Security First Insurance Co., headquartered in Ormond Beach, is busy preparing for claims as a result of Hurricane Michael. The company is expecting total insured losses by their customers to be approximately $140 million, according to Melissa Burt DeVriese, chief administrative officer and general counsel.
The company has reinsurance that provides $1.4 billion in funds to pay claims for a major storm and $2 billion in total coverage for multiple storms in a single year. Reinsurance is insurance purchased by insurance companies so they can remain solvent after major claims events.
“Most people are unaware of the level of financial stability we have and our ability to withstand multiple major storms,” she said in an email. The company reached out to 70,000 customers with information about the back-up insurance.
So far, the company has received 961 claims and is anticipating 4,000 to 5,000 claims total.
“This is the first time we've used this technology as part of our catastrophe response plan”
MELISSA BURT DEVRIESE, Security First Insurance Co.
More than 150 claims have been filed using new chatbot technology, which allows the company to serve multiple customers eliminating wait periods over the phone.
“This is the first time we've used this technology as part of our catastrophe response plan,” DeVriese said.
All customers who call to report a claim are given the option to choose the automated (chatbot) path or to speak with a representative.
The company’s catastrophe response plan is in full effect. Teams have been expanded to include 50 additional Claim Examiners who oversee the claim process and 100 Claim Adjusters who assess the damage and deliver damage reports. These licensed professionals are recruited from throughout the U.S. to work on a contract basis to handle the extra claims. DeVriese said training has been completed for the added employees.
Territory Managers have been deployed to the Panama City area to meet with customers and agents in person.
“Our team has everything they need to set-up and serve our customers and agents in these areas.” DeVriese said.