StrikeCheck’s 2018 Annual Claims Report is provides an analysis of electronic claims with data derived from thousands of actual onsite assessments of residential and commercial equipment. To request your copy, simply fill out the form below.
StrikeCheck, a leading provider of electronics damage assessments for Property and Casualty insurance carriers nationwide, is committed to compiling data from its thousands of annual assessments to provide insurance industry professionals with vital insights into electronics claims. The information in this report is derived from the results of onsite assessments of residential claims in all 50 states and across all causes of loss.
The data points are presented in multiple formats, including an aggregate of all claims data, data segmented by equipment type, region, and cause of loss, and data for claims from two of the year’s most destructive natural disasters, Hurricanes Harvey and Irma.
This analysis of electronics claims provides an opportunity for Property and Casualty carriers to embark on analytics projects to uncover where indemnity leakage can most effectively be addressed. By analyzing the frequency of non-damaged equipment, average age of equipment type claimed, and reported vs. actual perils, carriers can identify where they are at risk of indemnity leakage and implement new strategies to reduce this risk.
Additionally, these data points can prove beneficial for initiating a conversation on how insurance carriers can improve their underwriting accuracy. While the focus has traditionally been on purely assessing the risk of the structure, new technologies may enable carriers to assess other major risks on residential properties, such as plumbing or electrical systems, prior to underwriting a policy.
StrikeCheck’s 2018 Annual Claims Report suggests there are still many areas of electronics claims where the utilization of third party experts by insurance carriers would reduce indemnity leakage.