Saturday 10 May 2014

Grow Your Restoration Company With Insurance Programs

Posted by at 10:53 AM in

Grow Your Restoration Company With Insurance Programs

Experience the transformational power of grow your restoration company as a program contractor working directly for insurance programs.

Every Restoration Company owner wants to grow his or her business. Grow more revenue, achieve higher profit margins, open up new markets, and generate more leads.

But there are only so many ways to do this. Many of these ways get little attention from most restoration company owners.

The most transformational experience for any Restoration Company is to be added to Insurance Carrier Preferred Contractor Programs. The current trend in the industry is for carriers to turn over the management for the claims process to Third Party Administrators (TPA).

As you would expect, these groups filter out most Restoration Companies in order to secure the cream of the crop, the top 5% of America’s Damage Repair Contractors. An owner’s best opportunity to secure the interest of one of the premier TPA’s is to be full service and to find ways to differentiate your company from others like yours.

Becoming a Full Service Restoration Company

If you are not a Full Service Restoration Company you need to become one. That is where the industry has been moving over the last decade and will continue on in the future.

Customers and carriers alike want one flood damage contractor who they can put their trust in and can handle jobs from start to finish regardless of their complexity.

Water extraction service only companies find it harder and harder to get on carrier programs. It’s a hassle when you have two or more contractors working on an insurance claim.

The contractors don’t communicate with one another. They don’t share information.

If something goes wrong they point the finger at each other. The customer has two companies and two sets of job managers to get acquainted with and it is just not as efficient as having a single contractor manage the entire process.

If you are full service providing water damage and construction services you have passed the first hurdle to being selected for one of these premiere opportunities.

Differentiating Yourself from Your Competition

Awards and Honors are an important differentiator. I found that once my restoration company was recognized by our first national group for Best in Business others began to take note and contacted me to feature my company in their publication as well. Success begets success is as true today as ever before. If you get selected you may be well on your way to being recognized by other groups and this adds to your differentiation from others. You have a story to tell that keeps getting better! I found that there are local and state awards recognizing companies or industries for annual growth rates, size, community service, and more that many companies may qualify for. You just need to know where to look and who offers these opportunities to be recognized by others in your city and state. This is the place to start. Many national awards follow local recognition.

There are other ways to accomplish this too.

  • Listing the high number of claims you process per year.
  • Mentioning a high profile customer whose work you completed.
  • A referral from an adjuster who works for the carrier you are pursuing goes a long way.
  • Specialty services are important.

My company landed a large carrier because of several government contract jobs we had done. The insurance company Program Administrator was captivated by my company’s specialty work and as he learned more he decided to add us to his insurance program. Look for anything you do or any characteristic about you or your company that sets you apart from others. Talk about these things every opportunity you get. You must differentiate yourself from the pack if you want to stand out. These two factors put you in line for identification by TPA’s. These are minimum requirements but more must be done to be added to these premiere Networks.

Download my FREE eBook that talks more about this topic and many others in "A Practitioner’s Guide to Growing Your Restoration Business" at www.growmyrestorationbusiness.com