How Our Value to Insurance Carriers Extends Well Beyond a Property Inspection

It’s anticipated that 2017 will be a challenging year for the property and casualty insurance industry, particularly when it comes to profitability. Carriers that make an in-person property inspection part of their underwriting process will be better equipped to preserve their profit margin. Insurance Risk Services has been helping insurance carriers mitigate risk for more than 35 years by providing thorough property inspections. However, we are much more than just a property inspection provider.

Here are several ways that we can help insurance carriers in the property and casualty industry overcome the challenges that they will be faced with in 2017:

1. Uncover opportunities to serve customers with more lines of insurance.
When our team performs an in-person property inspection, we have the opportunity to meet face-to-face with your customer. Because we represent the insurance carrier, your customer views our property inspector as the face of your company. This face-time is a valuable way to strengthen relationships with customers and identify additional opportunities to serve their insurance needs. For instance, it may not already be known that your customer is in the process of purchasing a second home or a new business property. These face-to-face interactions with the customer are very helpful in identifying new opportunities and making the customer aware of other ways that your insurance company can serve their needs.

2. Offset the total premium cost for a higher risk property by adding a lower risk policy.
When property inspectors are able to identify opportunities to serve customers with more lines of insurance, they may also come across solutions to help offset the total premium cost. For example, adding a lower risk policy for an auto or boat could help to offset the premium paid to insure a high-risk property.

3. Provide fact-based data to best determine which markets are worth the investment.
Larger insurance carriers that are public want to make their shareholders feel confident with their investment in a particular market. For example, an insurance carrier may be evaluating whether to pull out of a market such as Florida or Texas based on losses. The fact-based data revealed in our in-person property inspections can help insurance carriers to best determine whether to enter, stay, or leave a certain market and adjust underwriting tactics to more accurately mitigate risk.

All in all, the value that Insurance Risk Services can provide to insurance carriers extends well beyond property inspections. Please contact us to learn how we can help to increase transparency, uncover new opportunities, and provide you with valuable fact-based data to allow you to best determine which risks are worth taking.