Understanding Interstate’s Portfolio Approach: Questions and Answers
For large companies with numerous locations, recovering from natural disasters can involve massive headaches. After all, with any large-scale event, there are a host of challenges and inefficiencies associated with lining up and dealing with different disaster restoration vendors, as well as your insurance carriers to recover as quickly as possible. Traditionally, most companies have either relied on a few preferred vendors, or turned to whichever providers can arrive quickest. Both approaches typically involve annoying challenges at some point in the recovery process. The problem is that once emergency cleanup processes are over, recovery is far from complete. There are still adjuster reviews, reconstruction (which often involves selecting a new vendor) and negotiation and approval processes ahead. Dealing with all of the different contacts and processes across the different vendors is a lot to manage.
Interstate relies on a more effective model, called the portfolio approach, which is designed to remove inefficiencies in the claims process and accelerate recovery. In this post, Kim Hartz, a National Account Executive with Interstate Restoration, answers 4 questions she regularly hears from clients and prospects about the portfolio approach.
Q: What is the portfolio approach?
A: The portfolio approach is a relationship-based recovery model that’s designed to remove as many inefficiencies as possible from the disaster recovery process to accelerate property recovery. We work closely with our clients and their insurance providers to preplan how we will coordinate and respond after a disaster. By doing the up-front work, we are able to build trust and eliminate bottlenecks that slow down recovery. Ultimately, the upfront work results in a turnkey recovery solution.
Q: How is it different than more traditional approaches?
A: No matter how widespread your company is, whether it’s across a state or two, or all of North America, we can handle every loss with the same look, feel and reliability. That takes responsibility off of the property management company or your company.
Q: How does it work?
A: The portfolio approach considers all of the steps in the disaster recovery process, from the initial call to finalizing claims. We get key stakeholders on the same page about what needs to happen after a disaster. That means we listen carefully to your needs and learn about your business and its locations. We’ve also worked to fine-tune our internal processes so we can efficiently coordinate our teams and prepare them for arrival at your site. In addition to providing emergency cleanup services, we are also a general contractor. And by talking with your insurers up front, we can make the claims process less of a burden.
Q: Why should I consider the portfolio approach?
A: For our portfolio customers, getting doors open again as quickly as possible is critical. Take a hotel chain with 50 locations in an area hit by a hurricane. Interstate would be standing by to mitigate all of the properties at once, as soon as it is safe to enter the area. Throughout the process, client management has one main point of contact at Interstate and doesn’t have to worry about lining up contractors or a response plan. In other words, even if the properties are different, we can manage everything seamlessly according to your needs and get you back to business faster.
When you rely on insurance, this process also streamlines real costs associated with the entire recovery process. The keys to success are getting everyone involved and on the same page from a response standpoint, ensuring that reserves are clearly defined and met, and that the entire claims process is synchronized and working in concert throughout the recovery. This attention to detail, and the continual refinement of processes, helps lessen the business interruption and cost.
Why Disaster Readiness Pays Off
Whether or not the portfolio approach makes sense for your business or organization, disaster readiness is critical in the face of extreme weather events, wildfires and other kinds of natural disasters. It’s always a good idea to establish a relationship with a preferred restoration provider before you need them and engage in regular emergency preparedness planning. That way, when something bad happens, you’ll know who to call and what to do to recover as quickly as possible.
Thanks to Kim Hartz from our National team for sharing her expertise!