Hancock’s SVP of Strategic Solutions, immediate access to dependable contractors coast-to-coast via the Preferred Repair Network was critical to scaling quickly to the magnitude of claims without disrupting service for clients in other areas of the U.S.
“We were able to quickly evaluate our capacity and, in one communication, reach out to our entire network to mobilize contractors to help carriers we had never done business with before,” Crouch explained. “At the same time, we knew we wouldn’t let down our existing carrier partners. We were able to leverage our network from across the country to help one state without impeding our ability to service folks elsewhere.”
Upon Closer Inspection: How the Preferred Repair Network Creates Better Outcomes for All
- Fast, simple work orders: Desk adjusters appreciate our simple online form, which captures the details and location of the required work. This arms Hancock with the information we need to find the best contractor for the job.
- Dependable assignments: Hancock thoroughly vets every vendor in our network, ensuring their licensure, insurance and performance record meet our standards. Desk adjusters no longer have to worry about the risk of bad actors. And, in addition to broadening their client base, reputable vendors want to be part of our network because we are a highly organized, professional partner.
- Quality repairs: Once the project scope and costs are authorized, Hancock monitors the job to ensure the contractor fulfills the obligations and completes the agreed-upon work. If an issue does arise, our team investigates and facilitates a solution, so your adjuster doesn’t have to.
- Better outcomes for all: We are an industry leader in leveraging streamlined claims technologies that provide carriers with an improved process for closing claims faster and reducing LAE. Using automated communication systems, we keep adjusters, vendors and policyholders up-to-date on repair schedules, progress and completed work, which results in less hassle, less lag time and an enhanced customer experience.
Are you ready to see how access to our full suite of claims support Under One Roof can change the game for your company and claims team?
Contact us any time for more information or to request services.
