Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

MyContentsClaim Product Overview


Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

MyContentsClaim Product Overview

  1. 1. COMPANY INTRODUCTIONMyContentsClaim® was designed by adjusters for adjusters with a notion that a significant opportunity to improvecustomer satisfaction during the claims process was being lost; identifying a systemic break-down from the outside-in.Initially when we set out to reinvent the contents claim process our sole objective was to solve a problem – not sell aproduct. This idea was developed from the insured’s perspective - alongside essential adjuster functionality.Contents losses are uniquely personal. Most homeowners dont understand structure damages/repairs (engineering,construction, framing, drywall, etc.). Personal property is just that - Personal. Holding a rare and extraordinaryopportunity to connect, build trust and improve retention when involving the policyholder in the claims process.With an industry customer acquisition vs. retention expense ratio of 7:1¹, and when 40% to 50% of homeowners actuallyswitch carriers after having a bad claim experience¹, the savings in keeping a customer is immeasurable. As a result ofour improved “customer-connection” we empower the user and enhance their claim experience, while bettering the lossadjustment efficiencies “downstream” for the adjuster. Our analytical approach to modernize and simplify a criticalaspect of the claims process is a Paradigm Shift; from trying to match customers with what is being produced (aproduct/service-centric mindset), to being truly 100% customer-centric.PRODUCT OVERVIEWOur process begins with three separate tiers ofcollaboration: ‣ The Homeowner (policyholder) ‣ The Adjuster ‣ The CarrierOur cloud/SaaS (Software-as-Service) solution allowsa unique collaboration between the claimant,adjuster and insurer during the Contents (and ALE)claim process without the restrictions of location,platform or infrastructure. This common and unified communication immediately begins to formulate the customer’sperception of their claim experience during a typically daunting and most often segregated part of the loss recoveryprocess. Whether accessed directly or through your company’s self-service portal, each insured’s individual secure loginholds a key element of our process, a completely customized and carrier branded interface.We individually custom brand the user-interface creating an unrivaled and trusted claim experience. Our System DesignModel guides the insured as they create and manage their list of damaged property; providing pertinent claim detailsalong the way. When ready the customer then “submits” their items directly to their adjuster for review. The adjusterlogin provides its own distinctive set of trade tools for full Contents loss adjustment - in real-time. The carrier/adminlogin adds enterprise access of the unlimited adjuster roster, staff or IAs and their respective claims with full claim leveladjustment capabilities.¹ Gartner Research insurance industry studyConfidential | © 2009 - 2012, all rights reserved | | patent pending
  2. 2. This level of total customization leaves the user with an imprint of “your” brand – for the first time a true collaborationbetween the customer, adjuster and insurer during their loss recovery process. We give you all of the ROI without thedisruption or costs associated with custom development and implementation.MyContentsClaim® has reinvented and modernized the contents claim process. A true end-to-end solution withseamless integration; all contents claim steps, data and processes (insured list creation, item pricingresearch/verification and submission to the adjuster, claim item adjustment, payments, receipt tracking, etc.) arecompleted within the continuity of a single uninterrupted platform - in real-time. 3 LEVELS OF COLLABORATION Level 1 - The Homeowner (policyholder) Upon logging in the customer is provided a simple, structured and professional method for building their inventory list of personal property, food loss and even ALE expenses (optional) if displaced from their home. In many cases at this time in the loss it is not only extremely stressful but emotional as well. Our process gives them an easy systematic approach for creating and managing their list that until now was typically handwritten and in many cases was their only copy. Insured View Process Navigation: Add an item ‣ Choose a Room Name ‣ Choose a Category (appliances, furniture, etc.) ‣ Complete Item description ‣ Attach photo/image upload ‣ “Price This Item” provides easy search tools, assisting the insured with Replacement Costs ‣ Attach item URLs for the adjusters review ‣ Automatic State specific fraud statements and much more… Your policyholder is provided with all of the tools to prepare and organize their list prior to submitting to their adjuster. Once “submitted” the items are then viewable to the adjuster and are ready for review. With continued