Property Damage Appraisers Forecasts the Future Relationship between Insurance Companies and Independent Appraisers as States Reopen
FORT WORTH, Texas, July 1, 2020 /PRNewswire/ -- In just a few months, COVID-19 has had a major impact on the world, with the vast majority of people spending most of their time at home. As a result, time spent driving has decreased, and fewer auto insurance claims have been filed, forcing insurance carriers to find ways to lower overhead costs. One way insurance carriers have reduced budget is by laying off or furloughing full-time, salaried adjusters, opening an opportunity for independent appraisal companies to fill in the gaps.
As an independent appraisal company with the technology to deliver industry-leading cycle times and same-day service, Property Damage Appraisers (PDA) can provide the breadth of appraisers and depth of expertise needed with how insurance carriers will need to operate in "the new normal." PDA, the nationwide leading independent damage appraisal firm with more than 650 local appraisers in more than 250 offices, completes over 420,000 estimates a year for auto, property, and specialty and heavy equipment damage.
As social distancing requirements were put in place, the insurance industry was forced to quickly shift to virtual claims, whether that's through the usage of drones, photo or video submissions by the policyholder. Given the circumstances, the policyholder is more willing to accept the automation of the claims process just to get the claim resolved without having to physically interact with someone. Looking ahead to a post-COVID future, PDA recognizes that it will be imperative to strike a balance between using technology while providing the same claims experience the policyholder expected pre-COVID.
"Pre-COVID, many insurance carriers were exploring how to utilize technology to resolve claims more efficiently, but it came with some reservations because the insurance industry is built on the relationship between the carrier and the policyholder," said Tom Slimak, Executive Vice President. "The interaction between policyholders and their insurance carrier is mostly limited to the claims process, making those interactions particularly important. If the carrier isn't delivering the right support or meeting the needs of the policyholder to their level of expectation, satisfaction and retention can take a hit."
As more policyholders use technology solutions to assess damages in the claims process, the density of the field claims volume decreases. Having fewer field assignments for staff adjusters, carriers won't be able to support the fixed costs at lower productivity levels. Thus, creating an opportunity window for tools like PDA's National Optimizer. PDA offers multi-line carriers the resources that can handle all types of claims, including automobile, property, and specialty and heavy equipment.
"As we continue to navigate this uncertain world, the insurance industry, like all others, will continue to shift how they do business. As the available pool of assignments decreases or diminishes within an area, insurance carriers may need to shift from full-time staff to partnering with an independent company like PDA that can augment their claims team with multi-line experience and boots on the ground in those areas in a pay-per-claim model," said Slimak. "Looking ahead, insurance carriers must strike the right balance of using technology and providing excellent customer service and finding alternative solutions to process claims quickly without carrying unnecessary fixed costs. PDA offers this combination of innovation and human touch to align with how insurance carriers will need to operate in the new normal."
ABOUT PROPERTY DAMAGE APPRAISERS, INC.
Property Damage Appraisers, Inc. (PDA), the nationwide leading independent damage appraisal firm, is revolutionizing the industry by providing consistent quality products at speeds never experienced before across the United States, including guaranteed Same-Day Service, using a combination of technology and human expertise. PDA completes over 420,000 estimates a year for heavy equipment, over-the-road truck, specialty equipment, auto, RV, boat, motorcycle and property damage through our national team of more than 650 local appraisers in more than 250 offices. Established in 1963, PDA's corporate headquarters is in Fort Worth, Texas.
MEDIA CONTACT:
Lauren Turner
No Limit Agency
lauren@nolimitagency.com
312-526-3996
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SOURCE Property Damage Appraisers, Inc.
