Data on 2019 Claim Trends Gives Carriers an Opportunity to Better Understand Risk and Exposure
StrikeCheck’s 2020 Annual Claims Report offers valuable insights on claim trends
CHARLOTTE, North Carolina, February 26, 2020 – StrikeCheck, the leading provider of electronics damage assessments for Property & Casualty insurance carriers nationwide, announced the release of its 2020 Annual Claims Report today. The report features statistics that can help carriers make data-driven decisions and highlights areas where they can improve claim leakage control.
The 2020 Annual Claims Report is distributed to insurance carriers throughout the country. It summarizes data from thousands of residential and commercial claims in all 50 states that were referred to StrikeCheck in the previous year. The report examines claim trends in multiple electrical equipment categories from all causes of loss. Lightning was the most frequently claimed peril in 2019, with TVs and refrigerators as the top claimed electronic items. The 2020 Annual Claims Report also spotlights larger equipment such as solar panels, generators, pool equipment, well pumps, water heaters, electrical systems, and other high-value items that are critical to fully investigate, as they are often repairable.
In addition, the report includes the standard information that carriers have come to rely on, such as reported vs. actual cause of loss, average age of equipment, repair vs. replace cost comparisons, and claimed perils by month. New for 2020 are data points on commercial-specific items, year-over-year changes, and property type trends. As carriers continue to navigate new and changing technologies, these statistics clearly illustrate the need to partner with an expert vendor to control claim leakage, without negatively impacting the customer experience.
“Connected devices are changing the insurance landscape from both a claim and a risk perspective,” says CCG IQ (parent company of StrikeCheck) CEO Damon Stafford. “The data available presents a significant opportunity for carriers to make faster and more informed decisions, and we’re committed to helping organizations use these insights to create a better policyholder experience.”
StrikeCheck, a CCG IQ company, investigates electronic and specialty contents claims exclusively on behalf of insurance carriers, nationwide. We boast the industry’s broadest range of manufacturer relationships and extensive experience across thousands of investigations annually, delivering cost-effective, comprehensive solutions for complex claims. To learn more about our services or to submit an assignment, visit strikecheck.com, email firstname.lastname@example.org, or call (888) 980-8544.
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