The 2020 CAT season only has 7 weeks left but carriers will be investigating and paying claims for years to come. Isaias, Laura and Sally estimates are coming in at $6 to $12 billion each, and the August derecho is already over $4 billion. Carriers are speaking up about the difference it made to have VIP Software™ enabling them to work more efficiently and confidently as new storms rolled in week after week during the prime of the season.
One of VIP’s top 20 carriers said the invoices are coming in by the 1000’s but with intelligent, augmenting, software from VIP, processing claim’s expenses has become as simple as checking for flagged irregularities, sending a message to the vendor that changes need to be made and selecting the rest for accurate payment processing. What use to take days is now completed in hours with confidence. “Our workload in the claims operation has nearly been reduced to half and Loss Adjustment Expense (LAE) has been reduced by almost $2 million over the last 90 days.”
Another carrier explained that often invoices were just processed because there wasn’t enough manpower or time to research every invoice and make sure they were being billed according to the fee schedule or to verify that invoices weren’t being duplicated. With VIP Software™ each invoice is automatically audited in real time to the fee schedule and the claim. “We are a smaller carrier with limited resources compared to some of the larger companies. With VIP, we pay our invoices three times faster with little to no worry that we are being billed incorrectly. This allows us to allocate those resources to areas where we need them during CAT season. Making our staff more productive and our reinsurers happier.”
“After hurricane Sally,” says one VIP client, “we didn’t think we would be able to keep up with our vendor terms and still process our invoices correctly. You have an eagerness to get vendors paid on time but a responsibility to pay those invoices correctly. The software we are using now with VIP, made it easy to perform these functions even in a year like we’ve seen this year.”
VIP Software™ caters to all size carriers, helping you mitigate the losses of the 2020 CAT season and close your claims with confidence that expenses are being paid accurately and timely with the least amount of loss and manpower. The storms are still rolling in but it’s not too late to jump on board and see these same results!