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Gale
USA
231 Posts |
 Posted - 08/23/2003 : 00:29:55
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Without question data warehousing and data mining should be a wave of the future. Our research indicates before it can become a major wave that the estimated 10,000 staff adjusters that have no access to property adjusting software today will need to be addressed by we property adjusting software vendors.
Cost and difficulty of use are the only two factors that I hear at the carrier level as reasons they have not embraced estimating software technology to a greater degree of usage. At least 95% of our staff adjuster users did not have access to estimating software before their company moved to PowerClaim. Until most staff adjusters have access to estimating software I expect to see data mining and warehousing mainly as a niche market within a niche market. Even staff adjusters with estimating software may be doing 50% of their claims by hand. Also as long as the document imaging sales force selling to the carriers are eating you can count on the growth of electronic filing of live claims data to be limited.
The XML Open Standard idea is about the only way I know we can expect to see wholesale use of data mining and warehousing within the next 10-15 years. Most carriers are not going to commit to marriage with just any one vendor (including Hawkins Research) when they can get what they want without the commitment and the expense of that commitment. For carriers using IA’s and they all do, the Open Standard idea is the only workable “lower brainer” and low cost solution that comes to my mind at this hour.
There has to be that lowly little field piece in place that turns a claim into zeros and ones for data mining and warehousing to even be considered as an option if I understand the technology. If I am wrong someone please correct me
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Gale
USA
231 Posts |
Posted - 09/02/2003 : 16:40:09
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John maybe you are more on target here than I am. Here is a link on the subject from a news release http://www.xactimate.com/news_081903.htm
It starts out: “OREM, UT, August 19, 2003 - Xactware, Inc. recently announced that its online claims management system, XactNet, has surpassed the 4 million mark for estimates processed. Just seven months since they reached the 3 million mark, this new milestone represents the shortest time span ever for processing a million estimates.”
It goes on to say they are processor about 1,000 claims an hour during peak hours. From what I gather this includes direct repair estimations but it is still a ton of claims.
Does anyone know how many property claims are generated each year and if that data is even compiled? It would take several adjusters to produce one million claims in seven months.
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CCarr
Canada
1200 Posts |
Posted - 09/02/2003 : 20:28:02
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Gale, this is indeed an interesting tidbit - 7 months for XactNet to process 1M estimates. Boy, I would like to have some additional data to chew on that one for awhile.
Just looking at "raw averages" based on the aforementioned statement:
> Average 142,857 processed claims per month
> Average 4,762 processed claims per day (7x30=210)
For consideration over a 210 day period, I'll use a high average of 8 claims per day per adjuster, therefore 4,762 divided by 8 = an average of 595 adjusters (minimum) per day utilizing this system in their noted record period.
Looking at it that way, it doesn't take too many large carrier claims staff and a few large I/A vendors to account for 595 adjusters working each day. I again suggest that this is a minimum figure (595) as it is based on a 7 day week which in reality with day to day carrier claims is not likely fact.
Dealing with your question regarding how many property claims are generated each year, first, I believe that data is compiled; but on an individual carrier basis. However, for statistical reporting, I would suggest that the individual carrier data is provided to some form of national Insurance Bureau. Here, the Insurance Bureau of Canada (IBC) compiles industry stats and spits out overall figures and reports, that are then used by carrier actuaries to try and read the coming crystal ball.
Does anyone else have a different interpretation of the news blurp that Gale provided? |
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Gale
USA
231 Posts |
Posted - 09/14/2003 : 19:51:30
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| Clayton, since your post I have been asking staff adjusters and claims managers about the number of new property claim files a staff adjuster can expect a month. 30-40 new files a month seems to be about average. 70 new files was the max any adjuster reported but staff was added and he is back at about 35 a month. I have not spoken with any staff CAT adjusters recently to find their average new files. |
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The Truth about Adjusting Software
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