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What we do for our clients

Appraiserportal.com is the leading innovator in Inland Marine items appraisal solutions. Our appraisal forms capture all the attributes of an insured item to ensure that an accurate replacement in case of loss can be completed.

Direct Data Feed
From the appraiser to your underwriting department. Our process bypasses traditional workflow and creates the leanest possible solution. Our forms have mandatory fields that must be entered by appraisers which ensures important attributes of an insurable item are captured.

Save you $
Can you estimate the costs associated with a traditional policy application?

Appraisal is given to local agent, agent who is not an appraiser enters information into system, submits to underwriting, underwriting reads and reviews item to be insured, enters more data into system, creates new policy. You can estimate at least $20 cost associated with issuing or updating a policy. How about saving $18 per policy?

What is affecting profits in inland marine jewelry policies?

  • Gold prices have reached $1600 per oz
  • Large diamond prices have increased 30-40% in the last 6 months
  • Small diamonds have increase up to 120% this year

The end result is over 40% of all scheduled jewelry policies are under-appraised. Insurance companies are loosing money on numerous scenarios.

Premium Revenues
Premiums are based on the appraised value and charge the policyholder $X amount per thousand. With outdated appraisals on the books the premium revenue is about 40% less than it should be.

Indemnity Savings
For replacement cost policies, insurance companies determine premiums based on a company like Replacement Services ability to replace like kind and quality for less than the appraised value. In 2010 Replacement Services averaged 42% below scheduled limits. In June 2011 we average 22% below scheduled limits. That is a 20% decrease in indemnity savings.

Policyholder Satisfaction
The lack of adequate coverage causes extreme dissatisfaction among policyholders when a loss occurs. In todays environment, many policyholders cannot replace the loss within the coverage limits of their appraised value. Net promoter scores and retention are hot buttons today for insurance companies and lack of proper coverage leads to lower customer satisfaction.

Introducing a lean process solution
Replacement Services created two powerful software solutions that can be used in conjunction or separate to resolve the crisis for insurance companies.

Replacement Services Speed Check software
Speedcheck reviews jewelry appraisals or descriptions and checks the appraised amount against current market conditions to ensure proper coverage is in place in case of loss. Once Speed Check identifies the policies that need to be updated, a form letter is generated to the insured requesting an updated appraisal preformed. Compliance can be expected to be extremely high as most consumers are aware of escalating precious metals and gemstone prices. The system creates a baseline for the appraised item and each year can exactly identify changes in value. If wholesale diamond prices for a particular size diamond go up 8% in one year, the policy can be changed to reflect the increase.

Appraiser Portal
The Game Changer! Underwriting departments have struggled with incomplete, unorganized appraisals. Appraiser Portal is located on the insurance companys website with login specifically for appraisers. After creating a username and password, the appraiser utilizes a comprehensive template to create new appraisals. There are many features available to the appraiser to utilize the appraisal software and it is free for them to use. The templates are designed specifically for the type of jewelry item to be appraised. After completing the appraisal, the appraiser submits the appraisal to underwriting. The data is then streamed into the insurance companys system and or in a format that optimizes efficiency for data entry. Appraiser Portal stores all information to be easily accessed through a variety of searches or by logging in from any computer worldwide.

The solution from Replacement Services is innovative and easy to implement. Insurance companies can realize a 40% increase in premium revenues, 20% additional indemnity savings and provide a much needed service to the policyholders.

For more information please call:

Kurt Artinger