Press Releases Archives - Page 3 of 3

New Bilingual Claims Representatives

New Service Offering from HVACi
Announcing HVACi’s Spanish Language Services

Charlotte, North Carolina – August 5, 2014 – HVAC Investigators (HVACi) is now offering its claims assessment service for Spanish speaking policy holders. HVACi experienced an increase in Spanish speaking claim volume and put a plan into action accommodate this trend. To accomplish this goal, HVACi hired bilingual claims representatives to ensure that all claims, whether in English or Spanish, receive excellent service.

According to the 2010 Census, over 37.6 million people in the United States speak Spanish at home and more than 25% of that group speaks little to no English. Between 1980 and 2010, the number of people that speak Spanish as their first language increased by greater than 232%, as documented by the United States Census Bureau.

With over 12% of the population speaking Spanish as a first language, HVACi elected to add new claims representatives that are bilingual in both English and Spanish. According to HVACi’s Claims Operations Manager, Damon Stafford, “The addition of this service was an excellent way for us to extend our reach. We want everyone to feel comfortable with the process and receive outstanding service. The only way to achieve that is by bridging the gap and communicating with the claimant in his or her preferred language.”

“I’ve processed a substantial amount of claims in the past few weeks, where the policy holder only speaks Spanish” says Ashley Reid; one of HVACi’s Spanish speaking claims representatives. “Formerly, many carriers were using translation services to handle these claims. Now, we can overcome the language barrier without the complication of third party involvement.”

HVAC Investigators is the nation’s leading provider of objective assessments and market analysis of HVAC insurance claims. The company provides timely inspections and actionable reports to help carriers settle HVAC claims more quickly and with a higher degree of accuracy. For more information, or to submit an assignment, visit HVACinvestigators.com or call 888.407.5224.

2014 Annual Claims Report has been Released

CHARLOTTE, N.C., May 27, 2014

HVAC Investigators (HVACi), an established market leader providing insurance carriers across the country with heating, ventilation and air conditioning (HVAC) damage assessments, recently published its 2014 Annual Claims Report. Provided to insurance carriers across the country, this report provides thought provoking data on HVAC trends that can help carriers make more informed decisions on their specialty HVAC and refrigeration claims. The report is free to insurance professionals, upon request, by emailing info@hvacinvestigators.com.

The 2014 Annual Claims Report includes critical industry statistics, including: Reported Cause of Loss vs. Actual Cause of Loss, Frequency of Repairs vs. Replacements, Recommended Repair by Cause of Loss, Frequency of Claims by Geographic Region, and Claimed Cause of Loss by Month. The report was based on the actual results of thousands of residential and commercial HVAC insurance claims investigations across the United States in 2013, and serves as a barometer for emerging trends and paradigms in the industry.

“We’re excited about the new data that this year’s report provides.” said Matthew Livingston, HVAC Investigators’ Manager of Customer Education. “For the 2014 Report, we’ve introduced statistics related to Frequency of Coverage by Age of System, and Claimed Damage by Month. We’re confident this will provide additional insight to insurance carriers searching for better ways to settle HVAC claims.”

The 2014 Annual Claims Report affirms that insurance carriers should seek to improve their claims accuracy, whenever possible, with the help of qualified, objective professionals – particularly in light of ever-changing market influences, including equipment price fluctuations, regional labor rates, parts availability, pending changes to SEER rating requirements, and the eventual phase out of R-22 refrigerant.

Highlights of the 2014 Annual Claims Report:

Reported Cause of Loss vs. Actual Cause of Loss
A staggering number (27% of all claims investigated in 2013) were ultimately diagnosed as “Wear and Tear”, “Not-Damaged”, or were “Withdrawn” by the insured after initial contact.

Residential and Commercial Accuracy
The average claims accuracy was $3,689 per residential claim and $39,072 per commercial claim in 2013. Based on the average variance per claim, a typical Property insurance carrier had a total potential claims accuracy of more than $20,000,000 in 2013, had they engaged an outside HVAC claims expert.

Repair vs. Replace Frequency
Nearly 9 out of every 10 claims investigated by HVACi last year resulted in a repair recommendation to bring the insured back to pre-loss condition…or weren’t damaged at all.

Claims by Geographic Region
HVAC claims in the Southeastern states (29%) accounted for the largest percentage of total claims, followed closely by the Southwest states (17%), and the Mid-Atlantic states (12%).

ABOUT HVAC INVESTIGATORS
HVAC Investigators is the nation’s leading provider of objective assessments and market analysis of HVAC insurance claims. The company provides timely inspections and actionable reports to help carriers settle HVAC claims more quickly and with a higher degree of accuracy. For more information, or to submit an assignment, visit HVACinvestigators.com or call 888.407.5224.

HVACi Releases 2013 Annual Claims Report

CHARLOTTE, N.C., April 4, 2013 /PRNewswire/ — HVAC Investigators (HVACi), an established market leader providing insurance carriers across the country with heating, ventilation and air conditioning (HVAC) damage assessments, recently published its 2013 Annual Claims Report. Provided to insurance carriers across the country, this report revealed several compelling statistics for HVAC trends that can help carriers make more informed decisions on their specialty HVAC and refrigeration claims. The report is free and available at request by emailing info@hvacinvestigators.com.

