Residential Inspections: Strategic Partnership Can Reduce Costs

Residential property inspections are a crucial aspect of the insurance underwriting process. A comprehensive and thorough inspection provides essential data necessary to accurately determine the risk profile of a property being considered for policy. However, to many in the insurance industry, the residential inspection poses a difficult Catch-22. While inspections are typically viewed as a worthwhile investment to gather critical information, inspections also pose a significant expense in terms of money, time, and resources. Thankfully, there are companies that specialize in home inspections.

Entering into a strategic partnership with one of these companies can turn residential inspections into a competitive advantage, thereby reducing your costs. Read on to learn the specifics of these competitive advantages.

1. One-Stop Shopping
   One of the primary advantages of a strategic partnership with a company that specializes in performing residential inspections is convenience. Instead of allocating internal resources to perform inspections, insurance companies can outsource the task to a specialized company, which has the necessary expertise, equipment, and personnel to conduct inspections efficiently.

In addition to convenience, insurers essentially have a “one-stop-shop” for associated services. Engaging with one trusted partner that heavily invests in technology to deliver time sensitive premium audit reports, claims, and subrogation services ensures a high-quality approach across the value chain. Rather than dividing resources among multiple merchants, insurers can access a comprehensive suite of services through one robust partner.

2. Personalized Service
   Exceptional customer service is often said to be a byproduct of familiarity. That’s why working with one strategic partner for all residential inspection needs is so important. It provides the benefit of an intangible but essential aspect of the business — personalized and exceptional customer service.

Over time, an insurer’s strategic partner becomes an extension of their business operations. They may not show up for office holiday parties, but most certainly will learn and understand your company’s language, values, and culture. In addition, these experts develop an intuitive understanding of the carrier’s needs and requirements, anticipating them before ever being asked.

These personalized service offerings work together to make the company more efficient and more effective.

3. Consistency
   Underwriters prefer as little variability as possible, which can be difficult to achieve when working with a variety of residential inspection professionals. Choosing one partner who offers an array of services — from exterior photos to exterior observations and measurements and beyond — helps ensure that the insurer’s underwriters will get reports that are consistent and evaluate risks accurately.

The processes, standards, quality control, and reviews are consistent, regardless of which service is required. Uniformity in the data provided to underwriters allows them to make decisions with precision and creates consistency by working with one strategic partner. The more reliable, accurate, and consistent the inspection reports, the better underwriters can perform. And the better the underwriters, the better a company’s bottom line.

Developing a long-lasting, strategic partnership with a company that specializes in home inspections can offer several benefits, including a comprehensive suite of related services, personalized customer service, and standardized data for informed underwriting decisions. For more information on the risk and inspection services we provide or the innovative technology used, please visit https://www.davies-group.com/northamerica/solutions/insurance-services/risk-inspection-services.