Disasters know no boundaries. They can be small or large, contained or out of control, man-made or natural, and simply inconvenient or completely devastating.
No matter the scope of a catastrophe, the associated claim needs to be evaluated with both accurate pricing and timelines provided for repairing or replacing all affected property. That’s where depth and breadth of experience, as well as a full-service offering, come into play.
In a recent Partner Research Corporation report, almost 90% of executives in the Canadian property insurance industry felt it was important that their Property Loss, Scope, and Estimating Service Provider be able to handle all the evaluation needs of the claim. This included property, contents and/or very large complex claims. In fact, the results showed that quality and comprehensiveness were the two most important aspects in selecting any firm, as evidenced by one interviewee’s explanation, “You want to make sure that once you get into the project, the service provider will have all the necessary skills."
The report indicates that many insurers cannot maintain certain expertise in-house, so they must go outside their company and match the skills of a consulting firm with the requirements of the loss. And, when you have handled as many claims as SPECS has, we know exactly how wide-ranging these considerations can be. Take fires, for instance. We have worked through the gamut of claims, from residential and commercial fires to a blaze at a diamond mine, and even wildfires that burn through entire communities.
It's one thing to know how to manage the types of claims that adjusters see on a regular basis. However, when SPECS deals with more complex and technical claims, like a recent bridge girder collapse involving multiple stakeholders, we can draw on our entire team’s depth of knowledge, and combine that with our tried and proven processes.
Moreover, expert handling of a certain aspect of a claim can lead to the insurer exploring other areas of service with the same firm. For example, SPECS was successfully managing the structural portion of a claim for a fire-damaged property in western Canada. Our open communication and professionalism built trust with both the insurer and the insured. When the contents side still was not moving forward two years after the fire, SPECS was the natural choice to facilitate that settlement as well.
After all, as another Partner Research study respondent remarked, "There is a good reason why SPECS has the position in the market that it does. There is so much that they can do."
While disasters know no bounds, the resultant claim can be kept in check when an insurer uses a service provider with a broad skill set, extensive experience, and a complete service offering.