Virtual Claims Adjuster : Streamlining Claims Adjusting Through Intelligent Automation

John Varghese, President and CEO, Virtual Claims AdjusterJohn Varghese, President and CEO
Growing up, Lee Picano was naturally drawn towards the insurance industry – the biggest influence during his formative years being his father, who owned a claim adjusting firm. Evidently, he took up claims adjusting as a profession and spent seven years on the field. But his true calling was technology. This led Picano to switch gears to pursue his passion – software development. Yet the claims adjusting bug never left him. Going further in his career as a software developer, he decided to use technology to develop an efficient, easy-to-use claims handling application. Being a former adjuster, he knew very well what made things easier for adjusters; being a highly skilled developer, he knew exactly what to build. With this in mind, Picano came up with an inherently customer-centric claims management system with end-to-end functionality that adjustors can easily handle. The result was his brainchild Virtual Claims Adjuster (VCA), where the adjuster-turned-software developer currently serves as the chief technology officer.

VCA is a completely web-based SaaS application designed to streamline the claims processes for insurance companies and help them manage workflows and trends. “We have an intuitive, easy-to-use claim system built by an adjuster for adjusters, which is one of the first SaaS applications in claims software,” says VCA president and CEO, John Varghese. With a plethora of features like remote access, performance metrics, image capture, address mapping, and auto-dialling, VCA aims to fully automate its clients’ claims management processes, freeing up adjusters to resolve claims faster through improved decision-making and focus more on value-added services.

With clients like tier-3 and tier-4 insurance companies, managing general agents (MGA), third-party administrators (TPA), independent adjusting firms, captive firms and self-insured entities dealing with thousands of claims, VCA is focused on being highly customer service-driven. “Our customers get treated with very fast turnaround times – both from a sales perspective and from a technology perspective. That is one of our key USPs versus other providers,” notes Varghese.

Creating a Differentiating Edge

Indeed, setting oneself apart is key when the steps in the claims process – right from filing and addressing to adjudication and remediation – are the same across all insurance companies, albeit with minor tweaks in workflows. Excellent customer service thus becomes a major differentiator. “The way to differentiate yourself is to find ways to make your client’s life easier, more efficient, cost-effective, intuitive,” says Varghese. To this end, VCA – having the capability to handle anything from 60 to more than 10,000 claims a month – offers easily configurable and customizable modules in both its standard and enterprise versions, catering to the specific needs of small, mid-sized and large insurance firms at a much lesser cost than other players in the industry.

We have an intuitive, easy-to-use claim system built by an adjuster for adjusters, which is one of the first SaaS applications in claims software

For the smaller firms, VCA has an off-the-shelf, pro-licence standard product set that’s out-of-box configurable and offers customizable workflows, while for the larger firms, VCA has the enterprise version having customizable looking fields, integrations, APIs and reporting.

Features like robust customization and API platform integration come with a 4-to-6-week implementation cycle, during which VCA personally trains their clients to acquaint them with the system as part of the software onboarding process. In case of emergencies, such as natural disasters resulting in a spike in insurance claims, VCA can expedite the training process for 1000-1500 adjusters and make them ready to use its platform within a matter of hours. “We have a white-glove hand-holding exercise where we work closely with our customer success team,” Varghese mentions. Additionally, VCA runs adjuster training webinars that provide information on VCA’s numerous features and upcoming enhancements, which, if properly utilized, can result in as much as 30 percent savings for the insurance firms. No wonder that more than 180 insurance entities across 25 countries count on VCA’s expertise in providing effective claims management services.

The cherry on top is of course VCA’s Lloyd’s certification. VCA happens to be the first software provider to comply with the stringent Lloyd’s of London Bordereau specifications. Having many Lloyd’s clients, VCA strives to simplify reporting for the Lloyd’s market. To better illustrate this fact, Varghese mentions a European insurance company that specifically selected VCA as their claims engine platform to aid their business expansion goals, owing to the standards and processes developed by VCA for the Lloyd’s market. VCA helped the company develop their entire claims process and automated it, leading to successful expansion in the US. “They are working with us to have VCA connect downstream with their TPAs and adjusting firms, so that we become the standardized engine across their distribution channel,” Varghese informs, adding that VCA will continue to assist the company in realizing its business goals.

The road ahead for VCA seems to be an exciting one, with data analytics and artificial intelligence joining the ride. Incorporating these is the upcoming VCA analytics engine, which, according to Varghese, will further act as yet another differentiator for VCA. Coupled with new features like payment processing capability and check writing, VCA is all set to become the game-changer in the claims management industry. And there’s more. “There are opportunities to either expand into policy management, or integrate more into policy management systems and offer a claims engine within it,” Varghese informs. Committed to expanding and innovating its product line, VCA strives to continually reinvent the claims process and make things easier for adjusters and insurance firms.

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Top 10 Claims Processing and Management Solution Companies - 2021
Virtual Claims Adjuster

Virtual Claims Adjuster

Ontario, Canada

John Varghese, President and CEO

Offers a cloud-based SaaS application to automate and streamline claims processes in the insurance industry