The Differences Between Residential and Commercial Restoration

Tim Fagan of 1-800 WATER DAMAGE discusses strategies to streamline the claims restoration process and addresses the differences between commercial and residential claims. The claims restoration process involves many variables, each affecting the speed and cost of claim resolution. As the scope of residential and commercial claims can differ, Tim Fagan, brand president at 1-800 WATER DAMAGE, offers suggestions for improving the restoration process to benefit both insurance carriers and policyholders. In this podcast, you’ll learn: ●      How policy differences impact the claims restoration process. ●     The importance of urgent response and creative restoration plans for both types of claims. ●     How technology is improving the speed and cost-effectiveness of claims closure.  

Through a combination of artificial intelligence (AI) and computer vision models applied to aerial imagery – and delivered through a comprehensive software solution – Nearmap changes the way insurers manage and price property risk. It earned them multiple PropertyCasualty360 Luminaries Awards, including as a company for its risk management innovation and technology innovation.  Individually, Dave Tobias, general manager of Insurance at Nearmap, was named as a risk management innovation Luminary for his leadership in creating the industry’s first comprehensive property intelligence tech stack. It began with his co-founding of Betterview in 2014 to help insurers better manage risk, and over time, this effort evolved into joining forces with Nearmap in 2023.

Market conditions that are a moving target, talent shortages, and quick advancements in technologies such as AI have created unique challenges for the specialty insurance market. According to Mike Kerner, a member of the board of management at Munich Re responsible for global specialty insurance, while there are challenges in specialty re-insurance, there’s also room for optimism.  In this podcast, you’ll hear: The value of expertise, stability and partnerships in the specialty market;  What he sees on the horizon for the specialty lines; and  Where exactly his optimism is coming from.  

Fire and smoke events can be one of the more stressful moments for a policyholder. This podcast looks at some key ways to make them whole again. Fire and smoke incidents create complex challenges and potential delays in the claims process for insurance companies. Bill Gordon, regional business coach at 1-800 WATER DAMAGE, and Tim Singnysane, director of operations at 1-800 WATER DAMAGE, share best practices for improving claims efficiency, identifying hidden damages earlier, and improving customer satisfaction and retention.  In this podcast, you’ll learn: How specialized expertise can prevent claims slowdowns and address hidden damages. Best practices for capturing accurate damage information and improving claims efficiency. The benefits of partnering with experienced restoration professionals to support customer satisfaction and retention.   

Ken Davis and Bill Gordon of 1-800 WATER DAMAGE, part of BELFOR Franchise Group, explain strategies to optimize water claims efficiency without increasing costs during high-volume events. Hurricanes, floods, and other water-related events lead to spikes in claims volumes for insurance companies. As carriers work to efficiently manage the ebb and flow of water claims, Ken Davis, claims partnership manager at BELFOR Franchise Group, and Bill Gordon, regional business coach, at 1-800 WATER DAMAGE discuss best practices for improving claims process efficiency. In this podcast, you’ll learn:  Which key areas can be optimized while keeping insureds satisfied,  How this helps with policyholder retention, and  What can be done about the upcoming generational shift with adjusters.  

In today’s environment, global financial mandates are evolving quickly to thwart money laundering activities, and because insurance companies are considered financial institutions, they are subject to comply with the changes. In this episode with LexisNexis Risk Solutions, Bob McConn, the associate vice president for claims solutions, shares his take on the current situation, as well as strategies carriers can employ to work toward compliance. You’ll also hear: How the U.S. regulatory landscape is shifting toward targeted sanctions against individuals and organizations.   Details on the frequency of watchlist updates. Why carriers need to monitor their customers throughout the customer life cycle. What actions insurers can take to protect themselves and support improved compliance. If carriers put themselves at risk, the damage can be both financial and reputational. Listen now to learn how your organization can keep current with the changes.