Mass.-based Enservio, Inc., a national provider of software and services to property insurers, announced a new Recoverable Depreciation (“RD”) service to help expedite what has traditionally been a tedious and inconvenient process for claims professionals and adjusters. Based on demand from insurance carriers looking for a less cumbersome, more expedient RD process, Enservio’s new offering promises to accelerate settlements, delivering higher customer satisfaction for policyholders.
“We’ve offered RD on an exclusive basis in the past for certain customers but in response to customer feedback, we’re now expanding this service to a broader base,” said David Pecorella, senior product manager, Enservio. “For claims professionals, this service translates to real time savings and a streamlined way of handling a traditionally laborious task.”
For example, on the average sized large loss claim of 500 line items, the Recoverable Depreciation service team can save carriers up to four hours of time. “That’s time that can be refocused on the customer,” added Pecorella.
Recoverable Depreciation Explained
Under most insurance policies, claim reimbursement begins with an up-front payment for the actual cash value of the loss at the time the claim is filed. To receive additional compensation to cover the depreciation of items claimed, the insured typically must provide receipts. With hundreds of line items being processed daily, the data entry process can grow unwieldy.
Enservio’s Recoverable Depreciation service offloads this task, allowing claims professionals and adjusters to use their valuable time more strategically to work on more critical or immediate customer service issues. Policyholders receive a dedicated team devoted exclusively to the RD task, improving overall service by closing the claim sooner to expedite payment.
Source: Enservio Inc.