How Thorough Property Inspections Can Help Your Bottom Line

How Thorough Property Inspections Can Help Your Bottom Line
Despite the nearly $6 billion in damage related to Hurricane Matthew that rocked the Southeastern coastal region of the United States in early October, A.M. Best does not anticipate a change in most insurer ratings. This is because many of the rated insurance carriers have a diverse footprint and sufficient capital in place to absorb this catastrophe.
However, the smaller insurance carriers that primarily serve the Southeastern coastal region will likely experience more of a hit to their earnings from Hurricane Matthew. Some of the claims in the harder hit areas may take longer to process and classify, so the real impact to earnings may not be realized until the fourth-quarter earnings reports come out.

An Important Lesson That Can Be Learned From Hurricane Matthew
As an insurance carrier that wants to minimize your losses, an important lesson can be learned from Hurricane Matthew. The insurance carriers that go into a great level of detail when underwriting the risk of insuring a property will end up on top. Having solid property inspections performed will help insurance carriers to more accurately forecast the replacement cost and provide value models that offer necessary insight no matter what the natural disaster may be. And let us be frank: there will be many more natural disasters in the future.

Make More Informed Underwriting Decisions With Field Inspections
Engaging a professional field inspector is the most effective way for the property and casualty insurance industry to gain the most accurate underwriting reports to allow you to make informed decisions. Seasoned field inspectors are equipped to provide insurance carriers with custom survey reports that are tailored to their individual needs and underwriting processes. These reports can provide valuable insight to help insurance carriers best determine which risks are worth taking.

At Insurance Risk Services, we truly value the relationships that we build with our clients and take a partnership approach with each insurance carrier that we work with. For the past 35 years, we’ve been able to differentiate ourselves by offering superior customer service, direct access to decision makers, and rapid response times. We understand that our team of seasoned field inspectors will occasionally have interaction with your clients, which is why we only hire professional field inspectors that will represent your brand well and allow you to put your best foot forward.

Considering that property inspections play a critical role in your underwriting process, it’s in your best interest to work with the most experienced and thorough field inspectors in the industry to protect your bottom line. Please contact us at Insurance Risk Services to learn more about how we are able to deliver quality assurance to our clients.