Business News

Mass.-based Enservio, Inc., a provider of payments/contents claim management software and inventory and valuation services for property insurers, announced the launch of the Paysurance payments platform, a solution designed to reduce carrier costs, speed claim settlements and improve customer satisfaction by offering carriers and policyholders a choice of payment vehicles to best fit their needs.

Paysurance provides policyholders the ability to make a choice on how best to receive claim settlement disbursements. Policyholders can select from one of four different payment options including electronic funds transfer (EFT), prepaid debit card, B2B virtual payments for loss scenarios involving commercial parties, and standard paper check issuance. Electronic payments and prepaid cards provide a better alternative to paper checks and give customers immediate access to funds, saving time in the claims process and reducing costs and errors for insurers.

Paysurance offers a payment choice for each loss scenario. Insurers and policyholders can pick the right payment for the right claim. The addition of our patented multi-party activation allows policyholders to visit a web portal individually to approve the payment. Consumer choice is a powerful mechanism to enhance customer satisfaction, and carriers benefit from improved settlement efficiencies.

Fla.-based Patriot Risk Consultants (PRC), a subsidiary of Patriot National, Inc., announced the upcoming launch of PN BidExpert, a competitive online marketplace to connect underwriters and risk managers with loss control engineers.

PN BidExpert matches and connects underwriters and risk managers with a large marketplace of certified and pre-screened loss control engineers. Underwriters submit loss control survey requests to the online platform where a sophisticated algorithm matches jobs with available independent service providers. These providers are notified in real time via push notifications of all jobs they are qualified to complete. Once the winning bid has been selected and the engineer has completed a job, PRC reviews the loss control report for quality assurance.

The PN BidExpert marketplace will offer participants complete transparency and control through an easy-to-use dashboard. Underwriters, brokers or risk managers can submit standard or customized assessment surveys to the platform and all reports are quality assured by engineering experts. Underwriting and risk management communities interested in scheduling a BidExpert demo should contact Armand Fernandez at afernandez@patnat.com.

Farmers Insurance, a national multiline insurer groups, announced the launch of the company’s new Enterprise First Notice of Loss (EFNOL) system to provide customers with a single platform to more easily capture new loss information and advance the claims process.

By accessing EFNOL through Farmers.com, personal lines customers can now report a loss and schedule needed services such as rentals, emergency services, and more. When the loss reporting process concludes, the system delivers a summary of key information, including selected repair facilities, the assigned claims representative’s contact information, and any scheduled services, to the customer’s computer or mobile device.

Customers also can work with their local Farmers Insurance agent to access EFNOL together to report a claim.

Designed with customer-ease top-of-mind, the EFNOL platform provides a streamlined process for customers who want to keep their agent involved in the claim process or who are looking for a self-service option through the website. For Farmers agents, the new platform allows them to easily report a loss, secure pertinent loss details,and help set up services for customers.

XL Catlin’s Americas Marine business has introduced its first new marine product, an enhanced insurance policy to offer more comprehensive cargo insurance coverage on a domestic, foreign or worldwide basis.

According to the International Union of Marine Insurance (IUMI) 2015 Cargo Statistics – Analysis, a number of factors are contributing to the complexity of managing cargo risks. Cargo theft is growing more severe; there are larger accumulations of value on vessels and in ports; and, companies must contend with more global compliance requirements.

Highlights of the new cargo insurance form include:

Liability limits greater than $50 million are available. The enhanced cargo coverage is provided by XL Catlin insurance company XL Specialty Insurance Company.