Carriers Recaptured Millions in Indemnity Leakage by Consistently Using Third Party Experts to Help Settle Claims Accurately
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CHARLOTTE, N.C., Feb. 22, 2017 /PRNewswire/ -- HVAC Investigators (HVACi), the nation's leading provider of HVAC and Refrigeration damage assessments for Property & Casualty insurance carriers, announced the release of its highly anticipated 2017 Annual Claims Report today. The data in HVACi's report provides an opportunity for carriers to discover where indemnity leakage can be controlled and thereby realize significant savings. Furthermore, the statistics presented in the report allow carriers to improve accuracy when setting indemnity and expense reserves. This information underscores the importance of establishing a standard process to handle HVAC claims consistently.
Distributed to Property & Casualty insurance carriers nationwide, the report includes statistics from many thousands of actual claims assigned to HVACi by the nation's top carriers. The figures are derived from the results of both onsite inspections and desktop reviews of residential, commercial, and large loss claims in all 50 states, for all causes of loss, and across all major equipment types and manufacturers.
The Annual Claims Report includes popular topics that carriers have come to rely on, such as Claim Accuracy, Reported vs. Actual Cause of Loss, Repair vs. Replace Frequency, HVAC Claims by Region, HVAC Claims by System Type, and Frequency of Coverage by System Age. This year's report also includes many new categories. One such addition is a section devoted to analyzing catastrophe claims and natural disaster events in 2016. Also new to this year's report is year-over-year trending for statistics such as average claimed amounts, percentage of theft claims, and refrigerant types. This data helps carriers isolate trends from anomalies and predict future claims more accurately.
"The 2017 Annual Claims Report suggests that HVAC claims represent one of the most significant remaining opportunities for property carriers to leverage third party experts for objective damage assessments in order to improve claim accuracy," commented Reza Nikrooz, HVACi's Chief Claims Officer. "By establishing a standardized process that includes the engagement of a subject matter expert for HVAC claims, carriers can achieve these savings without compromising cycle times or customer satisfaction ratings." This report will be made available immediately to insurance claim professionals. To request your copy, please click here or email education@hvaci.com.
HVAC Investigators (HVACi) is the nation's leading provider of HVAC and refrigeration damage assessments. Our prompt inspections, actionable reports, and national footprint help insurance carriers settle HVAC claims more quickly and with a higher degree of accuracy. To learn more about our services or to submit an assignment, please visit hvaci.com, email info@hvaci.com, or contact us by phone at (888) 407-5224.
