Like in any industry, restoration companies have significant hurdles they must overcome on a regular basis. While some of the problems for restorers are common across multiple sectors, many restoration businesses face unique challenges to this particular industry. So just what are the obstacles that you must overcome to be successful as a restoration company?
Moving information efficiently
The Property and Casualty industry is not only about restoring lives, but managing people. Understanding human behavior and knowing how to handle people is key to being successful in this industry. Restoration contractors sit in the middle of these interactions, whether it is the adjuster, insurance agent, homeowner or public adjuster. Each have different expectations and requirements that need to be fulfilled. Having a clear understanding of the dynamics of each relationship will make the claims process smoother. For example, according to Restoration and Remediation Magazine, adjusters are required to settle claims according to the stipulations laid out in the insurance policy owned by the client, which means they may deny claims based on what the policy actually covers. Therefore, it is important to understand the challenges they face. This way restoration companies can avoid disputes and miscommunications.
“Without the right filing tools, restoration companies can easily become inundated with paperwork.”
Beyond the relationship aspect, claims are also becoming more complex and time-consuming, which means restoration companies must have the tools at hand to streamline workflows and facilitate the communication channels. In addition to simplifying communications is managing and moving information efficiently. As noted in the book “Insurance Restoration Contracting: Startup to Success,” there is a large amount of paperwork involved in this industry. Restoration companies deal with any number of insurance companies, and each one will have its own compliance issues, specific forms to fill out and particular workflows. Without the right tools and strategies, an executive or project manager at a restoration company can easily become overwhelmed by the sheer volume of all of this paperwork.
Performance and compliance
Another major problem that many restorers face is that insurance companies are increasingly demanding better performance metrics, compliance and the speed with which these businesses complete the job. Carriers are demanding more real-time information to exceed expectations and benefit their bottom line. With so many distinct issues impacting the restoration industry, it’s important that everyone, from the executives to the project managers to the field team members, have the tools needed to overcome these obstacles and ultimately succeed.
“Carriers are demanding more real-time information to exceed expectations and benefit their bottom line.”
A smart solution
While there are unique hurdles that can negatively impact the performance of restoration companies, there are also industry leading solutions that were specifically designed to address these problems.
Next Gear’s DASH is a cloud-based restoration management system that eliminates the need for paper files. This means restoration companies can store the vast amount of insurance claim documents all in a single online repository that every team member – whether in the office or in the field – can access in real time. No longer do project managers have to shuffle through reams of paper files to locate a particular claim, since everything is kept digitally in DASH. The job Dashboard provides managers with up-to-date information for each and every open restoration job, all in a single place.
In addition, DASH’s Compliance Manager makes it easier to keep track and manage claims compliance with the workflow builder. This ensures no important deadlines, task or documents fall through the cracks, which can potentially cause compliance issues down the road. With the right cloud-based restoration management system like DASH, project managers can potentially boost productivity and increase profitability.