Protecting Your Brand Reputation During a Catastrophic Response
Reputation is everything in the Property & Casualty (P&C) industry, a brand’s reputation can be strengthened—or damaged—with each customer...
3 min read
ServicePower
:
December 12, 2019
The property and casualty (P&C) insurance industry is experiencing unprecedented challenges and uncertainties from global trade wars, falling interest rates, increased competition, and changing consumer expectations.
According to Ernst & Young’s EY Insurance Outlook 2019 report, overall growth in the P&C market remains “sluggish.” The report offers a number of suggestions to help companies overcome existing market pressures, including “partnering with InsurTech companies for wider reach” and adopting digital solutions “to support innovation and speed to market.”
In other words, P&C organizations need to adopt a new approach to achieving long-term viability. More forward-thinking companies are turning to independent adjusters as an effective way to grow market share and improve the customer experience.
A recent survey of Field Service Organizations (FSOs) asked which issues are impacting their business most. The results are insightful:
All of these drivers can be addressed by leveraging independent adjusters. But managing third-party adjusters can be challenging—not to mention costly—for organizations using inefficient manual processes. Following are six ways you can use technology to achieve the best ROI on your independent adjuster relationships.
Proven Results
The foundation of a highly effective mixed workforce is an effective workforce management system. The best solutions are those that deliver a greater level of business intelligence for more informed decision making, especially when managing independent adjusters. Some insurance companies can detect fraudulent claims using business intelligence software.
According to ServicePower, P&C insurance companies using workforce management software have achieved:
If you’re ready to increase operational efficiencies, achieve greater ROI, and grow your business using independent adjusters, contact ServicePower today.
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