This has certainly been a challenging hurricane season so far. Our NovaData Solutions team extends our heartfelt prayers to all of those who were impacted by Hurricane’s Helene and Milton.
Along with the widespread devastation, Helene and Milton have raised significant concerns for the insurance industry. According to Moody’s RMS Event Response, the projected losses from these storms in the United States could range between $35 billion and $55 billion. Hurricane’s Helene and Milton, the fourth and fifth hurricanes to strike the U.S. this season, have caused extensive damage across overlapping regions. Destructive winds, storm surges, and inland flooding presents a multifaceted challenge for loss assessment and claims processing.
We all know that an active hurricane season puts a strain on the entire claims process. NovaData is built for times like these and is poised to assist with one major component, the restoration invoice audit. Rest-Assured® delivers consistency, thoroughness, and speed with the restoration invoice review and audit process. Our unbiased and proprietary platform Rest-Assured®, leverages artificial intelligence coupled with machine learning to quickly identify issues that exist within a mitigation invoice, including areas such as: labor, management to staff ratios, overtime, equipment usage, small tools, and more. We typically identify 22% of the invoice as having potential issues which offers payers a significant savings potential.
Rest-Assured® will deliver a fast and detailed audit report in 48 hours or less. Our audit report empowers property owners, insurers, adjusters, building consultants and TPAs to quickly determine the “amount-not-in-dispute” as well as identify areas within the invoice that require further explanation.
If you have any questions or would like to submit a restoration invoice for audit visit our submission page to learn more.
