How Does a Vendor Program Work?
Insurance companies rely on vendor programs to identify trusted service providers. These programs have requirements to ensure that work meets the highest standards. An insurance agent may continue to use the same mitigation and restoration service as long as this company is reliable and completes high-quality work. Find out more about some of the standards and benefits of a vendor program.
Establishes Basic Standards
Most programs set forth basic requirements for services. Depending on the insurer, these may include any of the following factors:
- Performance data
Insurance companies want to make sure that service providers are insured and qualified to complete jobs. Some services also maintain internal standards. SERVPRO franchises must satisfy 21 requirements of a Participation Agreement to receive insurance jobs.
Ensures a High Quality of Service
Insurers prefer to work with companies that have a track record of providing exceptional service. Companies in a vendor program tend to have worked with insurers in the past and achieved satisfactory results. An unreliable service is unlikely to remain in a program.
Expedites Claim Settlement
An insurance agent can rely on a preferred mitigation and restoration service to provide all of the information necessary to settle a claim. This may include several types of documentation:
- Report of damage
- Performance data
All of this information should be readily available to insurers. The Claims Information Center makes it easy for agents and adjusters to access this data online at any time, which may make it possible for claims to be settled more quickly.
These are a few broad aspects of vendor programs. Each insurer is likely to have slightly different priorities and requirements for Preferred Vendors. An insurance agent, adjuster or insured client should select a mitigation and restoration company that meets all of the applicable vendor requirements for coverage to complete a commercial restoration job in Leicester, NC.