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Recoverable Depreciation Process

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Yaminy Viel

on 24 March 2014

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Transcript of Recoverable Depreciation Process

Recoverable Depreciation Process
RD box gets checked
RD box is checked by CSR, ISA, FSA or RD Administrator.
Comment is placed on iCE by whoever checked box. Will also state who requested the RD release.
Request was made by either TPA or insured.
Request made by TPA
Request can come from an email sent to the RD Inbox (recoverabledepreciation@assurant.com) or TPA can email the original adjuster or FSA directly and request the release.
If TPA sends email to RD Inbox, Admin checks box and places a comment on iCE. Also email is replied to say RD was received.
Claim then goes on a spreadsheet and sent to RD Department.
Request made by Insured
Request can come from insured by calling our customer service department or the RD Department directly.
CSR then checks box and claim goes on spreadsheet the following day to get reassigned.
RD Admin checks box to get reassigned the following day. Can also advise if the repairs are 100% complete, to send photos of completed repairs and/or certificate of completion to RD email.
Insured is informed that claim will get reassigned to an RD Adjuster or gets sent back to the FSA to release the depreciation.
TPA Email
TPA gets sent an email stating claim will be either reassigned to an RD Adjuster or sent back to FSA to handle. (FSA handles when claim is older than 12/01/2013.)
Call to Insured
Call gets made to insured within 24 hours of the claim getting reassigned.
Insured is asked if repairs are 100% complete. If yes, send photos and/or certificate of completion to RD email with claim number on subject line. Also provides RD Adjuster information (i.e. name, extension, email)
If no one answers call, leave voicemail stating RD Adjuster name and 1800 number with individual extension. (Example: John Doe, 1-800-652-1262 ext. 12345)
Claim goes on Spreadsheet
Spreadsheet is updated to include date assigned, original adjuster, requested by, RD amount requested, 24 hour contact date, and status.
Claim is either reassigned to RD Adjuster or send back to the FSA to handle. (Depending on the amount of claims requested, process can take 2+ hours).
Claim is manually reassigned to RD Adjuster. New financial transaction is added as a reopen reserve and the claim is reopened for the RD. If financial transaction is over $6,000.00, the supervisor needs to approve the reserve to continue.
Claim is either Open or Rejected
Admin then researches to see if claim is reassigned to RD Adjuster or goes back to FSA to handle.
Research involves going into comments, payments, and other screens to see if claim is reassigned.
If claim is rejected, it can be because it needs to go back to the FSA to handle, claim has no RD, or payment was already made.
If the claim is open, it will be reassigned to RD Adjuster.
RD Adjuster
Reviews photos/documents sent from TPA or insured.
Different scenarios in each instance.
Documents are received in KwikWork.
Review photos of repairs and compare to photos of damages and contractor estimate. Verify if repairs are 100% complete.
If TPA cannot provide photos, APA is sent to inspect property. Report is received from APA inspection.
Supervisor approves depending on authority. If there is any inconsistency, claim gets sent back to the adjuster for review.
Documents are requested from insured.
Can be Certificate of Completion, photos of completed repairs, final invoice or receipts if work was done by the insured themselves.
Documents are placed into KwikWork for RD Adjuster review. They are compared to previous documents/photos sent by insured.
Three scenarios depending on RD amount requested.
RD recalculation if documents do not coincide with final invoice or the numbers do not match RCV (Replacement Cost Value).
Up to $5,000
If RD amount is less than $5,000, RD can be released with document review.
All documents should be verified with a call from the RD Adjuster.
Check is then issued and mailed according to client database.
$5,000 to $10,000
If the RD amount requested is in between $5,000 and $10,000, an APA work order inspection is requested.
RD Adjuster follows up to check of inspection is completed. IF inspection is complete, what percentage?
If repairs are 100% complete, RD Adjuster will release the funds.
RD Adjuster can request re-inspection if first one is invalid or can simply deny the claim.
Check is then issued and mailed according to client database.
Over $10,000
If the RD amount requested is over $10,000, the lender will usually do an inspection. RD Adjuster can receive the report from the lender's last inspection when the funds were released.
If lender does not inspect property, APA work order is requested and RD Adjuster receives report from APA.
RD Adjuster may also obtain report from Clariti, loss drafts, or client inspection report website.
ISA requests FSA or IA to reinspect property if RD is over $25,000. They will in turn respond with photos and report. (Exceptions are mae according to the circumstances.)
Check is then issued and mailed according to client database.
Customer Service
Contact is kept with the Insured and TPA throughout the entire process until the check is mailed and the RD portion of the claim is closed.
Insured and TPA can call 1-800-652-1262 to check on status of RD or they can call/email their assigned RD Adjuster directly.
Rd Adjuster can call TPA or Insured if there are documents pending to release the funds.
Calls to loss drafts department are made for documents if they are not immediately available.
Last call that is done is to inform the insured/TPA of the release of the RD.
Full transcript