As we settle into the more active part of hurricane season, claims are already on the rise for flood damages. Despite encroaching water levels, high flood-risk homes are not only popular, but more valuable than non-risk homes, even as premiums soar. As this article is being written, heavy rains in the Chinese province of Henan are expected to see total insurance claims of 1.7 billion American dollars, and may be the single largest natural catastrophe for insurers in the history of China. Each year, flooding becomes a greater risk to more insured properties, with no signs of receding.
Even outside of this turbulent season, flooding is one of the most common and costly hardships to homes and automobiles. Barring some type of revolution in flood prevention, water damage will be a constant (and rising) threat to all homeowners. If the damage itself cannot be prevented, the insurance industry must meet the special challenges caused by water related claims.
Livegenic Virtual Solutions can resolve some of the biggest issues with water damage claims.
#1 CAT Events Causing Water Damage Inhibit Adjuster Travel
If an entire locality is underwater, adjusters will experience difficulties reaching the scene of the claim. Remote Inspections can allow for en masse observation of claims sites, allowing for early determination of which can be handled without further inspection, and which will require a more thorough in-person look. Adjusters can also get a look right away, even as the damage is taking place. This in turn can remedy another problem…
#2 With Delayed Observation, Signs of Damage May Recede
Some flooding claims may be nearly dry before an in-person adjuster can arrive to document them. Invisible risks like mold and structural damage can fester and depreciate property and go unnoticed, if affected areas are not documented immediately. Livegenic enables inspection immediately upon FNOL. (Early documentation also provides a far greater window of subrogation opportunities, and for carriers to be reimbursed for failing flood-prevention equipment.)
#3 Natural Disasters Can Cause Thousands of Simultaneous Claims, Jamming Claims Cycles for Months
Flooding is almost always caused by calamitous weather events that can affect millions of people simultaneously, creating mountains of claims to process. Livegenic has been put to the test in these scenarios and proven to be a massive asset in sorting and processing excessive losses. Read this case study and learn how we assisted claim management company MADSKY in the 2017 cleanup of catastrophic damage in the wake of Hurricanes Harvey and Irma. During the 8 weeks after, inspectors used Livegenic to stream and upload 100k minutes of video, 400k snapshots, and record 50k minutes of voice calls. In total, MADSKY processed 10,000 claims in under 2 months, a 680% increase over their previous monthly average.
When your back is against the wall, and the water is rising to your knees, Livegenic is the perfect tool to determine water and flood damages. Request a demo below and find out, “What Can Livegenic Do For You?”