To maintain a competitive edge in the market, insurance companies must embrace the digital transformation of underwriting. This can be accomplished by automating monotonous tasks and providing their teams with state-of-the-art technologies and groundbreaking data sources.

By doing so, underwriting professionals can unlock unparalleled levels of value, exceeding even the loftiest of expectations. 

Here at Codafication, we recognise the challenges faced by the insurance industry in sourcing high-quality damage inspection reports from third-party contractors. 

Recently as stated by the General Insurance Code Governance Committee: “too many insurers are relying on maintenance or wear and tear exclusions and poor-quality reports from builders, plumbers and electricians to deny claims,” stated in a recent report: Making Better Claims Decisions. 

Out of 42,956 home insurance claims denied, there were 10,903 complaints with 5108 being resolved upon review, in favour of the customer. That is almost half of the complaints which is a direct result of insurers' reliance on builders, plumbers, electricians, and other tradespeople’s reporting methods, (Insurance News, July 2023). 

We believe that technology can drive more accurate and compliance site reporting resulting in better claim outcomes for both insurer and customer.