Risk management through rapid restoration
Here's how to ensure a fresh start for insurers and policyholders in the wake of a disaster.
This year has broken records for the highest number of weather and climate disaster events with losses over $1 billion.
Flooding, severe storms and Hurricane Idalia made up costs for over half of the total number of disasters this year.
This scenario makes it even more important for insurance providers to have a full preparedness plan for clients seeking a fresh start after disaster. One essential key to providing clients with the best, most effective service is partnering with the right restoration company.
The right restoration company manages details after a client has been hit with a natural disaster. This outfit will go further than simply providing basic policy protections and advice; this means going the extra mile to provide a seamless experience for clients without adding to their stress.
Restoration is a part of the recovery process, and working with a trusted partner in restoration will not only benefit the client, it will also benefit insurance companies.
Streamlined communications
In times of disaster, policyholders look to insurance carriers to provide the answers they need, fast. It costs time and money for adjusters to get to the scene. From there, it’s impossible to know all of the facets of damage without consulting restoration experts. They are often among the first to arrive at the scene of a disaster. Remediation services are essential in damage recovery situations, and clients look to restoration experts to help return their home to normal as soon as possible.
Because many restoration companies have the capability to provide expert eyes at jobsites immediately, insurance carriers can ensure their policyholders will be met with rapid response and an instantaneous evaluation of damages. Having a partner who is available immediately that can assess and begin mediating the damage will lead to better policyholder retention.
While rapid response is a benefit to partnering with a restoration brand, there are still expectations that must be set to ensure the highest quality care for clients. Setting expectations early on to provide clear communication, both with policyholders and between insurance and restoration parties, will result in better collaboration.
On the partner side, clear communication ensures alignment on pricing, extent of damages and timelines for recovery. On the client side, clear communication from one party who has both insurance and remediation updates makes their lives easier.
Restoration companies rely on communication to get their jobs done in a timely manner, and clear communication between adjusters and remediation experts allows for the utmost transparency when speaking to clients. Providing policyholders with the updates they need in real time on behalf of both insurance and damage remediation experts allows them to trust that action is happening to restore their property.
Reducing long-term costs
Loss of valuables, including furniture and personal belongings, adds to the already-existing list of damages when a policyholder meets disaster. A restoration expert must arrive on site and immediately shut off the water valve if needed, a first step to beginning the mitigation process.
When water damage is a main issue in a home, experts will extract that moisture to begin the drying out process and prevent mold growth. Furniture is moved from the affected area immediately. This process allows for damage and loss mitigation from the start with no extra steps needed for adjusters.
Such common practices for restoration companies help stop additional damages from sprouting and shorten the remediation process. These steps are beneficial to both insurers and policyholder to minimize additional losses.
Insurance carriers and professionals can expect to see higher retention and more overall customer satisfaction rates when rapid response to a claim is immediately met with clear communication and a mitigation strategy that gets the job done efficiently and completely. Partnering with restoration experts allows for an immediate start to recovery. Not only will policyholders remember the ease of their customer experience, insurers will remember the ease of working through a tough claim with a trusted partner.
Miri Offir is CEO at 911 Restoration, a company that works to provide customers with a rapid, empathetic response and clear communication in times of need. These opinions are the author’s own.
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