Cloud-based claims technology provider Symbility Solutions has integrated its Mobile Claims with Marshall & Swift/Boeckh’s (MSB) Residential Component Technology (RCT) Express underwriting technology.
Representing an expansion of partnership agreement between both the companies, the integration will remove the silo effect between the two services through a common cost database in both claims and underwriting.
The enhanced automation and workflow will significantly lower premium leakage and loss ratios for carriers by creating an information exchange about the characteristics of risks and their associated losses.
Further, claims adjusters will get automatic access to use data in the underwriting file to expedite their adjustment process, while underwriters will get the advantage of validated information from the claims adjuster to assess risk information observed onsite.
The final claim file, which adjustors work on, will be pre-populated with content of the underwriting property characteristics and replacement cost calculation to further speed-up the claims process and simultaneously identify differences, if any, in the underwriting file.
Symbility Solutions CEO James Swayze said, "We are delivering on our promise to create dynamic, market-driven enterprise solutions that allow insurers to manage property risks more proactively and effectively."
"Having claims and underwriting departments use one common cost database will help our joint customers to generate estimate parity and increased defendability."