Item detail access through the claim lifecycle, the insured is able remain engaged; viewing payments, item detail and comments/item revisions made by the adjuster, etc. No more handwritten frustrations - or disconnected customers. This is the type of transparency and user experience that forms a stronger customer-connection and level of trust rarely found in our industry. COMPLETED INVENTORY LIST SUBMITTED TO THE ADJUSTER The customer interface has been specially designed for easy-of-use in a fail-safe navigation environment for those not as internet proficient. MyContentsClaim® helps the homeowner through a very difficult time – establishing trust and building loyalty from the claims’ inception.Confidential | © 2009 - 2012, all rights reserved | | patent pending
  3. 3. Level 2 - The Adjuster Whether the insured participates or not, their efficiencies increase dramatically even when inputting the items directly. The adjuster login is a different side of the same system. Presented with a listing of all of their open claims. When a claim is selected the adjuster is given a set of unique tools not visible to the insured, allowing an organized, simplified and structured approach to a normally convoluted and time-consuming process. Some Features Include: Adjuster View ‣ Claim Overview – An “at a glance” view allowing the adjuster to instantly know which items are Unpaid, paid ACV (Actual Cash Value) or RC (Replacement Costs), etc. ‣ Workflow Design - tab-filtered, click any tab and the list is sorted to reflect only the items in their respective stage of payment ‣ Dynamically adjust provided depreciation and tax tables ‣ Research/verify and collaborate on item pricing ‣ Excessive price & qty warnings, diary/notes, etc. ‣ Import data; quickly import lists directly from our supplied Excel template ‣ Separate areas for Special Limits coverage items, Food loss, Clean/Repair items and ALE ‣ Transparency – insured can view item revisions, adjuster comments, item URL verification, etc. ‣ Running totals, Payment History and Reserves ‣ Reconcile Receipts - replacement receipts are matched with list items for quick review/verification ‣ ALE (optional) – monitor/review customer expenses, receipts, etc. ‣ And much more… FROM THIS TO THISConfidential | © 2009 - 2012, all rights reserved | | patent pending
  4. 4. Level #3 - The Carrier Carrier View As in many cases the initial field adjuster has completed their inspection and first report; the carrier login provides the admin claim-level capabilities – for any adjuster - to any file. Monitor reserves, manage the unlimited adjuster roster (add/remove/edit), reassign claims. Giving you more control and instant real-time status of any Contents/ALE claim. Scenario: Weeks or months into the claim process (“downstream”), the desk adjuster receives the customer’s receipts for replacement items, logs in and with two clicks has an immediate and accurate assessment of the loss with receipts matched to list items. Instantly providing the adjuster all the tools to control and manage the loss without the tedious and time-consuming manual tasks - relieving resource constraints, overpayments and with less leakage.ADDITIONAL FUCTIONALITY (OPTIONAL) ALE (Additional Living Expenses) Analyzing property losses where contents damage occurs there may at times be another loss that coincides where a high percentage of customers may have also been displaced from their dwelling. Not integrated by any other service provider, our ALE Insured View module just made sense; from the same login where the insured is managing their contents inventory they are able to collaborate with the adjuster and remain involved in the ALE claim process. At the adjusters Your Contact Info Here discretion, fully integrated - when the ALE module is 123 Street Name City, ST 01234 (123) 456-7890 activated the insured is able to upload expense receipts, log expense type(s) and track payments, etc. If the loss does not qualify for ALE and is not activated, or the adjuster does not have permission, it is simply hidden and not visible to the insured. Adjuster ViewConfidential | © 2009 - 2012, all rights reserved | | patent pending
  5. 5. SUMMARYMyContentsClaim is changing the way we look at property losses. By embedding this new process at the claim’sinception; we dramatically reduce Loss Adjustment Expense, improve customer retention/satisfaction and streamlinethe claim process “downstream.” Our approach significantly relieves resource constraints and improves your company’sfinancial performance. This new product/process is patent pending technology and can be utilized today – without anycustom development. More directly, it is a vital fit for any property carrier and pioneering “next step” for the self-serviceportal and overall claims process that until now has not been available. This paradigm shift will differentiate onecompany from another. SIMPLIFY. EMPOWER. COLLABORATE. ™Confidential | © 2009 - 2012, all rights reserved | | patent pending