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Executive Summary - Fast Track Claim

TheFastTrackClaim®electronic property claim adjusting process is a new web site, patent pending business process and procedure that provides property insurance carriers and other risk management and property claim processing companies with a patented service that will automate and revolutionize the property claim reporting and claim adjusting process.

This new process will save millions of dollars in property claim adjusting expense. It will provide the ultimate in property claim customer service with rapid claim payments. There will be no more reporting the claim to the insurance agent for the claim to be reported to the company and an adjuster assigned. The customer will no longer wait, sometimes for days, for the adjuster to call and investigate the claim, the facts and damages before issuing a claim payment. The claim will now be submitted online over the World Wide Web and adjusted within hours on the same day it is reported. A check will be issued quickly and the claim paid and closed the same day it is reported. There will be no follow-up calls from an adjuster to document their claim. The process uses a client’s business rules and claim adjusting rules.

A normal distribution of property claims is skewed with the greatest frequency and number of property claims consisting of the lower dollar valued claims. It is well recognized by management in property claims that approximately 75% of all property claims submitted to the insurance and risk management industry are under $25,000. Of this, approximately 50% are under $15,000 and 25% are under $10,000. There are millions of property claims reported and settled each year totaling billions of dollars.

Typically the claim is reported to the agent or insurance company over the phone or faxed into the company. The claim is matched to the coverage and assigned to an adjuster. That adjuster will investigate the claim, document the cause of loss, confirm the loss is covered, adjust and pay the claim, if covered. The expense associated with this process is referred to in the industry as the loss adjustment expense, both allocated and unallocated. An insurance company’s combined ratio is the dollar value of the loss called severity plus the loss adjustment expense. The industry strives for a combined ratio under $1.00. Historically they will run $1.05 to $1.20 or higher. This means for every dollar of premium collected the insurance company is paying out $1.05 to $1.20 or higher in covered damages plus loss adjusting expense. To survive the insurance company must control costs and provide quality claim service. Using fasttrackclaim.com will result in lower loss adjustment expense while maintaining control over severity.

Fast track claim is an old insurance industry term once used by insurance companies to identify claims of high frequency and low severity reported to and handled by the insurance agent on behalf of the insurance company. There typically was no payment to the agent for this service. It kept him/ her close to the customer and facilitated in their establishing a rapport with the customer. The agents would adjust and pay the claim using insurance company checks or drafts. This practice has become obsolete over time due to the greater production demands placed on the agents and the insurance company’s desire to keep cost and expenses down.

This new, sophisticated online process FastTrackClaim® will now fulfill this service and result in the insurance company meeting their goal to keep cost down and provide fast, efficient and fair claim service. This process takes the advantages of the World Wide Web, computers and artificial intelligence to provide the ultimate property claim service. Once optimal performance is confirmed the systems are linked by electronic data interface (EDI) and the process is fully automated to adjust and conclude claims.

Insurance companies can request all losses be reported to a web site with the domain fasttrackclaim.com to utilize this new process. Additionally in the event of a catastrophe the companies can advertise the web site as a source for their customer to receive immediate service. Many of the customers affected by a catastrophe will report and have their claim processed and approved online. The claim will be adjusted and paid in days rather than weeks and months needed to handle a large volume of catastrophe claims.

The invention uses a system of steps, logic and artificial intelligence to approve a property claim. The claim is first reported online using a series of online questions. The customer completes the questionnaire and depending on the answers and the carrier instructions (business rules) the claim may be adjusted by application of the adjusting rules and paid automatically. If the claim does not fit the criteria for automatic payment it results in a notice of claim sent to the carrier for assignment of an adjuster. Either way, rapid payment or notice of claim, the process will speed up the handling of property claims, reduce loss adjustment expense and provide the ultimate in property claims services.

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