Karlyn Carnahan, a principal in Novarica’s insurance practice, recently wrote an article for Insurance & Technology on the modernization of the claims process. In her article, “The Claims Modernization,” Caranhan explores the way carriers can improve the claims process by upgrading their core claims administration systems and taking advantage of new technology solutions. This is exactly what Enservio is providing to dozens of carriers – helping them increase efficiency, cut costs and improve customer service.
Enservio’s Software-as-a-Service model gives carriers the option of allowing their internal units (or third-party staff) perform contents valuation work directly on the Enservio Valuation Platform (VP). Enservio’s TrueLKQ™ Technology identifies objective, documented values for inventoried items by accessing real-time prices for more than a billion products from thousands of sources. Going one step further, Enservio also provides an active hyperlink with each match to allow the adjuster (and possibly the insured) to see exactly what match was made.
In her article, Carnahan also mentions the use of policyholder portals as a way to improve efficiency – an area in which Enservio already leads the charge. Through the online self-service portal mypropertyloss.com, Enservio guides policyholders through the process of inventorying their contents line by line.
As Carnahan underlines in her article, carriers should take advantage of systems available to modernize the claims process – the time and cost savings are real.