Louisiana Insurance Guaranty Association Implements Verisk Property Estimating Solutions to Streamline Claims Handling
Verisk's Xactware solutions enhance claims processing efficiency for the Louisiana Insurance Guaranty Association (LIGA) amid insurer insolvencies.
Utilizing Xactimate® and XactAnalysis®, LIGA improves claims assignment and communication with independent adjusters, essential for aiding hurricane victims in rebuilding efforts.
Verisk supports LIGA's mission with technology that streamlines the claims journey, benefiting both policyholders and the overall insurance market in Louisiana.
- Implementation of Verisk's Xactware solutions enhances claims processing efficiency for LIGA.
- Improved communication and coordination with independent adjusting firms for better claims management.
- Verisk's longstanding commitment to research and development supports leading property insurance solutions.
- Recent major storms have led to increased insolvencies among insurers in Louisiana, straining resources.
- LIGA faces challenges in managing claims due to the high volume and complexity arising from hurricane damages.
Association harnesses Verisk’s solutions to facilitate efficient, effective claims processing for policyholders of insolvent insurers
BATON ROUGE, La., and JERSEY CITY, N.J., Aug. 04, 2022 (GLOBE NEWSWIRE) -- The Louisiana Insurance Guaranty Association (LIGA) is streamlining its handling of claims for policyholders of insolvent insurers with advanced property estimating technology from Verisk (Nasdaq: VRSK), a leading global data analytics provider.
LIGA is using Verisk’s Xactware® property claims-handling solutions, including Xactimate® and XactAnalysis®, to swiftly assign claims to independent adjusting firms, improve communication with its claims vendors and monitor claims in progress. LIGA is a private association of insurance companies established by Louisiana law to provide benefits to the policyholders and claimants of insolvent insurers.
Major storms in the past two years have created significant challenges for the Louisiana insurance market, with some insurers becoming insolvent and many of their policyholders turning to LIGA to help respond to their property claims.
“Seamless coordination with independent adjusting firms has become critical as we work to help hurricane victims throughout Louisiana rebuild their homes and return to normal,” said John Wells, executive director of LIGA. “Verisk’s solutions not only provide an efficient way to assign claims and receive estimates from adjusters, but they also provide a clear line of sight so that everyone from field adjusters to executive management are able to track progress in real time.”
Among its many solutions, Verisk offers computer software solutions for professionals involved in estimating all phases of building and repair. Thanks to a longstanding commitment to invest in research and development, Verisk property estimating solutions are used by most of the top property insurance companies and repair contractors in the United States and Canada.
“It’s a privilege to support LIGA’s important work of assisting Louisiana citizens when their insurer is rendered insolvent,” said Mike Fulton, president of Verisk Property Estimating Solutions. “We are proud to be working with them to help identify ways to continually quicken the claims journey, improve communication and coordination and improve the overall claims experience.”
To learn more, visit Verisk.com or LAIGA.org.
About Louisiana Insurance Guaranty Association
The Louisiana Insurance Guaranty Association (LIGA) is a private association of insurance companies established by Louisiana law to provide certain benefits to the policyholders and claimants of insolvent insurers.
About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
FAQ
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