Unfortunately, the appraisal can become a regimented event: appraisal completed and returned to underwriter, results shared with agent, report sent to client, client receives notice of / invoice for premium increase. Too often, sensitivity to the client is sacrificed in the quest for productivity and "backlog management." I've seen first-hand how infusing empathy into the process can produce tremendous results. Here are a few ways to do so.

Encourage risk managers to pick up the phone. If the risk manager's initial estimate of the home's replacement cost is coming in higher than the dwelling limit purchased, have them call the client to discuss it. Sharing the status of the appraisal, confirming assumptions made about rare building materials and techniques, and even discussing square footage calculated all allow the client to participate in the process and correct errors before they go to print. PURE began implementing "fact check phone calls" last year and realized a tremendous increase in satisfaction, finding that even clients who believed their replacement cost estimate was excessive felt more informed and enthusiastic about the company following the appraisal because they were given a voice and treated like adults.
Offer a simple appeals process. Despite best efforts, disputes will continue to arise. Forge consumer confidence and trust by using a formal appeals process in which the consumer can have their appraisal (and any other documentation or sources they wish to provide) reviewed by a qualified, independent expert or panel.
Help with the fulfilment of "recommendations." Successful high net worth people are busy people. Sending them a report with recommendations or requirements to reduce risk in their home often creates frustration, as their compliance time is limited. Assigning a resource to help the client implement those recommendations, from finding and vetting contractors to scheduling appointments, creates unexpected joy.

The home appraisal process is valuable for both client and insurer. Although the expert risk managers and appraisal consultants in our niche regularly contribute to client enthusiasm and loyalty, the process often creates friction, frustration, and distrust. If we want to attract and retain more HNW clients that are currently served in the mass market, specialists should eliminate conflict in the valuation process. That means being more consistent, more transparent, and more empathetic. Mark Galante is the Chief Marketing Officer with The PURE Group of Insurance Companies. To learn how PURE is tackling this challenging topic, visit pureinsurance.com/pure360.

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3 Ways to Improve the Home Appraisal Process

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