29 Ways to Improve Completion Rate of Self-Service Inspections using InsurTech solutions. Self-service inspections only work if the policyholder...
Don’t Yell at Your Inspection Vendor When They Can’t Find Inspectors
With the Great Resignation, COVID and raising costs, it is hard to find inspectors for risk management. Options are self-service, virtual property intelligence and remote inspections
I run an insurance inspection company AND a company that develops apps for inspections.
Yesterday was one of those days! Every email from one of our inspectors was:
Thankfully, most days are not like that! However, the positive things are starting to get edged out more and more!
Field Inspections have always been evaluated by three things:
Without those table settings, you cannot deliver inspections on time.
That is when your carriers start to yell…at you!
Why There Are No Inspectors Available
So yesterday really made me question where things are going. I thought about the recent headlines
It is not rocket science to deduce that the environment for getting inspectors is not improving, it is getting worse.
12 to 1 Ratio of Applications to Get a Viable Inspector
This year, we marketed our inspector positions in 4 states and tracked 357 applications. We onboarded 76. That netted us 28 active new inspectors as of today.
It typically takes 3 months to get a normal inspector productive. Some are faster, some are slower. So when we get a rash of reps dropping out, we have a problem.
In a lot of areas, we may only have 2 reps in place. When one drops out…that is thin ice.
When you run an ad for a new rep, say in Harrisburg, PA, and get zero responses…over and over, it is very worrisome.
Vendor Options to Inspector Shortage
That sometimes drives us to consider:
And this is just not for our inspection company. I hear the same thing from our friendly competitor loss control companies.
How to Fix the Inspection Supply Chain Problem
This all creates an issue of a compromised supply chain for inspections. In my opinion, here are the options on the table for Carriers:
Not doing inspections. Save money on the front end. Probably impacts loss ratio on the back end.
Be prepared to pay more for inspections. This will help with inspector availability and retention. We are having to raise prices and often it is more than the standard 3-5% hike. It does not really do a lot to improve the supply chain though.
Virtual “inspections” with solutions like HazardHub and Betterview. Great place to start, then the choice point is, what is the next step…. option 4, 5 or a field inspection?
Self-Service inspections. Get over the idea that you miss a lot with DIY inspections. You don’t. And if you do, follow up on the outliers with a field inspection. There are more choices for self-service today:
Remote inspections. Video sharing technology lets your desk inspector walk thru the risk thru the smartphone of the policyholder. Get ready to spend an hour watching “home” video. Still have to create some kind of report too.
No change. Stick with field inspections only.
So, What’s It Going To Be?
Some carriers, MGA’s and agencies are looking at how to enhance availability of quality underwriting information AND they are thinking outside the box. 2022 is the time to address this growing problem.