03 Nov End Of Year Claim Supplementing Tips
2020 has been a “make it or break it” kind of year for contractors across the country. COVID-19, new laws and regulations and monster storms have made it a challenge for roofers to not just keep their heads above water but also adapt to some massive changes that have affected everyone.
With less than 90 days left in 2020, now’s the time to buckle down and make the most out of claims to end the year strong. Read on to get tools and tips from the OG’s of the claim supplement world – Troy Clymer of Balance Claims and Greg Marthaler of SYF – and check out the full interview from the American Contractor Show below!
Don’t Send Incomplete Files
You should always make sure claims and files are complete before sending it off, even if you are not outsourcing your files to a claim supplement company. Missing documentation, photos, and incomplete estimates are the single best way to extend the timelines for getting paid.
What should you do instead? Create a checklist of items that your admin, sales team or office manager uses to double check that all needed documents are ready and available. This will streamline the process and minimize delays.
Invest In Processes, Systems and People
As a third party claim supplement company, our job is to take the admin burden off your shoulders, but that doesn’t mean you just hand those claims off – there is a feedback loop. In order to ensure fast turnaround times we need access to several systems and components of your business including your CRM, cloud storage, accounts receivable, etc. Regardless of your company size, investing in processes, systems and your people can ensure you are prepared to work with a third party admin for your claims and scale your business.
Invest In Your Education
Going “virtual” this year hasn’t been all bad – more educational opportunities exist for roofers and contractors than ever before. With information literally at your fingertips, there is no excuse to not invest in education for yourself or your team.
One of the best things you can do right now is learn how to communicate with insurance carriers and what the supplement process includes. Art of the Supplement has the best programs out there right now for contractors and regardless of what type of business model you have, the knowledge you’ll gain from an AOS course will pay dividends now and in the future.
Weaknesses & Opportunities
Roofing company owners need to be strategic obstacle removers in the 4th quarter. Take a step back and assess what is working and what isn’t to get perspective and organize action items. What’s the best way to do that? Complete a SWOT analysis.
SWOT stands for strengths, opportunities, weaknesses and threats as it relates to your business and competition. Creating and mapping out this chart sounds easy but when you take the time to really analyze your business you’ll find that it might be more challenging than you think. Regardless, it is absolutely necessary to get it done now to plan ahead for 2021.
Expect the unexpected
2020 has been a rollercoaster and not just for business owners. While most people couldn’t have imagined the “new normal” we live in, those that were able to adjust and adapt were not hit as hard. Business owners should spend extra time focusing on the “T” area of your SWOT analysis – threats. While you may not be able to predict the future, you can implement new processes and procedures to adjust and adapt accordingly.
Interested in learning more? Catch the full interview with Troy Clymer of Balance Claims and Greg Marthaler of SYF in the latest episode of the American Contractor Show!
Get Claim Supplement Help
We focus on supplementing insurance claims so contractors can increase profits, save time and grow their business. Interested in learning how we can help you? Contact Balance about business or consulting by calling 888-618-0367 or by emailing email@example.com.