Analyzing and evaluating the ever-changing face of claim technology is a task that never gets checked off the "to-do" list. Claims' Eric Gilkey spoke with mobile technology company Symbility and its CEO James Swayze to find out why adjuster mobility is so important, how wireless technology benefits everyone involved in the claim process, and where claim technology is headed in the future.
Why is it important for adjusters to stay mobile when adjusting property claims?
In order to remain competitive and provide outstanding service, adjusters and contractors must look for ways to improve claim-processing efficiency. Symbility provides the tools for insurance adjusters and restoration contractors to collect claim information onsite and securely share this data with various parties involved in the claim. Because there is less re-estimating, less need for supplemental work, and less back-and-forth communication attempts, insureds typically receive their money faster, gets their repairs completed sooner, and are able to get on with their lives.
What about communication between adjusters and insurance companies?
Our technology reduces the claim settlement time and, therefore, the overall claim cost. Adjusters can make precise accountings of the damage and file it immediately from the loss site. Eliminating manual processes and laborious paperwork could result in large gains by the insurance industry as a whole. The results from our first insurance company customers have shown that they have reduced the average settlement time from 14 days down to five. This is largely due to the fact that they are now settling 55 percent of their claims on the first site visit, versus 10 percent in the past.
The data that is collected by the claim adjuster onsite is synchronized with Symbility.NET, which is available to all claim participants via an Internet connection. The system allows customers to seamlessly integrate their own data with other electronic claim systems. Symbility.NET, built on Microsoft's .NET framework, processes estimate data, provides an interface to analysis tools and management reports, and interfaces electronically with other electronic claim systems via XML. It provides the ability to assign claims to the appropriate adjuster quickly and gain notifications to ensure the claim is progressing resulting in a faster settlement process.
Why do you encourage the use of laser rangefinders?
Particularly useful in catastrophe situations, laser rangefinders give adjusters the ability to point the unit through small holes or cracks in structures that may otherwise not have clear access. The tool gives adjusters the ability to scope the dimensions and layout of the loss site, and create a graphical floor plan without actually entering the structure, and without having to drag a conventional tape measure through potentially hazardous substances often present due to the large amount of standing water.
What are some other benefits of this technology?
[Symbility's product] allows adjusters to complete full estimates while moving around the site. It automates the capability to create graphically-rich floor plans, roof plans, and exterior elevations using a pen-based computer. It allows adjusters to transmit estimates, photos, and floor plans wirelessly to other claim participants before leaving the loss site. The main benefits are improved accuracy, speed, and communications resulting in dramatically reduced claims-processing costs and increased customer satisfaction. One of our insurance company customers has seen its renewal rate increase to 95 percent as a result of the improved service of their settlement process.
Imagine it's the year 2027. What does the future of claim technology look like?
By 2027, the market will be fully immersed in using wireless and mobile technology to improve its effectiveness and customer service. Organizations that do not begin this transition soon likely will become obsolete as industry innovators lead the charge into mobile revolution.
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