Message Board Thread - "Industry, Market Analysis and Insurance"

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Industry, Market Analysis and Insurance Greg at Stockton IR 8/24/2004
A question was posed on this board as follows: Which industry would most benefit from Thermography? [RE:Market Analysis 8/2004]. The obvious answer is the infrared industry.

Other than the IR industry, the answer is the insurance industry.

The insurance companies should OWN the infrared business. Who do you think has a bigger stake in loss prevention? In case the reader of these words has never had any experience with insurance companies, here's what they do...they collect premiums and avoid paying claims. Infrared can definitely help with part two of this equation.

Let me state that again. Insurance companies are like any other business, they collect money and try to avoid losing it.

They are very good at this - probably better than most businesses. One reason is that they are more scientific when it comes to money than most other companies. They don’t just do something because it sounds like a cool idea. They have actuaries that pour over data to determine what pays for them and what does not.

So why don’t THEY do more infrared? Why should they...all they have to do is recommend it on a check list, with the sprinkler upgrades and the cleaning out of the storage closets. They do recommend it and their insured also do IR on their own. So why should they pay for it directly. If the insured does not follow their recommendations, they raise the premiums or the deductible. As I said earlier insurance companies are extremely good at collecting money and avoiding losing it – why would they give their profits back to their customers???

That said, there is competition among them, so there is a chance that more and more IR will be performed and recommended in the future. And some insurance companies do have their own thermographers, but it is a miniscule part of their total loss-prevention program.

Also, they do make mistakes. Case in point…
- Mistake #1) A major insurance company hired us to fly over 800 of their insured’s roofs (mostly highly-insured hotels and condos right on the beach) just before Hurricane Floyd hit the coast in 1999. The idea was to limit their liability in case of roof damage, to pre-storm condition. Smart. The problem was that it never hit the Florida coast, instead it made landfall in my home state of NC.
- Mistake #2) I have not been able to talk this company into flying any of the coastlines since 1999. I bet they wished they had hired AITscan a couple of weeks ago. They would have, if they had known what the Sunshine State and all those roofs were about to experience.

Se y’all in Vegas!
Greg Stockton
www.aitscan.com
 
Re:Industry, Market Analysis and Insurance chukster54 10/16/2004
Last month I was approached by an HVAC/electrical who I wholesale my IR services to and they requested me to accompany them to a pharmaceutical distribution center to performe an
electrical inspection because the clients insurance company had told the client that IF they wanted to continue being insured by them that they WOULD have this performed and not only would the client have to pay for it but the client wouldn't get any "discounts, etc" for paying for this .....So, maybe some insurance companies are wising up.

Chuck Shepherd
Building Science Technologies,Inc.
Bailey, Miss.
 


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