The 2013 Annual Claims Report provides critical industry statistics regarding: reported damage versus actual damage, recommended settlement actions, repair versus replace frequency, recommended repair action by category, and frequency of claims per geographic region. The data was compiled using the actual results of thousands of HVAC insurance claims investigations across the United States, and provides an accurate representation of the industry as a whole.

“The impact of Superstorm Sandy is certainly reflected in the 2013 report, but the data clearly points to the ever-present disparity between reported cause of damage and what actually happened,” said Matthew Livingston , HVAC Investigators’ Manager of Customer Education. “Because of the complexity of HVAC claims, and the technical expertise required to accurately diagnose true cause of damage, it can be difficult for carriers to settle those claims consistently without outside assistance.”

The 2013 report also suggests that HVAC claims represent a significant opportunity for insurance carriers who lack HVAC formal education or subject matter expertise to leverage third-party, objective investigations to improve their claims accuracy – particularly in light of ever-changing market influences, including equipment price fluctuations, regional labor rates, parts availability, and the looming EPA regulations on the use of R-22 refrigerant.
The next report, revealing statistics from the first half of 2013, will be released in the third quarter.

Highlights of the 2013 Annual Claims Report:

Reported Damage vs. Actual Damage
A staggering number (34% of all systems evaluated in 2013) were ultimately diagnosed as “Wear and Tear,” “Not-Damaged,” or “Claim Withdrawn.”
Recommended Settlement Actions

The average claims accuracy was $3,659 per residential claim and $20,459 per commercial claim in 2013. Based on the average variance per claim, a typical Property and Casualty insurance carrier had a potential claims accuracy of more than $35,000,000 in 2013, had they engaged an outside HVAC claims expert.

Repair vs. Replace Frequency
More than 8 out of every 10 claims investigated by HVACi resulted in a repair recommendation to bring the insured back to pre-loss condition … or weren’t damaged at all.

Repair Action by Category
HVACi’s specific repair action varies widely based on the type of damage sustained by the HVAC equipment. “Lightning,” “hail,” and “theft/vandalism” are the three most common types of reported claims, and were sub-categorized based on recommended repair action. In each category, the frequency of recommended “minor” or “moderate” repairs was significant.

Frequency of Claims by Geographic Region
Despite the widespread damage caused by Superstorm Sandy, the number of HVAC claims in the Southeast still accounted for largest percentage of total HVAC claims for 2013 with 29%, immediately followed by the Southwest at 26%. The Northeast region accounted for 16% of all claims, up from 9% in the previous reporting period (the first half of 2012).

ABOUT HVAC INVESTIGATORS
HVAC Investigators is the nation’s leading provider of data and inspections for property insurance claims involving HVAC and Refrigeration equipment. The company provides timely inspections and actionable reports to help settle HVAC claims more quickly and with a higher degree of accuracy. For more information, or to submit an assignment, visit HVACinvestigators.com or call 888.407.5224.

For more information, contact:
Daniel McCollum , HVAC Investigators, 888.407.5224

HVAC Investigators Offers New iCheck Desktop Claim Service

New service offers report within 4 business hours

CHARLOTTE, N.C., Feb. 13, 2013 – HVAC Investigators (HVACi), an established market leader providing insurance carriers across the country with heating, ventilation and air conditioning (HVAC) damage assessments, announced today the debut of their iCheck desktop review service to Property and Casualty insurance carriers across the nation.

The iCheck service offers insurance adjusters who are evaluating HVAC claims a simple way to verify repair or replacement estimates provided by local HVAC contractors.

“iCheck was introduced in response to growing frustrations in the adjuster community that an easy way to validate contractor estimates didn’t exist, without deep technical expertise or exhaustive research,” said Matthew Livingston, HVAC Investigators’ Vendor Relationship Manager. “The iCheck service ensures that HVAC equipment quoted is based on current market pricing and like-kind-and-quality (LKQ) parts.”

Adjusters can provide a copy of a local contractor’s quote to HVAC Investigators, and within four business hours, an HVAC Investigators processor will call the local contractor, verify parts and materials pricing and availability, adjust for local labor rates, validate level of effort, and prepare an actionable report. The report will definitively state whether the proposed estimates are within an acceptable variance of fair market pricing or should be adjusted based on real-world market factors.

The iCheck desktop review is offered at a simple, low cost flat rate pricing structure for residential and commercial claims of up to two systems. A pilot study of the service has revealed an average claims savings of $1,305 per residential iCheck review.

The complexity of HVAC claims continues to plague our clients, even in cases where field investigations aren’t warranted.” concluded Livingston. “The unique combination of significant time, stress, and monetary savings that iCheck provides prompted us to offer it nationwide. It’s a true win-win.”

ABOUT HVAC INVESTIGATORS

HVAC Investigators is the nation’s leading provider of data and inspections on HVAC property insurance claims. The company provides timely inspections and actionable reports to help settle HVAC claims more quickly and with a higher degree of accuracy. For more information, or to submit an assignment, visit HVACinvestigators.com or call 888.407.5224.

