Enservio Closes 2011 with Significant Customer Growth and Expanded Product Offerings for Property Insurance CarriersNew Solutions Revolutionize the Property Insurance Claims Process from Underwriting to Settlement
January 19, 2012
Enservio ( www.enservio.com ), the nation’s leading provider of contents inventory creation, valuation and replacement services and software, today announced that the company significantly expanded its base of insurance carrier customers in 2011, closing the year with 40 percent year-over-year growth. The company also introduced new products and services, including predictive analytics systems to further improve the efficiency and accuracy of the property insurance claims process from underwriting to settlement.
“This past year was one of the most costly on record in catastrophic losses for carriers and property owners while profit margins continue to tighten, especially in Property and Casualty lines,” said Jon McNeill, CEO of Enservio. “Enservio’s strong growth during these tough times demonstrates the need for more efficient, accurate and transparent property insurance claims processes.”
Expanded Analytics Solutions for the Property Claims Process
Profitability for homeowners and commercial property lines has been extremely challenging for insurance carriers, due largely to inaccuracies in the contents claims process. Enservio’s core contents claims solutions have ushered in a new era of efficiency and accuracy that has dramatically improved the bottom line for the nation’s top carriers. In 2011, Enservio introduced analytics solutions that take accuracy, efficiency and transparency to the next level for carriers, enabling them to get it right from the start with underwriting and gain valuable insights throughout every step of the property claims process.
ContentsITV—Improves Underwriting Accuracy
ContentsITV, (Insurance to Value), announced in 2011, is the industry’s first and only personal property valuation system for determining accurate contents coverage for homeowners, condo owners, and renters. The solution integrates Enservio’s contents claims and product pricing database, the world’s largest database of its kind, with consumer and geo-targeted data, to provide an accurate valuation based on the household demographics of the policy holder. The software-as-a-service (SaaS) solution ensures adequate underwriting for carriers and appropriate levels of coverage for each policy holder while providing 24/7 access to all inventories and valuations securely stored off property premises.
Contents Claims Index Provides Insights into Contents Claims Trends
Enservio’s Contents Claims Index (CCI), also launched in 2011, aggregates and analyzes contents claims reported by over 200 U.S. property insurers, providing valuable insights into contents claims trends on more than 14 million individually appraised personal and business items claimed by insured as lost, damaged or stolen. Enservio’s CCI consists of more than 2,000 categories and subcategories of millions of items—with thousands of new line item descriptions added every week.
Contents Claims Go Commercial in 2011
In 2011, Enservio officially announced its already robust and rapidly growing EnservioCOMMERCIAL solution, the industry’s only comprehensive contents claims solution developed specifically for commercial property claims. EnservioCOMMERCIAL provides the full range of inventory, valuation and replacement solutions insurance carriers need to improve the accuracy and efficiency of contents claims for businesses, with domain expertise in a wide variety of sectors including healthcare, manufacturing and retail.
Growth Across the Board as Enservio’s Momentum Continues
Enservio’s growth trajectory has been up and to the right since the company was founded in 2004. Coupled with 40 percent year over year growth from new and existing customers, Enservio’s job creation expanded its employee base by 40% with new hires across multiple business units nationally.
“We’re thrilled with the growth momentum that keeps building for Enservio each year, and we’re looking forward to another great year in 2012,” said McNeill. “Our commitment to innovation, customer service and to developing solutions that are a win-win for both carriers and policy holders has fueled our success, and we have exciting plans to take innovation in property insurance to the next level in 2012.”
Enservio is the market leader in contents inventory creation, valuation, replacement, and ITV. We provide software and services to property insurance carriers and their policy holders nationwide. Founded in 2004, we are headquartered near Boston, with offices and professional staff across the United States. For additional information, please visit the company’s web site www.enservio.com or call 888.567.7557.