CAT 5 Survival Guide

Fact: the 2020 Atlantic storm season is the first on record where nine tropical storms formed before August, with thirteen forming before September. Between Hurricane Hanna, Isaias, Marco, Laura, and Sally, this hurricane season is poised to be especially destructive – one might even call it a “Category 5 Hurricane Season”.

A true Category 5 is the highest classification that can be given to an accumulating storm. Winds of more than 157 MPH can be expected to destroy structures and cause week-long power outages, leaving affected areas uninhabitable for months or more. As insurance professionals, it’s our job to be available and on call amidst the most catastrophic of situations.

Your Claims Survival Plan 

Taking care of policyholders is your top priority as an insurance professional.

In order to maintain security during a chaotic storm season, it’s imperative to implement claims management solutions that are effective, and hire a reputable and experienced claims firm that can be trusted to provide first-rate solutions. We prioritize the client experience of the insured during a very stressful and chaotic situation, while working closely with the insurance carrier to streamline the claim experience.

 

Good Investments and Best Practices 

One of the best investments to be made in the face of ever changing weather patterns and costly storm seasons, is choosing to work with an effective and thorough independent adjusting firm. Make sure to hire a company with good, long standing relationships, that covers many areas spanning a large territory. Time is a precious commodity amidst a strong surge of catastrophe claims, and it is necessary to get the job done correctly the first time. Make sure to choose a firm that is well respected for the adjusters they employ.

What to Look For in a CAT Adjuster

A license alone doesn’t make a good claims adjuster. At Vector Risk Solutions, our adjusters extend our company ideals, and are selected to represent us based on their proficiency, attention-to-detail, character, and experience. 

A Vector Risk adjuster understands the insured is suffering a loss, sometimes a devastating one. These interactions must be handled carefully, compassionately, and professionally. More importantly, having the ability to meet the needs of the insured in a timely, efficient manner will save resources for both firms and clients. Pushing through as many claims as possible in a day often leads to sloppy, or incomplete work, that needs to be redone. At Vector, it is imperative to us that our adjusters work efficiently, but effectively. The quality of their education and on the job training creates a level of experience in our adjusters that is necessary to meet and uphold the Vector standard.

Your Recovery Plan

At Vector Risk Solutions, our catastrophe services can be implemented at a moment’s notice. No matter the circumstances, it is our goal to see that our clients persist and thrive in times of uncompromising natural devastation. Choose Vector Risk Solutions to make sure you are able to handle claims effectively at the height of the hurricane season. Contact us today to get started with your catastrophic claim management solutions. 

Vector Risk Solutions – Flood Claims Experts

“Determine the thing that can and shall be done, and then we shall find the way.” – Abraham Lincoln

Everyone, including us here at Vector Risk Solutions, has been watching 2020 unfold in shock, like a movie you can’t take your eyes off.  It’s been absolutely crazy so far and where it’s going next is anyone’s guess.  For our 2020 insurance adjuster world, we have a couple of positive plot developments today, followed by the entrance of our hero, Vector Risk Solutions, of course, to save YOUR day!

Flood CLAIMS 

You’re no doubt aware that recent regulation changes enacted in July 2019 now allow homeowners in certain limited markets to purchase flood insurance from private insurers (not solely the National Flood Insurance Program).  Advanced flood modeling techniques have aided private insurers in creating residential flood policies, and most importantly, lenders are beginning to accept these policies.  From what we know about climate change and rising sea levels, the market for flood insurance isn’t going away any time soon.

Sophisticated flood models now indicate that our present understanding of flood risk is actually already insufficient.  According to Matthew Eby, founder and executive director of the First Street Foundation, a group of academics and experts based in New York City, the number of US properties at risk for flood damage is far higher than existing FEMA estimates.  First Street’s evidence, reported in the June 29, 2020 issue of the New York Times, shows that 14.6 million properties are at risk of experiencing a 100-year flood, nearly double the 8.7 million estimated by FEMA.  The increase is linked to better data on inland flood risk, including increased rainfall due to climate change.  Analysis for Gulf Coast and Mississippi River properties, however, showed a slight decline, according to First Street, since FEMA has historically focused so much flood analysis on those regions those numbers are relatively higher.

Flood Claims Adjusters

With private flood insurance now in the picture and new analysis of inland flood risk putting property owners on notice that they may need protection against devastating flood damage, insurers will have more claims to process than ever.  Vector Risk Solutions to the rescue!  We have over 400 hundred independent adjusters on our roster, all highly skilled and licensed in states which require licenses.  Many of our adjusters have multiple licenses.  All our independent adjusters meet the high standard of our three core values: integrity, ingenuity, and excellence.

Vector can not only provide dedicated and experienced adjusters to handle claims.  We also consult with insurer clients to evaluate their claims processing and maximize productivity through streamlined, improved procedures.  With our inclusive training and implementation process, Vector creates consensus and thorough understanding of new processes.  Our clients consistently report significantly lower adjustment expenses and greater success in meeting and exceeding performance goals after working with Vector Risk Solutions.

If you’re already issuing, or are considering, new residential flood policies, Vector is your go-to for quick, expert flood claims adjusting.  And for whatever other adjusting challenges 2020 throws your way, Vector Risk Solutions are experts in the fields of catastrophe adjusting, commercial agribusiness, commercial claims, liability, TPA & consulting, and appraisal services.  Let us show you what we can do!

Preparing for Storm Season

 

The NHC has predicted 14 named storms for the 2019 hurricane seasons, with 7 of them being hurricanes and an additional 3 storms being major hurricanes. This prediction is around the yearly average over the past 70 years, and that’s why it’s surprising to learn that most businesses and homeowners  don’t have a risk management plan in place.

 

In 2018, Hurricane Michael caused major devastation to the Florida panhandle and surrounding areas, and today they are still struggling to recover. After the storm hits, Vector Risk Solutions should be a crucial part of your plan. Let our adjusters do what we do best so that your clients and policyholders can have true peace of mind during the recovery process.

 

From June 1st to November 30th is the highest likelihood of a hurricane occurrence. That is a six-month timespan! The insurance claims adjusters here at Vector Risk Solutions are ready for all-systems-go at the drop of a hat and during storm season they know they’ll need to grab more than just their umbrella on the way out to the job.

 

Vector Risk Solutions has a team of catastrophe claims adjusters ready to be on-site the day after a storm so that insurance carriers can help their policyholders expedite the recovery from their loss. We prepare our claims adjusters in advance and with our wide net of credentialed adjusters throughout the midwest and southeastern areas of the United States we are able to get to work quickly and efficiently. We are proud to be expertly serving these regions and are dedicated to providing unsurpassed attention to details and the highest quality of customer service during times of extreme distress to provide a superior claim experience.