A better way to meet your objectives
Property insurance carriers have the fiduciary responsibility to insured, while simultaneously needing to reduce Cycle Time, Loss Adjustment Expense (LAE) and Severity. Loss Technology Services helps you maintain the strategic balance between these objectives.
Loss Audit Services
With Loss Audit Services by LTS, carriers enjoy a reduced cycle time through full-service audit and review services. Comprenehsive reports are prepared in-house that evaluate pricing and process of a contractor's work. The calculations are powered by state-of-the-art technology - Water Event Manager.
Services offerings include:
for commercial, mold, and fire losses
Water Event Manager
Until now, insurance carriers have had to wait until all water restoration work was completed before evaluating services rendered and beginning price negotiations, as necessary, with contractors. Water Event Manager provides the unique capability to monitor, compare, and validate in real-time, the processes and pricing being used on water loss claims.
Concise, clear, and accurate reports provide evaluations of data, and recommendations for appropriate project scope and pricing to restore water damaged structure and contents.
Water mitigation services are evaluated based on:
- Structural drying tasks – an estimating term describing what is to be done, or was done to structure and contents items. All tasks in an estimate make up the “Scope of Work”.
- Drying equipment use – The types and numbers of drying equipment used on a drying project, as determined by the affected area and psychrometry.
- Component unit costs - Material and labor needed to complete tasks expressed in units.
- Targeted project duration - Total projected time to dry an area affected by water intrusion sufficiently.
Time-consuming negotiations on price differentials are virtually eliminated, reducing:
- Loss Severity
- Loss Adjustment Expense
- Claim File Cycle Time
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