January 28, 2016
Portable Cameras Speed Property Restoration and Better Control Cost by More Accurately Determining Scope of Damage
Liberty Mutual Insurance’s commercial insurance operation has rolled out portable infrared cameras to its property field adjusters.
Water damage is one of the leading causes of commercial property claims, with an average claim cost of approximately $16,000, with severe losses exceeding $100,000.
“Images from our infrared cameras more accurately show the scope of water damage,” notes Mike Martin, executive vice president, Liberty Mutual’s National Insurance Property operation. “This provides two important benefits to our commercial property policyholders. First, it better controls claim costs by preventing the need to tear away unaffected materials to define the extent of damage, and by enabling contractors to fix only areas impacted by the water. Second, the cameras help minimize the time a facility is shut for repairs.”
Liberty Mutual introduced portable infrared cameras to its field commercial property adjusters after a successful pilot by its dedicated Claims Innovation Team showed the benefits of this technology.
During that test, a claim was filed for water damage to a more than 14,000 square foot university gymnasium caused by a broken sprinkler head. Using the camera helped define the scope of the water damage. This reduced the estimated cost of repair by approximately two-thirds and resulted in faster repair, allowing the policyholder to more quickly re-open the facility.
More on the benefits of infrared cameras in adjusting commercial property claims can be seen here.
About Liberty Mutual Insurance
Liberty Mutual Insurance helps people preserve and protect what they earn, build, own and cherish. Keeping this promise means we are there when our policyholders throughout the world need us most.
In business since 1912, and headquartered in Boston, Mass., today Liberty Mutual is a diversified insurer with operations in 30 countries and economies around the world. The company is the third largest property and casualty insurer in the U.S. based on 2013 direct premium written as reported by the National Association of Insurance Commissioners. Liberty Mutual is ranked 78th on the Fortune 100 list of largest corporations in the U.S. based on 2014 revenue. As of December 31, 2014, the company had $124.3 billion in consolidated assets, $104.0 billion in consolidated liabilities, and $39.6 billion in annual consolidated revenue.
Liberty employs more than 50,000 people in approximately 900 offices throughout the world, and we offer a wide range of insurance products and services, including personal automobile, homeowners, accident & health, commercial automobile, general liability, property, surety, workers compensation, group disability, group life, specialty lines, reinsurance, individual life and annuity products.
You can learn more by visiting www.libertymutualinsurance.com.