The startup operates an insurance platform that connects clients with claims adjusters based on real-time data such as location and availability. This approach enhances operational efficiency and reduces costs by providing immediate access to a network of qualified adjusters.
Funding
$3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Insurance carriers often face challenges in efficiently managing claims due to difficulties in quickly connecting with qualified claims adjusters and service providers. Traditional methods can lead to delays, increased costs, and inconsistencies in service quality. This can result in higher loss adjusting expenses (LAE) and slower claim resolution times, ultimately impacting customer satisfaction.
Solution
FPD Solutions provides a tech-enabled claims management platform that streamlines the connection between insurance carriers, field adjusters, desk adjusters, and service providers. The platform utilizes a smart-matching algorithm that considers factors such as adjuster expertise, location, availability, and claim type to ensure optimal resource allocation. By automating administrative tasks and reducing manual processes, FPD Solutions helps carriers reduce loss adjusting expenses, resolve claims faster, and improve the overall customer experience. The platform integrates with existing insurance systems, allowing for seamless data exchange and efficient claims handling from start to finish.
Target Audience
The primary target audience includes insurance carriers seeking to optimize their claims processes, independent field and desk adjusters looking for efficient claim assignments, and service providers aiming to expand their business coverage and partnerships.
Features
- Smart-matching algorithm that connects claims with qualified adjusters and service providers based on expertise, location, and availability
- Real-time data and analytics for performance measurement, risk analysis, and fraud detection
- Virtual adjusting capabilities for remote claim assessments and reduced cycle times
- Automated messaging and communication tools to keep policyholders informed throughout the claims process
- Integration with 80% of existing insurance systems for seamless data exchange
- Comprehensive training and support for adjusters and service providers
- Streamlined invoicing and payment processes for service providers
- Customizable preferences for adjusters, allowing them to select preferred claim types and locations