The Problem

Insurance companies suffer from enormous inaccuracy, inconsistency, and inefficiency in the homeowners claim adjustment process on 10 million claims each year, caused in part by lack of standardization in the on-site inspection process and the nearly impossible expectation for adjusters to remember and factor in multiple complex data sources and hundreds of business rules on-site while creating an estimate.  On average, repair estimates account for 54% of every homeowners insurance premium dollar (or approximately $34 billion per year).  This is a significant portion of an insurer’s business to trust to freeform-art.

The Solution

Lautriv’s proprietary SettleAssist™ solution provides previously unattainable accuracy in homeowner claims settlement by evolving the current “freeform-artistic” approach (i.e. legal pad and interpretative experience) to a “scientific decision-intelligence” methodology (digital pen / paper and a proprietary business rules engine).  In short, an adjuster’s workflow is simplified and automated; SettleAssist’s decision intelligence drives proactive process control upstream in the workflow before claims are settled, while providing management transparency into the mission-critical repair estimating process. 

While pricing software exists to determine labor and material costs, only SettleAssist helps determine IF a repair is necessary in the first place; that is the billion dollar problem SettleAssist solves. 

Lautriv is currently rolling out nationally with a top 3 insurance company – with projected savings in the millions of dollars (due to dramatic increases in accuracy) – and is in the process of selecting additional insurers as clients, based on their commitment to increase the accuracy, consistency, and efficiency of their claims settlement process.