Service Solutions
On-Site Contents Inventory
Upon receipt of a new claim assignment and initial consultation with the adjuster, Distinctive Inventory then contacts the insured/policyholder (typically the same day) to explain Distinctive’s role as it pertains to the insured’s content loss and the processes involved.
We then schedule an initial on-site meeting with the insured, to complete an assessment of the site. We begin with identifying claim complexity, any extenuating circumstance that can negatively impact overall cycle times beyond the control of Distinctive Inventory, type of documentation required (physical inventory and or total loss reconstruction), so that we can formulate the best possible plan and approach to the assignment.
Following the site assessment, Distinctive then conducts an initial interview with the insured to collect additional information specific to their contents, answer any additional questions or address any concerns the insured may have, and to ultimately establish rapport with the policyholder.
Once the initial site assessment and consultation has been completed, Distinctive will then perform an on-site detailed inventory of all non-salvageable/non-restorable contents, documenting precise information associated to all items being listed.
Capturing these details is vital to completing accurate and well-informed valuations. This process also includes photographic documentation which in turn assists with valuation accuracy and transparency. During the on-site inventory and based on the carrier or adjuster’s specific needs or instructions, Distinctive Inventory will also consolidate like-items where appropriate, thus in turn helping to reduce the time to complete the on-site contents inventory and limit costs. Distinctive Inventory’s utilization of iCat, the industry’s leading contents management software allows us to significantly reduce on-site inventory time by up to 50%, thus providing additional cost savings to our clients.
At the completion of the inventory, Distinctive will provide access to or a copy of the initial inventory/schedule of loss to the adjuster for informational or reserving purposes, as well as provide the insured with access to the schedule of loss, so that they can review for accuracy and to also allow the insured to input any additional information, thus demonstrating complete collaboration and transparency.
Total Loss Reconstruction
There are many occasions when contents are unidentifiable or destroyed. These types of claims can be particularly complex and require early intervention and greater assistance for the policyholder.
Total loss claims can further increase the risk of exaggerated or embellished contents claims, claim leakage and increased file cycle times. By engaging the services of Distinctive Inventory, we can provide responsive and timely support to the policyholder and assist with completing their schedule of loss (inventory) more efficiently, during what is always a very difficult time for the policyholder and their family.
Distinctive’s Total Loss process utilizes highly structured and controlled interviews with the policyholder, providing a layer of protection for the insurance companies and adjusters from the potential risk of exaggerated contents claims. By engaging Distinctive Inventory’s services early on, we can capture necessary details and complete the schedule of loss (inventory) timelier, all while providing the support for the policyholder during a very difficult time and reducing cycle times due to file stall.
When a policyholder is tasked with completing their own schedule of loss (inventory), it is all too common that file cycle times are negatively impacted because the insured is unable to complete their schedule of loss in a timely fashion leading to file stall.
There are many factors that account for this (file stall). Some of the more common reasons are that the policyholder just doesn’t have the time, or the customer just really does not know where to start or what information to provide. By engaging Distinctive Inventory’s services, we can provide the necessary support and guidance for the insured, assisting them with completing their inventory timelier and more efficiently, while reducing or eliminating file stall.
Distinctive Inventory’s systematic approach ensures that the reconstruction process runs seamlessly and collaboratively, making the process easier for the policyholder while maintaining an order of control. In the end, Distinctive provides key benefits to the insured such as assistance and support during a very difficult time in their and their family’s lives, while delivering an optimal experience, leading to increased customer satisfaction.
Content Appraisal/Valuations
At the completion of the inventory process, Distinctive then conducts its research and valuation process, based on the information collected during the initial policyholder meeting, the physical inventory and or the total loss reconstruction. Distinctive researches suitable replacement items based on Like, Kind and Quality (LKQ), utilizing fair market values, ensuring valuation accuracy and transparency.
Following the valuation process, Distinctive Inventory completes its final quality assurance review on all valuations for accuracy and completion. We then prepare a finalized Contents report which includes Replacement Cost Values, Aging, Depreciation and Actual Cash Values (ACV) for each line item.
The final report is then sent to the adjuster in the requested or prescribed format, for the adjuster’s review and approval. If required, Distinctive will further assist the adjuster or carrier in performing any additional follow-up or review with the policyholder to ensure complete satisfaction.
Distinctive Inventory’s process ensures efficiency, transparency, collaboration, objective and accurate valuations, well informed and continuous updates to the adjuster and policy holder, reduced cycle times, and more timely content valuation reports, allowing the adjuster to settle claims more promptly. In the end, Distinctive Inventory delivers a positive client and policy holder experience and superior satisfaction.