Aite Group reports a $36 billion opportunity to reduce overall claims loss costs
NEEDHAM, MA – June 27, 2013 – In new research just published by Aite Group, the Boston analyst firm estimates there is a $36 billion total opportunity to reduce overall claims loss costs and expense in the US P&C insurance industry. Enservio (www.enservio.com), the nation's leading provider of software and services to property insurers, is included among 10 companies profiled by Aite Group that represent "players who are transforming the industry and addressing significant portions of the overall opportunity."
These 10 innovators are "starting to transform property and contents claims work flow, documentation, and valuation capabilities. This will boost customer satisfaction through faster, easier, more accurate claims resolution and improved catastrophe claims response times; improving property loss valuation accuracy and lower loss adjustment expenses," the report stated.
Aite's research describes "the old model" for processing and settling homeowner's insurance claims: Insurers provide homeowners with preprinted forms. In filing a claim, the claimant is asked to describe each item lost including its original cost.
"Needless to say, this 'self-reporting' system was subject to error, exaggeration and outright fraud – adjusters couldn't know prices and depreciation on millions of items," said Aite Group Senior Analyst Stephen Applebaum, the report's author.
"Enservio changed the model completely, developing software to accurately capture and value contents, and a field service organization to make onsite visits to assist claimants on behalf of the carrier. This results in dramatically reduced claims cycle times, contents claim severity and adjusting expenses as well as increased customer satisfaction," added Applebaum.
"Enservio should continue to penetrate the North American P&C insurance market as carriers embrace transformation of their claims management and underwriting processes out of competitive necessity and the desire to improve profitability and customer service.
"Enservio's recent innovations around analytics and claims payments should serve to further increase its utility to insurers and accelerate the adoption of its core offerings as well as its new products and services. Continued innovation can be expected from this company based on its management's history of developing successful and transformative claims services and solutions coupled with the relative lack of innovation in property claims," said Applebaum.
"We would expect to see Enservio leverage its contents valuation expertise with emerging business intelligence analytics skills to produce valuable fraud management, underwriting, rating, and pricing solutions for property insurers, including contents 'Insurance to Value' (ITV) for which Enservio is uniquely positioned to provide accurate valuations."
Other innovative companies mentioned in the Aite report include: BuildFax, EagleView, Symbility, PartsTrader, n2uitive, ICEX, SynerScope, Casentric and Social Intelligence.
Enservio works on the biggest challenge in property insurance – what's inside. We provide a complete suite of software and service solutions to help property insurance carriers price their policies correctly, settle their contents claims quickly and accurately, pay their claims, and help policyholders get their stuff back. Founded in 2004, we are headquartered near Boston, in Needham, MA with offices and professional staff across the United States. Enservio is a strategic partner of the National Insurance Crime Bureau (NICB) in their continued fight against insurance fraud. For additional information, please visit the company's web site www.enservio.com or call 888.567.7557. Connect with Enservio via LinkedIn (http://linkedin.com/company/enservio), Twitter (https://twitter.com/enservio), and Facebook (https://www.facebook.com/enservio).
Enservio is a trademark of Enservio, Inc. All other trademarks referenced are the property of their respective holders.