(Image credit: Jessica Tan.)
The Louisiana Insurance Guaranty Association (LIGA, Baton Rouge) has adopted Verisk’s (Jersey City, N.J.) advanced property estimation technology to streamline handling of claims for policyholders of insolvent insurers.
LIGA is using Verisk’s Xactware property claims-handling solutions, including Xactimate and XactAnalysis, to quickly assign claims to independent adjusting firms, improve communication with its claims vendors and monitor claims in progress, according to a Verisk statement. LIGA is a private association of insurance companies established by Louisiana law to provide benefits to the policyholders and claimants of insolvent insurers.
Major storms in the past two years have created significant challenges for the Louisiana insurance market, with some insurers becoming insolvent and many of their policyholders turning to LIGA to help respond to their property claims.
“Seamless coordination with independent adjusting firms has become critical as we work to help hurricane victims throughout Louisiana rebuild their homes and return to normal,” comments John Wells, executive director, LIGA. “Verisk’s solutions not only provide an efficient way to assign claims and receive estimates from adjusters, but they also provide a clear line of sight so that everyone from field adjusters to executive management are able to track progress in real time.”
“It’s a privilege to support LIGA’s important work of assisting Louisiana citizens when their insurer is rendered insolvent,” comment Mike Fulton, president, Verisk Property Estimating Solutions. “We are proud to be working with them to help identify ways to continually quicken the claims journey, improve communication and coordination and improve the overall claims experience.”