Enservio, Inc. has introduced a recoverable depreciation (RD) service designed to expedite claims settlement and enhance policyholder satisfaction. The Needham, Mass.-based provider of software and services says it developed RD based on demand from property insurers looking to speed up what has otherwise been a tedious and inconvenient process for claims professionals, including adjusters.

“We've offered RD on an exclusive basis in the past for certain customers but in response to customer feedback, we're now expanding the service to a broader base,” says David Pecorella, senior product manager at Enservio. “For claims professionals, this service translates to real time savings and a streamlined way of handling a traditionally laborious task.”

Pecorella offered an example to illustrate the potential benefits to using Enservio's expanded offering: On an average-sized large loss claim of 500 line items, the RD service team can save carriers up to 4 hours of time. “That is time that can be refocused on the customer,” he adds.

Recoverable Depreciation Explained

Under most insurance policies, claims reimbursement begins with an up-front payment for the actual cash value of the loss at the time the claim is filed. To receive additional compensation to cover the depreciation of items claimed, the insured typically must provide receipts. With hundreds of line items being processed daily, the data entry process can grow unwieldy.

Enservio says its RD service offloads this task, allowing claims professionals to instead focus on more strategic initiatives and critical work, including any immediate customer service issues.

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Enservio Announces Recoverable Depreciation Service

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