Progressive’s recent financial woes, highlighted in a June 14th P&C Specialist report, paint a grim picture for the insurance industry. The company’s staggering 282.8% combined ratio in May, primarily due to severe storms, is a stark reminder of the devastation catastrophes can inflict. If a giant like Progressive is reeling, it begs the question: are other carriers equipped to manage the onslaught?
The Cat Loss Conundrum
When disaster strikes, insurers face a cascade of problems: a deluge of complex claims, frustrated customers, soaring on-site costs, and a tarnished reputation. It’s a recipe for losses that spiral out of control.
idFetch: A Beacon of Hope?
Enter idFetchTM by VeracityID. This innovative solution lets homeowners follow a highly structured, 10-to-15-minute, property documentation effort. Then, when a catastrophe strikes, the carrier simply resends the applet loaded with the ‘before’ pictures, asking the customer to take ‘after’ ones. This allows remote adjusters to perform claim triage from a much stronger basis in fact, radically streamlining the claims process and minimizing the conflict, lawsuits and other financial fallout of natural disasters.
Imagine a world where insurers have a clear picture of each policyholder’s property before disaster strikes. This would allow adjusters to swiftly manage claims remotely, easing the burden on overwhelmed teams and getting money back to policyholders faster.
A Win-Win for Insurers and Policyholders
idFetchTM empowers homeowners to take charge of their preparedness. By offering rewards like premium discounts or expedited claims settlement, insurers can transform pre-disaster documentation into a mutually beneficial practice.
Targeted educational campaigns can further boost participation, highlighting the tangible benefits of using idFetch for faster claims processing and a smoother recovery. This is true at the beginning of the storm season and can be even more effective at motivating compliance when the season’s first major storm watches are issued.
The idFetchTM Advantage
idFetchTM user-friendly platform makes property documentation simple and useful. By streamlining the process, offering ongoing guidance, and sending helpful reminders, idFetch fosters proactive participation among policyholders.
By embracing innovative tools like idFetchTM, insurance carriers can take charge of their destiny, turning the tide against catastrophic losses. Faster claims, lower costs, happier customers, and a stronger bottom line – that’s the power of preparation.
VeracityID provides a range of risk selection and discovery solutions for P&C Personal Lines Insurers and their Channel Partners. These include idFusionTM, the only dedicated, end to end risk selection and documentation platform and idFetchTM, an AI enhanced image and documentation platform. All VeracityID solutions have been developed in partnership with major insurance carriers. VeracityID is focused on getting the risk right before the policy is written or changed. For a demonstration or conversation please contact us.
