CHARLOTTE, N.C., Feb. 23, 2021 /PRNewswire/ — Insurance professionals can refer to a new resource when making data-driven decisions that increase carrier efficiency and improve claims leakage and loss ratios. The new CCG IQ 2020 Annual Report includes key statistics and analyses highlighting national claims, underwriting, and weather trends.
The report, produced by insurance services leader CCG IQ, presents insights about reported vs. actual cause of loss, repair and replacement costs, and common exposures that affect policies from premiums to claims. The data is based on thousands of claims and underwriting assessments that carriers delegated to the CCG IQ family of brands, including HVAC Investigators (HVACi), StrikeCheck, and CCG IQ Underwriting Solutions.
HVACi and StrikeCheck previously published separate reports about claims trends for HVAC systems and electrically powered equipment, respectively. Last year, CCG IQ expanded its technology-driven strategies to increase underwriting services and add lightning verification. This all-encompassing report provides a broader perspective on how exposures, hazards, and perils are impacting policies throughout their life cycle. A hyper-focused look at data from a particular region is included to demonstrate how analyzing everything together enables carriers to better forecast risks and perils.
“We are in the unique position to be able to showcase comprehensive data that impacts both underwriting and claims decisions,” said CEO Damon Stafford of CCG IQ. “It empowers carriers to facilitate change toward more efficient processes, accurate solutions, and better overall claims and underwriting decision-making.”
Also highlighted is the importance of partnerships between carriers and objective third-party experts to evaluate exposures for new and renewing policies and to assess claim damage to determine cause of loss, scope of damage, and appropriate next steps.
The annual report, available for free to insurance professionals, is part of CCG IQ’s mission to bring more transparency and influence insurance industry changes that decrease fraud, claims leakage, and negative policyholder experiences.
About CCG IQ:
Leveraging the crossroads of insurance expertise and technological innovation, CCG IQ and our suite of services empower insurance carriers to make faster, smarter, and better underwriting and claim decisions. The CCG IQ family of brands includes HVACi, StrikeCheck, and CCG IQ Underwriting Solutions. Headquartered in Charlotte, North Carolina, with offices nationwide, CCG IQ’s network of experienced professionals provides best-in-class services with better data, processes, and results.
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SOURCE CCG IQ