Catastrophe Claims Management Made Easy in MyCAT Marketplace
by Jeremy Myers - Jan 26, 2023 10:00:06 AM
Catastrophe claims surge events are typically large-scale and complex, often involving multiple parties and considerable damage. It is important to be familiar with the types of events that can trigger a catastrophe claim, such as hurricanes, tornadoes, and earthquakes. MyCAT Marketplace enables carriers and adjusters to meticulously plan for catastrophe events around the country well in advance. As storms roll in, Pros with a MyCAT Marketplace profile will be able to provide capacity to handle pre-planned claims before the storms affect the area.
In the event of a catastrophe, it is essential to respond quickly to minimize the damage and get the claims process started as soon as possible. MyCAT Marketplace gives you access to cat events before the claims start getting reported. This enables Pros to plan their strategy for the upcoming storm and claims well in advance, providing both the carrier and the policyholder prompt and well-orchestrated services.
Having a clear and established process for handling catastrophe claims can ensure that everything runs smoothly and that all parties involved are on the same page. This might include steps such as assessing the damage, contacting the policyholder, and coordinating with other parties as needed. MyCAT Marketplace allows carriers and adjusters to provide clear instructions and expectations for events created in the marketplace including whether Pros are required to be compliant in ProfileGorilla, or use specific estimating software, and whether mobilization/incentive fees are being paid for each event. This gives Pros the ability to participate in events based on the carriers’ needs and their criteria for the upcoming event.
With a high volume of claims and multiple parties involved, it is important to stay organized. This might include using tools such as checklists, spreadsheets, and other forms of documentation. MyCAT Marketplace provides an easy-to-use database of all claims in multiple Cat Events that you are participating in. Keep track of personnel, documentation, policyholder, and carrier information all within a central repository and integrated with multiple 3rd party solutions like CoreLogic and Verisk to name a few.
MyCAT Marketplace, because Catastrophes don’t have to be complicated to manage.
The proof is in the platform. MyCAT Marketplace is the first ever fully connected ecosystem that enables you to better prepare for and manage catastrophic events. Visualize & manage your entire plan, layer weather, resources, and claims data for a comprehensive look at your catastrophe response.
HOMEE is leading the digitization of property claims. HOMEE’s pioneering technology connects insurers, policyholders, and skilled service providers throughout the lifecycle of a claim. The HOMEE Digital Marketplace & Claims Management platform, in combination with a highly curated marketplace of service providers, is utilized by leading firms in the insurance sector to dramatically improve the claims experience for policyholders. HOMEE is backed by investment from leading insurance companies such as Liberty Mutual, State Farm, The Hartford, Desjardins, and Ferguson Ventures. For additional information on the HOMEE Claims platform visit www.HOMEE.com.