Unpredictable and severe weather patterns are a continuous and growing concern for property/casualty insurance companies. In fact, data findings from a new study in the journal Naturedemonstrate that more “extreme rain” events can be expected in the near future, bringing higher risks of flash flooding, costing millions of dollars in damages. (“More extreme precipitation in the world’s dry and wet regions,” Nature, published online March 7, 2016.)Executive SummaryWith unpredictable weather creating more total loss auto claims, combining title procurement and auction management functions into one cohesive system can help carriers avoid costly errors and more effectively manage their claims. Once the vehicle is declared a total loss, every step of the process could be managed through one platform, allowing claims departments to focus on value-adding tasks, according to Pat Walsh of Insurance Auto Auctions.
For the P/C insurance industry, it is critical to be prepared for unexpected influxes of claims. Therefore, a rapid response plan and the right infrastructure need to be in place for times when natural disasters strike. This is where a reliable and cost-effective total loss claims management process becomes a market differentiator to insurers. By combining efficiency and customer satisfaction, insurers are better equipped to manage unforeseen events that may require them to move more nimbly with fluctuating claims numbers while still being able to keep customers informed and satisfied.