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Goodbye Guestimates: Plug into Instant, Accurate Content Claims Valuation with Guidewire & Upptec

Goodbye Guestimates: Plug into Instant, Accurate Content Claims Valuation with Guidewire & Upptec

Laura Drabik

Up to 41% of policyholders are more likely to take their business elsewhere after a bad claims experience, and 75% say it's easier than ever to do so.

Nobody wants to file a claim. But when they do, transparency and a fast, fair settlement are expected—or else. That means the valuation process can be a make-or-break proposition. But while every insurer wants to settle contents claims quickly and accurately, inaccuracies in content age, brand, size, material, or any number of other factors can lead to under or over payment that can damage both the bottom line and customer loyalty. Considering the policyholder's estimate is a good place to start. But verification through guesstimates and Google searches isn't going to result in the most accurate indemnification. Only a clear, credible valuation will do. Get it wrong, and 61% of consumers have no compunction about dropping coverage and sharing the bad experience with others. Get it right, and the payoff could be huge. Because while the average customer retention rate for home insurance brands is 63.6%, those with the best customer experience see those numbers jump 5% to 68.5%. When combined with Guidewire, the Upptec Valuation Add-on for ClaimCenter powers straight-through-processing—helping insurers save time, reduce compensation variation, and bring a whole new level of transparency to policyholders.

Who?

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Upptec has developed a cloud-based, self-service plug-in for content claims automation that enables Guidewire users to provide fast, fair and transparent compensation. With the Upptec Valuation Add-on for ClaimCenter, finding the correct replacement value for damaged property is as easy as entering purchase date and price, and whole or part of the model name. Most items can be identified instantly, and in cases where a claims adjuster has trouble finding the correct product, Upptec Product Support is readily available. Not only does this build customer trust, but it also greatly reduces the time spent on finding the correct replacement value for damaged property—freeing adjusters up to provide a more concierge level of service.

What is the value proposition?

By helping reduce claims costs by removing manual tasks and accelerating time to resolution, the Upptec Valuation Add-on for ClaimCenter helps insurers realize potential savings of up to $113 per claim. Upptec Valuation’s dynamic and unique products database allows Guidewire users to get fast, efficient, transparent and reliable market prices.

The Upptec Valuation Add-on synchronizes the claim's valuation and compensation within ClaimCenter, keeping claim handlers informed and up to date on contents and their associated values. With accurate content information automatically available, ClaimCenter can automate the content claims process from intake, to payment, to closure.

To start valuating items, the adjuster selects "Upptec Valuation" as a Service action within ClaimCenter’s claim file.

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The adjuster then selects the Upptec Valuation tab and inputs the policyholder's items by adding purchase date and price, and the name of the damaged content. Upptec then returns a focused list of results. ClaimCenter can also pull a scheduled list of contents from PolicyCenter for valuation by Upptec.

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Upptec will then auto-valuate each item by comparing the damaged item to products in the local market. Electronic products can be identified by their technical features. Non-technical products can be identified and valued based on country specific data and statistics to find the accurate market price.

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On the Claim summary screen, Upptec returns the name of the store from which the item was found at. Adjusters can select to re-evaluate the price of the item by selecting a different store. Prices are updated in real time and based on an extensive retailer network.

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For ease of sharing with policyholders or other contacts, an auto-generated PDF of the valuation can be found under the Documents section of the claim file. And items valuated in "Upptec Valuation” are found under Loss Details.

What is the opportunity?

The Upptec Valuation Add-on for ClaimCenter uses local prices from local retailers and is available in 12 languages. The insurer’s policies and depreciation rules are integrated in the solution, which instantly calculates the final compensation.

When integrated with ClaimCenter, the Upptec add-on enables insurers to:

  • Save an average of $113 per claim

  • Increase productivity

  • Enhance the customer experience

  • Enable 24/7 straight-through-process (STP) claim handling

Want more detail?

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Watch this video of ClaimCenter integrated to Upptec!












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