Skip to content
EasyHome
BIG NEWS: Fixle, Inc. Enhances Home Management by Acquiring EasyHome, Inc.
Read article
×

Critical Appliance Recall Awareness in Insurance Claims

The Importance of Maximizing Insurance Claim Efficiency with RecallAI by Fixle

Published on

Apr 10, 2024

Written by

Kathleen Kuhn

Category

Article

Property damage claims due to water-related incidents have been a significant concern for insurance companies in recent years. According to the Insurance Information Institute, between 2018 and 2021, water-related damage accounted for 18% to 29% of all property damage claims. Among the various causes of such damage, damaged appliances like washers, dishwashers, water heaters, and refrigerators stood out as the third leading cause of losses.

These statistics underscore the critical importance for insurance companies to be aware of appliance recalls. Here are several advantages that come with knowing if an appliance was recalled:


  1. Enhanced Claim Resolution: Being aware of appliance recalls allows adjusters to quickly pinpoint potential causes of incidents. This knowledge streamlines the claim resolution process, leading to fair and timely settlements for policyholders.
  2. Mitigation of Liability and Costs:Identifying recalled appliances enables adjusters to assess liability accurately. By determining whether an appliance was defective due to a recall, adjusters can assign responsibility correctly, potentially reducing the financial burden on insurers and mitigating legal risks.
  3. Improved Risk Management: Proactively identifying recalled appliances helps insurers manage risk effectively. Adjusters can notify policyholders about safety concerns associated with recalled appliances, prompting preventive measures and lowering the likelihood of future incidents. This proactive approach enhances customer satisfaction and loyalty.
  4. Subrogation Opportunities: In cases where a recalled appliance is deemed responsible for a claim, adjusters can pursue subrogation against the manufacturer or other liable parties. Knowledge of the recall strengthens the insurer's position in subrogation efforts, increasing the chances of recovering claim costs and reducing overall losses.

With RecallAI powered by Fixle, adjusters gain access to a cost-effective and straightforward solution to enhance the value they provide to their clients. By leveraging technology like RecallAI, insurance companies can stay ahead in identifying appliance recalls, improving claim resolution efficiency, managing risks proactively, and maximizing subrogation opportunities.

Appliance recall awareness is not just beneficial but essential for insurance companies looking to optimize their claim resolution processes, reduce liabilities and costs, manage risks effectively, and capitalize on subrogation opportunities. Incorporating tools like Fixle's RecallAI into their operations can significantly contribute to achieving these goals and delivering superior services to policyholders.

 

The Fixle App is Available in the Apple App Store and Google Play Store

Download Fixle today and make inspecting home systems and appliances faster and easier.

Latest Articles

Fixle, Inc and Sears Home Services Announce Strategic Partnership
Article   |   Jun 18, 2024

Fixle, Inc and Sears Home Services Announce Strategic Partnership

Collaboration Set to Transform and Simplify How Homeowners Easily Ac...

Enhancing Data Entry in Mobile and Web Applications
  |   Jun 11, 2024

Enhancing Data Entry in Mobile and Web Applications

How OCR technology and machine learning accurately extract appliance...

Fixle Inc. Acquires EasyHome Inc., Expanding Home Management Solutions
Article   |   Jun 05, 2024

Fixle Inc. Acquires EasyHome Inc., Expanding Home Management Solutions

The combined strengths of Fixle and EasyHome will unlock new growth ...