Enservio recently hosted the second of our twice annual Customer Advisory Board meetings in Boston, drawing an elite group of senior claims officers. As always, the meetings are a great way to validate that our product direction is in synch with our customers’ needs and business plans.
Enservio CEO Jon McNeill kicked things off with a reference to the decisive Red Sox win the evening before – much to the consternation of the Cardinals fans in the room. Note – the Cardinals had the last laugh in Game 2.
The meeting focused largely on validating the innovative new products emerging from our contents database. The Enservio database incorporates almost a decade’s worth of demographic data on what’s in an insured’s home or business and has a number of different applications from helping to right-price policies upfront to conducting fraud scoring. A number of the customers in the room are participating in a beta program around the fraud scoring capabilities and were excited to see the results to date. Discussions led by Alex Harwitz, Enservio’s SVP of Product Management, also explored the possibility that the tool could not only automate the prioritization of suspicious claims, but also expedite claims that fall within more traditional guidelines.
NICB representative, Robert Smith, a former law enforcement and SIU guru, noted that fraud isn’t going away any time soon.
A NICB report released the same day revealed that suspicious personal property claims are up 46 percent and are largely associated with personal residences and contents.
Jon led a lively discussion around the topic of how to accurately determine Coverage C vs. the historical method of calculating it as a percentage of Schedule A. Some states are now moving toward automatic payments of upwards of 50% in CAT situations. The Enservio data shows that policyholders who receive immediate settlement checks without a more formal inventory process don’t always have an incentive to provide receipts and other back-up. With that said, many carriers see the prompt payment as a benefit and want to ensure their customer service is competitive with their peers. Given the lengthy discussions on this topic, many of the claims offices vowed to bring their underwriting counterparts to the next Customer Advisory Group.
Along these same lines, Tom Crowder, the GM of Payments, posed an intriguing statement – that carriers need to match the right claims payment to the right product. To successfully accomplish this, carriers require a market basket of products ranging from debit cards to EFT to virtual cards to meet all customer needs. Today many carriers still rely on the tried and true check.
Don Stafford, the head of Enservio’s IQ Consulting Practice, finished the day. His benchmarking presentation highlighted trends across the industry based on peer group data as well as next steps in applying this visibility to more efficiently running the business.
We can’t wait for the next advisory meeting to continue the dialogue.