Mastering Crisis Response: How Jewelers Mutual® Relies on PLRB to Navigate Catastrophic Events

Jewelers Mutual | Don Elliott, Director of Claims

Jewelers Mutual, a leader in insuring the jewelry industry since 1913, is committed to exceptional claims service. Catastrophic events like hurricanes and wildfires present unique challenges, requiring fast, informed responses. PLRB’s catastrophe bulletins, weather tools, building code resources, and educational materials are crucial to our disaster response strategy, significantly improving efficiency and policyholder service.

Real-Time Updates & Coverage Guidance

During events like Hurricane Helene, PLRB’s catastrophe bulletins provided timely updates on storm progression, government actions, and coverage implications. These insights, including regulatory summaries, evacuation orders, and prior case law, helped streamline our claims handling, ensuring consistency and compliance. As Don Elliott, Director of Claims at Jewelers Mutual, put it, “PLRB’s resources have been invaluable in helping us navigate catastrophic events with greater efficiency. By providing real-time updates and expert guidance, they’ve empowered our claims team to make more informed decisions and deliver faster, more accurate resolutions to our policyholders.”

Impact on Claim Handling:

• Timely and informed responses to policyholders.
• 75% reduction in time spent on research during CAT events leads to significant operational efficiency and faster resolutions.

Reduction in Claims Expenses:

• Significant cost savings by reducing the reliance on external legal counsel. By using PLRB’s research, Jewelers Mutual minimized the need for expensive coverage consultations, which can cost hundreds of dollars per hour. This reduction in legal consultation expenses has had a substantial impact on overall claims costs.
• Minimized overpayments and mitigated bad faith claims, preventing wrongful denials.
• Reduced delays in claims processing, resulting in faster settlements.

Maximizing Weather & CAT Resources

PLRB’s interactive maps and historical fire data have been instrumental in Jewelers Mutual’s claim handling process. These tools allowed the team to visualize damage and identify impacted areas, facilitating more effective resource allocation and clear communication with policyholders.

Impact on Claim Handling:

• Enabled faster decision-making for resource distribution.
• Improved communication with claim professionals and policyholders.

Reduction in Operational Costs:

• Notable reduction in costs related to resource allocation, optimizing the overall claims process and ensuring resources are used more efficiently.

Ensuring Compliance with Building Codes

Compliance with local building codes is critical in the claims process. PLRB’s up-to-date building codes and access to code analysts ensure claims are processed accurately and in line with regulatory requirements, minimizing compliance-related issues.

Impact on Claim Handling:

• Improved accuracy in claim assessments, leading to faster resolutions and ensuring policyholders receive the full benefits of their coverage.
• Reduced errors in building code application, allowing claims to be processed correctly and swiftly.

Reduction in Claims Disputes:

• Significant decrease in compliance-related claims disputes by utilizing PLRB’s accurate building code data, ensuring that claims are fully aligned with regulatory standards.
• Faster claims processing by staying ahead of regulatory changes and maintaining compliance with up-to-date building codes.

Advancing Claims Training & Education

PLRB offers a range of educational resources, including CE courses and podcasts, which provide insights into modern claim investigation techniques and handling complex catastrophic claims. Jewelers Mutual’s claims team regularly participates in these programs to stay informed and enhance their skills in handling complex claims.

Impact on Claim Handling:

• Improved the expertise of claims professionals, ensuring more efficient management of catastrophic claims.
• Reduced the burden of additional training costs by utilizing PLRB’s educational materials.

Reduction in Training Costs:

• Achieved considerable reduction in training costs by relying on PLRB’s customized educational resources, minimizing the need for external training programs.
• Lowered CE filing fees covered by PLRB, further streamlining operational expenses.

Conclusion

Jewelers Mutual’s partnership with PLRB has been instrumental in enhancing claim handling during catastrophic events. By leveraging PLRB’s catastrophe bulletins, weather resources, building codes, and educational tools, Jewelers Mutual has significantly boosted operational efficiency and policyholder satisfaction. With the ability to save on legal costs, reduce claim processing time, and improve compliance, PLRB’s resources have not only optimized Jewelers Mutual’s operations but also reinforced its reputation in the market, contributing to an impressive Net Promoter Score (NPS) in the 80s, far surpassing the insurance industry average of 15.