The bar has been raised regarding customer service standards in today’s instant gratification society. This applies particularly to insurance carriers.
A study by LexisNexis reported that 38% of the insurance claims handling industry utilized virtual claims before the Covid-19 pandemic. At the same time, 67% of insurance carriers were interested in new technology to process claims. Insurance companies have developed an innovative system known as fast-track adjusting services (FTAS) to meet the high demand for claims and customers’ needs.
What are fast-track adjusting services?
Insurers report that the most important criteria for fulfilling claims are a quick, initial call and the adequacy payment of claims. Fast-track adjusting services (FTAS) provide insurance carriers with a productive and economical process to manage and resolve large numbers of claims. This applies particularly after natural disasters. Insurance adjusting firms employ a team who directly works claims with policyholders over the phone. They use innovative software and knowledge of construction to obtain an appropriate value and resolve claims quickly.
Benefits of fast-track adjusting services
Fast-track adjusting services incorporate the professional experiences of claims adjusting teams with new and improved technology. Additionally, they bring an understanding of construction to handle claims faster than traditional adjusters. With modern software, claims can be submitted electronically or by paper to the insurance carrier and the insured.
In addition, fast-track claims utilize modern, leading-edge estimating software that obtains compensation of damages quickly and efficiently. Under traditional claims handling, policyholders potentially wait days or weeks for an adjuster to come and inspect the property for damages. Following that, insurers may have to wait a couple more weeks for the adjuster to complete the investigation and determine an estimate. The expectations of policyholders are quickly met using fast-track as scheduling complications are eliminated. This reduces any inconvenience to clients.
How much involvement is required from the policyholder?
Under the fast-track system, customers are typically involved as they can provide details of the extent of the damage. They can even settle the claim with one phone call. However, if policyholders cannot describe the damage’s specifics, claims can usually be resolved shortly after. Fast-track adjusting services allow policyholders to be involved in the resolution process. Customers can provide the scope of damages to an adjuster instead of the adjuster offering advice on the damages and how they will be covered.
Insurance carriers also benefit from using fast-track adjusting services as a high volume of claims can be resolved quickly. Experienced adjusters handling these claims allow the field staff to conduct and complete their inspections.
How does BSA Claims do fast-track adjusting services?
At BSA Claims Solutions, the fast-track adjusting team consists of experienced adjusters. They assist carriers in resolving insurance claims, utilizing a cost-effective, simplified claim resolution process. The team can complete and close claims via telephone using modern software. Additionally, they can gain an understanding of construction, all while providing excellent customer service.
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