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Lets face it; nobody wants to have to deal with an insurance claims inspector. It almost always means something went wrong – your house was damaged in a storm, you got into a car accident, or maybe even something worse. To add insult to injury, the insurance claims process is not simple, or quick. You have to wait for the inspector to arrive, fill out paperwork, file information, and wait to receive a response. In the best case scenerios these process can take days, or even weeks.
But Spex, a company based in Denver, is looking to change that.
The company’s product, an app used by insurance claims inspectors, looks to make the insurance claims process a whole lot easier. Basically, the software digitizes the old paper and clipboard process of inspecting a claim, and optimizes the experience for a tablet. So instead of having an inspector come to your home, assess the damage and take some paper notes, an inspector or contractor armed with a tablet and Spex’s app would be able to take photos, draw diagrams, and send the entire thing off to an administrator (the person who makes claims decisions) instantly over a data connection.
Amazingly, Spex believes as many as 90 percent of adjustors, agents, appraisers and contractors are still operating by paper and pen. In an industry as huge as insurance, the gain in efficiency by changing this behavior could be huge, and Spex estimates there are 800,000 potential users for their app.
“Within our world there is huge inefficiency as it relates to property inspections,” Spex CEO Brett Goldberg said. “Real time collaboration is a big part of our value.”
Spex software not only helps the insurance companies become more efficient, but it can also improve the life of a policyholder.
“When you have huge claim events – think hurricanes – there are huge problems and inefficiencies, and with inefficiencies come huge holdups.
When large disasters happen an insurance company will get thousands if not millions of claims and the inevitable backlog of information stalls the process for everyone. The policyholder is forced to wait and see what the insurance company will pay out for the damage, and construction is put on hold. Cutting down on that inefficiency allows policyholders to get the money they need to rebuild quickly.
While Spex operates out of Denver’s Galvanize co-working space, it has its roots in the aftermath of Hurricane Irene. The cofounders were on the ground acting as insurance adjustors in a storm estimated at causing over $15 billion in damages when they realized the industry was operating with outdated tools.
Currently the company is focusing on building a user base and improving experience. There are plans in the works to hire a dedicated sales staff member in the next of couple months, and they’re always looking for quality tech talent.
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