Click on a subject to read what our most Frequently Asked Questions are with regard to our business and how it can apply to you.
General Information
Who is Loss Technology Services, Inc.?
Loss Technology Services, Inc. is an independent software solutions company serving both the professional insurance industry and the mitigation/restoration contracting industry. Our mission is to assess losses and verify correct procedures in an effort to enhance communication and technical proficiency between all parties to the loss.
What is Water Event Manager?
Water Event Manager (WEM) is an online Water Loss Claims Analysis Software that evaluates the structural drying project scope and pricing for water mitigation services. WEM uses proprietary algorithms based on industry guidelines, including the IICRC S500.
What is Loss Audit Services?
Loss Audit Services combines the latest technology with environmental analytical expertise to provide quality review, evaluation/verification of correct procedures, and agreed numbers on estimates and invoiced prepared by contractors, independent adjusters, or any other source.
Why was WEM created?
The demand for standardization of property repair services has significantly increased as insurance carriers attempt to reduce Severity and Loss Adjustment Expense (LAE) and contractors search for innovative ways to differentiate themselves in a crowded market. WEM was developed to meet both parties’ needs by providing scientific evaluation of project scope and administration along with respected pricing research.
How do Insurance Carriers Benefit from Water Event Manager?
Insurance carriers who currently utilize direct repair vendor programs can further reduce severity while greatly reducing LAE and Cycle Time.
WEM accomplishes this by:
- Providing real-time accurate information on water mitigation projects
- Providing a real-time tool for certified claims professionals
- Eliminating retroactive negotiation time
What price estimates will the system integrate?
WEM is compatible with many types of price estimation platforms; the correct platform will auto-populate based on your sign-in information. Thus, the recommended task list generated by WEM will most closely represent your invoiced services.
What does WEM do?
Water Event Manager (WEM) provides a complete analytical evaluation for a
mitigation project’s scope, as well as a cost comparison for mitigation invoices. In
analyzing a loss for its scope, WEM will calculate the project’s need for drying
equipment based on industry standards and the affected area(s) reported. To draw
a cost comparison, WEM uses an established pricing database based on the zip code
for the loss. To put it simply, WEM reviews submitted mitigation invoices for both
science and pricing.
How does WEM conclude its recommendation?
As stated, WEM looks at mitigation invoices in two ways:
The ‘science’ recommendation: WEM uses the dimensions from the affected area(s)
and places them in calculations for equipment usage as outlined by the IICRC S500,
the most widely accepted source for proper drying techniques in the United States.
WEM then takes those results to ascertain what size and how many pieces of
equipment should be used.
The ‘pricing’ recommendation: Through our partnership with Xactware, WEM uses
the project’s zip code to retrieve appropriate unit costs from Xactimate. Their price
list is incorporated into the evaluation for each line item invoiced. A comparison
between the invoiced and recommended amounts will show if a cost differential
exists that may reduce severity.
What does the WEM Review Process entail?
Once an invoice is received for our review, we input the claim into our proprietary
tracking system and WEM. The first deliverable is the Initial Evaluation (Step 1). If
warranted due to a significant cost differential, an analyst will input the contractor’s
drying logs and actual equipment to substantiate the number of days on the job and
equipment utilized. The deliverable from this re-evaluation is the Detailed Evaluation
(Step 2) and, if the cost differential still exists, LTS can contact the vendor to
attempt an Agreed Cost Discussion (Step 3). See the WEM Review Process and Data
Flowchart for more details.
What’s the difference between Step 1 and Step 2?
The difference lies in the amount of information input into WEM. In Step 1, WEM
evaluates claims using IICRC calculations for possible equipment usage, target
completion times based on industry best practices, and current pricing for the project
area. In Step 2 however, the contractor’s drying logs and equipment onsite for each
daily monitoring visit is used to compile the equipment usage and project duration.
Is the WEM application the only input to the Recommended Amount?
No. While drying is nothing new and mitigation jobs are common, there are unique
circumstances that require a little human touch. Each evaluation entered in WEM is
reviewed by an analyst that has been trained and certified in water mitigation. Their
knowledge is used to make the occasional adjustment to the Recommended Amount
should it be necessary based on project layout, scope, or special conditions present.
What is the average turnaround time to complete an evaluation?
For an average water mitigation invoice, the Initial Evaluation is completed within
two (2) business days from the receipt of all required information. The time to
complete the Detail Evaluation and Agreed Cost Discussion will depend on how
cooperative and expeditiously the contractor provides the data requested.
What parts of the country can you review?
All fifty states! To date, we have processed WEM evaluations for invoices received
from over twenty states.
Can WEM review mold invoices?
Because of the additional intricacies and differences between mold remediation and
water mitigation, WEM does not provide evaluations for mold remediation projects.
However, LTS can provide a Full Service review for these invoices.
Could a WEM evaluation be used by adjusters to perform Step 3?
Certainly! At present, the decision to move to the Agreed Cost Discussion typically
depends on the cost differential amount. There are some carriers, however, that
prefer their adjusters to handle the Agreed Cost step. For those, we simply ask the
requesting adjuster for authorization before moving to Step 3. If they would like to
handle it, we will be there to provide any clarifications they may need to assist them
in their negotiation with the contractor.
What information is needed to begin the review process? For a reevaluation?
For Step 1, the following information is needed to begin a WEM Review:
1. Completed WEM Transmittal Form
a. This gives us some information about the loss and acts as our ‘Work
Authorization’ to conduct the review
2. Itemized invoice
3. Room dimensions for each affected enclosure
a. A sketch or drawing of the loss is also helpful
For Step 2, we need a minimum of:
1. Daily drying logs that show psychrometric and/or moisture content readings
a. If missing one or the other, a re-evaluation can still be completed, but
some data will be assumed and notated on the report
2. Make/model of equipment onsite during the project
3. If a large number of hours have been invoiced, a detailed breakdown of tasks
performed during those hours, including approximate quantities for each, will
be requested
Contact Information
What is the toll-free number for Loss Technology Services, Inc.?
Our phone number is 888-521-4679 and fax is 866-230-8496.
Who do I contact regarding software help?
You can email, help@skyetec.com, which will be returned within the hour during regular business hours, or you can call us at 888-521-4679.
What are the business hours of Loss Technology Services?
Our office hours are 8:00 AM until 5:00 PM EST, Monday through Friday.
How can I get help with my billing issues?
You can email, billing@skyetec.com and your email will be returned within the hour (if you provide a call back number we will call you directly), or you can call 888-521-4679.
