Already familiar with EagleView Technologies'aerial roof measurement reports, a large, national insurancecarrier learned about the company's wall report and was eager totry it out for claims that involve damage to siding or windows.

|

The carrier's field claims manager explained that often theywould receive claims that not only were for roof damage but alsoincluded damage to the siding or windows. "We were using theEagleView roof reports for the roof measurement, but the claimwould be slowed down by having to send a person out to the house tomanually measure the siding or windows," he explained. When helearned about the ClaimsReady™ wall measurement report that isproduced using EagleView's patented 3D technologies, he wanted tolearn more and determine how implementing this technology wouldimpact his company in terms of time, efficiency and from afinancial perspective.

|

EagleView agreed to work closely with the carrier to study asample of 1,200 closed claims and evaluate the results. EagleViewwall measurement reports were generated for each of the properties.The carrier also decided to re-measure the properties by hand todouble check the original accuracy. To accomplish this, theyengaged their own national CAT and re-inspection teams.

|

In evaluating the results of the original adjusters' handmeasurements, the EagleView measurements, and the new,double-checked hand measurements performed by the CAT andre-inspection teams, the carrier was able to determine that theadjusters were more likely to over measure 79 percent of the timewith an average overage of 10.87% or 239 square feet per claim.

|

For a typical claim, it can take a few days for an adjuster tovisit the property to collect measurements, meet with the owner andbegin the estimating process. The use of EagleView wall reports,when ordered at first notice of loss, produced process improvementsthat resulted in a shortened claims cycle and better experience forthe property owner.

|

The numbers from the study show a definite positive financialimpact for the carrier. With an average over measurement of 239square feet, 79 percent of the time, 948 of the 1,200 properties inthe study were measured inaccurately. For purposes of this study,the cost of two dollars per square foot will be used to calculatecosts. If 948 properties were over by 239 square feet each, thisrepresents 226,572 square feet over. Multiply that by the estimatedcost of two dollars per square and the overpayment equals $453,144,or $377 per claim.

|

There is some cost savings associated with not having to pay theadjusters for time spent measuring but that is going to betransferred into the cost of purchasing the EagleView report. Forthis study the average time spent measuring was 37 minutes perstructure with a cost of $15.54 for time, based on a $25 per hourrate. Using these numbers, the total cost for adjusters to handmeasure the 1,200 properties in the study was $18,648. Aftercalculating in the EagleView report costs compared to the timesavings it was found that the true ROI comes from the savingsrealized by paying claims based on accurate measurements. Bysubtracting the $18,648 adjuster payment cost from the $66,000report cost, the carrier had a net increase of $47,352.

|

For this study, had the carrier made the additional $47,352investment to purchase EagleView reports on every property, theywould have saved $405,792 that was overpaid on these claims. Thisequates to $338 saved on each claim — a significant return oninvestment that convinced the carrier of the value of usingEagleView wall reports for every exterior damage claim.

|

Needless to say, the carrier is now using EagleView roof andwall reports on every claim. In addition, they are now able tocomplete a few more claims per day but for them it's more about thesafety, customer satisfaction, reduced inspection time, quality ofthe measurements and the accuracy.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.