At Fluttrbox, we like to think big. So naturally we’re drawn to Texas, where everything is big, including hail damage. Between 2013 and 2015, there were 394,572 hail damage insurance claims in Texas alone, making it the state with the highest number of hail related claims in the US. In recent years, some parts of Texas have been left with more than $1.5 billion in damages after hail storms!
So why the focus on the Lone Star state?
Recently Fluttrbox has been tasked by insurance companies to inspect residential properties during the underwriting period throughout Texas. This involves us providing underwriters with high quality reports and images of any preexisting damage, the condition of the property, and the building materials within a specified time period when the policy is initially issued. Ultimately enabling the insurer to check whether the risk is representative of the initial information given in applications.
Why is this crucial?
Misclassifications due to inaccurate inspections or non-existent ones can be costly both to an insurer and policyholder! Misclassification leads to either charging too little or too much in premiums, or sticking with a policyholder only to have a claim filed soon after due to a pre-existing condition.When underwriting an insurance policy, insurance companies look to minimize the difference between actual losses and expected losses for the insured property. Without accurate inspections or data on the property that is being insured, policies can be issued to properties posing as a standard risk, when in fact they pose a higher risk to the insurance company.
The Inspection Process
Today, inspections require an insurance agent to make a request to inspect the property, usually performed by a third party, or a field underwriter.
This process can be long and expensive, as it can take weeks (up to 45 days) between the initial inspection request, and a report landing on your desk! This slows down the business value chain, and has a negative impact on policyholder experience.
On top of the length of time it takes traditional inspections to be carried out, there can also be issues with the quality and consistency of the report and the images. All these reasons are where traditional reporting inspection companies fail to deliver, and where Fluttrbox comes in.
Fluttrbox solves the problem of the snail paced inspection. By leveraging a workforce of on-demand inspectors, and by building a platform focused on customer experience, our inspections see turnaround times that are 10x faster resulting in a few business day transaction, our reports are consistent, and of high quality. This then allows the insurance company to assess whether the property is worth insuring in its current condition, or if it is more of a risk, without the wait.
This combination of high quality and consistent images, faster report turnaround times, and our attractive pricing points make Fluttrbox an attractive solution for both residential and commercial underwriters, within Texas and across the United States. If you’re interested in learning more about Fluttrbox’s services, get in touch with us today!