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Insurance Restoration Contractor - SWOT Analysis

Are you utilizing a SWOT (strengths, weaknesses, opportunities, and threats) analysis to determine your insurance restoration company’s potential? The framework of a SWOT analysis is utilized by your team to evaluate your organizations competitive position and to help with your restoration company’s short-term and long-term planning efforts. This analysis gives business leaders a better understanding of the overall business, opportunities to identify and address organizational weaknesses, strengthen the overall business efforts, and to develop and maintain business goals and strategies. The SWOT analysis for any organization is just one part of developing the entire business planning processes.

In the insurance restoration industry, restoration contractors are seeking various methods to not only increase organizational revenue, but also to reduce additional costs that are not beneficial to the operation. All upper-level managers (general manager, operations manager, sales manager, CEO, CFO, COO, etc.) should be involved with this process. Each of these managers may define a SWOT analysis for their own respective departments. Additionally, there can be a collaborative meeting where all managers share their departments SWOT analysis and gather feedback from other managers. This is a great way to get your team involved within the business planning process.

Each division of your restoration company would need to have a SWOT analysis developed. For example, your water mitigation department would have a SWOT analysis developed for this process, your mold remediation department (may even be the same team) would have a SWOT analysis developed, etc. This will give great insight into what each of the respective divisions are doing well, and what is not working. Your team should be able to identify all of the measurables needed so that your management team can develop better processes or even do away with certain processes.

In the insurance restoration business, it is important to prioritize the insured. It is also equally important to monitor the progress of your team within the claims process. When a policy holder files a property claim, they need to know that the restoration company is on their side. Many times, insurance restoration contractors are too focused on the metrics set forth by the third-party administrator (TPA) or by the insurance carrier. Remember, these metrics are in place for the benefit of the TPA and the insurance carrier. By no means have these metrics been created to be friendly to the insurance restoration contractor.

You know your insurance restoration business best. It is in your, and your clients, best interest to develop processes that not only fit your business model, but that also provide a means for the insured to have a better claims experience. Most contractors are focused on how quickly they can move a client from contract to payment. While this is honestly a normal approach, the insured needs to know that you have their best interests in mind. Lastly, do not represent the insured. Unless you hold a public adjuster’s license or are a licensed attorney, you do not need to have language that even implies that you represent the insured.

Good luck and let us know how you are doing in the comments!!

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