When assessing losses after a tornado strike, insurance companies strive to be thorough and accurate in assessing property values. Unfortunately, as Kevin Hromas writes in an article for Claims Management, a lack of technology can hinder the adjuster's anbility to accurately create a contents inventory. This in turn limits the efficiency and accuracy of the contents evaluations.
One tactic Hromas heavily endorses is using digital recordings to help expedite contents claims documentation. He suggests that providers should even consider some kind of incentive for insureds to submit recordings with their claims as an example of ways to promote a more accurate claims review process.
Digital recordings not only save the insurer time, Hromas argues, but give contents research specialists more information to work with to determine accurate values. He contrasts this with the less-involved approach of simply asking the insured to list their property values, which could lead to errors and inaccurate valuations.
"In this day and age of digital electronics, when even your cellphone doubles as a digital recorder, there is no reason why every underwriting file for a piece of property should not have a digital recording of the complete interior of a property with all the contents shown," he writes. "That same principle applies to the exterior, as well."
Tornadoes and related storms represent a significant portion of natural disaster-related damage. According to the Insurance Information Institute, more than $15 billion in insured losses were tallied during 2014. Between 2005 and 2014, the combined amount of estimated insured losses attributed to hail, lightning, tornadoes and severe thunderstorms added up to $120 billion.
BrightClaim's network of contents services specialists includes experienced staff that will adapt to the terms of each specific case and follow through with best practices per the client's instructions. This includes understanding the best tools and technology needed for accurate reporting.