4 Niche Desk Review Expertises You Didn’t Know You Needed
Using a business process outsourcing (BPO) partner provides many well-known benefits. For years, insurers have used outsourcing to keep costs down, free up their staff, and improve their operations. While these are great reasons to consider outsourcing, there are more advantages to partnering with a BPO.
Working with a BPO is a smart, strategic option for insurers looking for a competitive edge. Outsourcing specialized work, such as your claims review process, increases your depth of knowledge around niche claims. While insurers are often limited to hiring from the local talent pool, partnering with a BPO allows you to benefit from exceptional talent with a breadth and depth of experience in specialized areas. Niche expertise means fewer mistakes, faster processing times, and higher policyholder retention. What’s more, you don’t have to worry about training and hiring to keep a high level of expertise in your team.
Considering working with a BPO? Here are four niche areas of expertise that you should have to keep a competitive advantage.
Speciality / Non-standard Vehicles
Farm vehicles, tractors, motorcycles, RVs, commercial trucks, and specialty/non-standard vehicles require more research than an average auto claim. Insurance processors need to know variations between make and model and accessories and features.
Outsourcing to a BPO provider specializing in auto claims means an appraiser with specialist auto knowledge will work on your claims for you, so you don’t have to have that specialty knowledge in-house. Evaluators better understand the nuances within each category and type of vehicle and can spot details that more generalized staff members may easily miss. Specialty knowledge allows niche auto claims to move quickly, as experienced adjusters provide accurate values and eliminate unintended costs, such as repairing vehicles that insurers should write off.
Fixed Property
Fixed property claims can be complex and add to the workload of an auto claim. A lack of knowledge or experience in fixed property claims can make it hard for an insurer to get an accurate appraisal, identify inaccuracies, and pay what is owed. Add in damages to bridges, signs, storefronts, and traffic markers, and your staff now have a complicated fixed property claim on their hands.
One auto accident may involve multiple utility companies, local municipalities and other insurance agencies. For example, a single-car crash in Rhode Island could require involving the State of Rhode Island for damaging a guard rail, Verizon for utility poles, and other insurance agencies if additional vehicles are involved. Without prior experience, it may take weeks for an insurer to navigate damage claims with utility companies and municipalities before they resolve the claim—costing the insurance company time and money.
Outsourcing to a BPO that specializes in fixed property takes this worry off your hands. Researching accidents that result in damages to utilities, landscaping, and loss of income can take weeks to find, study, and review. BPO providers that specialize in fixed property study these niches regularly, ensuring they are up-to-date.
Experienced and knowledgeable fixed claim adjusters can help you avoid overpaying for claims by paying close attention to details that would trip up your general staff. The result is more accurate claims and faster closing times for policyholders.
Water Mitigation
When a policyholder experiences a burst pipe, the restoration company will send their invoice to the insurance company. Given the complexities of water mitigation, it can be challenging for staff to know where you are being overbilled. Inflated or inaccurate estimates are typical, and water mitigation claims often get overlooked.
Some common areas that a BPO can help you avoid overpaying include inflated labor hours, air filter charges, unnecessary use of equipment, debris and dumpster charges, and incorrect use of line items. Without a thorough knowledge of water mitigation, it can be impossible for general adjustors to demand a fair cost for these claims.
A certified water mitigation specialist is trained in industry-accepted processes. These specialists know what fair use of time and resources looks like and can quickly identify areas where you and your policyholder are being overcharged.
Virtual Photo Estimating
Physical inspections are time-consuming and inefficient. Virtual photo estimating is a faster, more accurate way to inspect vehicles for damage after an auto accident. Repair shops are experiencing a shortage of technicians and waiting time for parts. While insurance companies can’t solve these issues, they can improve the repair claim process for their policyholders.
Virtual photo estimating eliminates needing an appraiser to inspect their vehicle in person. Instead, the policyholder submits photos of the damage or the vehicle is taken to a partnering car repairer immediately for processing.
This inspection tool helps to eliminate unnecessary costs and get payments processed as quickly as possible. By eliminating appraiser travel time, your BPO is lowering the cost of processing claims. Comsearch uses PhotoWrite to cut days off the total loss processing time. Virtual photo estimating allows policyholders to experience faster processing times, lienholder payments and increased satisfaction.
Outsource with Your Policyholders in Mind
Choosing the right BPO partner to manage your workflows can increase profits, productivity, and policyholder retention. The focus for insurers looking for a BPO should be on saving time and money with no reduction in the quality of service. For outsourcing to be successful, you need a provider that combines industry experience with a focus on innovation and specialist skills.
At Comsearch, we bring a wealth of knowledge and technical experience to the business of property and auto claim services. Our commitment to extensive training combined with cutting-edge technology allows us to deal with specialist claims quickly and accurately.