The Usual Suspects of Compressor Failures

With the unseasonably warm Winter season working its way through the new year and into February, Spring is just around the corner. And with the pleasant temperatures of the new season comes another not-so-pleasant one: lightning storm season. In the past here at HVACi we have seen an increase in claims submitted for lightning damage during the Spring and Summer months, specifically for damages to compressors in HVAC condensing units. More often than not, however, the actual cause of damage in these instances is NOT lightning! There are many other potential causes for compressor failures and we are here to help you understand what those causes might be.

There are seemingly endless ways that a compressor can “go bad” but for this article we’ll stick to the Usual Suspects: High Voltage Surge, Overheating, Contamination, and Refrigerant Floodback.

High Voltage Surge is a very frequent culprit in damaging the compressor. The prolonged electrical imbalances of voltage and currents often results in a failure of the compressor. Another cause for compressor failure is Overheating. This occurs regularly for reasons such as air in the system that raises pressures and temperatures, lack of suction cooling, and lack of regular maintenance. Contamination also can destroy a compressor. Acid is created when air, moisture, and debris from the atmosphere mix with the system’s refrigerant. Exposure to the acid can quickly destroy many internal components within a condenser, including the compressor. Finally, Refrigerant Floodback is another common reason for compressor failure. This happens when refrigerant gets into the compressor’s cylinder and causes pressures within the compressor to skyrocket, resulting in broken parts within it.

These are the usual suspects for compressor failure, and they are much more likely to occur than lightning. In 2012, 41% of all claims we received were reported as lightning damage. Following a thorough investigation, less than 20% of those claims actually sustained lightning damage. A lightning claim being authenticated as actual lightning damage is nearly as likely as your actual chances of getting struck by lightning (not really, but you get the point).

If you’ve seen the classic movie “The Usual Suspects”, you’ll understand why we refer to lightning as the “Kaiser Soze” of compressor failures.

-AB

HVACi Releases 2012 Annual Claims Report

Statistics Conclude Third-Party Claims Assistance is Crucial for Accurate and Consistent Reporting; Southeast Leads in HVAC Claims

CHARLOTTE, N.C., Oct. 30, 2012 – HVAC Investigators (HVACi), an established market leader providing insurance carriers across the country with heating, ventilation and air conditioning (HVAC) damage assessments, recently published its 2012 semi-annual claims report. Distributed to insurance carriers across the country, the report revealed several compelling statistics across a multitude of HVAC industry trends that can help carriers make more informed decisions on their specialty HVAC and refrigeration claims. The report is free and available at request by emailing annualreports@hvacinvestigators.com. The next report is scheduled to be released in the first quarter of 2013 for all 2012 claims data.

Critical topics covered in the report, including reported damage versus actual damage; recommended settlement actions; repair versus replace frequency; repair action by category; and frequency of claims by geographic region, were closely analyzed following thousands of claims investigations across the United States, providing an accurate representation of HVAC property and casualty claims, year to date.

“The results were staggering. The data clearly suggests that HVAC claims require consistent and accurate findings,” said Matthew Livingston, HVAC Investigators’ business development manager. “Because of the complexity of HVAC claims, and the technical expertise required to accurately diagnose true cause of damage, it can be difficult for carriers to settle those claims consistently without outside assistance.”

The report further suggests that HVAC claims represent a significant opportunity for carriers who lack HVAC formal education or subject matter expertise to leverage third-party, objective investigations to improve their claims accuracy – particularly in light of ever-changing market influences, which often include equipment price fluctuations, regional labor rates, and parts availability.

Highlights of the Claims Report:

Reported Damage vs. Actual Damage

No claim researched was originally reported as “wear and tear” or “claim withdrawn/not damaged”. However, following a field investigation, more than 38% of all HVAC claims were found to be in one of these two conditions.

Recommended Settlement Actions

The average claims accuracy per residential claim was $3,859 and $21,109 per commercial claim for the first half of 2012. The average variance per claim, when multiplied by the number of HVAC claims received by a typical property and casualty insurance carrier, will result in claims accuracy in excess of $37,000,000 in any given year.

Repair vs. Replace Frequency

Nearly nine out of every 10 claims investigated by HVACi resulted in a repair recommendation to bring the insured back to pre-loss condition.

Repair Action by Category

HVACi’s specific repair action varies by the type of damage sustained by the HVAC equipment. Lightning, hail and vandalism are the three most common types of reported claims, and were sub-categorized to include minor, moderate and major repairs as well as misreported/not damaged and full replacement. In every case, the frequency of minor or moderate repairs is significant while looking at all recommended repair actions.

Frequency of Claims by Geographic Region

Consistent with historical reporting trends, the number of HVAC claims in the southeast accounted for largest percentage of total HVAC claims for 2012 YTD with 25%, immediately followed by the southwest and north central regions at 16% and 14% respectively.

ABOUT HVAC INVESTIGATORS

MEDIA CONTACT: Julianne McCollum, Yellow Duck Marketing, julianne@yellowduckmarketing.com 704.271.9556