The ARTIGEM proprietary software accurately appraises jewelry so that your policyholders don’t pay too much or too little in premiums ensuring when a valued piece of jewelry is lost, stolen or damaged, a replacement is not only acceptable, but exceptional.
- Increases Premium Revenues by 30%
- Is Available for Claims 24/7
- Increases Policyholder Satisfaction
- Checks Appraisal Prices Systematically Once Entered
- Reduces Policyholder Pushback
There are no requirements for performing jewelry appraisals, which creates a need for agents to have a quick and easy solution to check and ensure that the values and attributes on appraisals are accurate. Many times agents/underwriting unknowingly accept appraisals with too high or too low values and receive pushback from their clients when a claim is filed.
What is it?
Speedcheck is a web based application where agents/underwriters access easy-to-use software to check the accuracy of jewelry’s appraised values. This software allows agents/underwriting to quickly and efficiently check values based on current market conditions to ensure proper coverage is in place. Simply login, create a file number, and enter in the data.
The software checks current market conditions on gemstones, diamonds, and precious metals to determine if the appraised value is accurate. The software identifies:
- Appraisals priced too high, causing policyholders to pay too much premium
- Appraisals priced too low, causing policyholders to pay out-of-pocket expenses
- 70% of appraisals do not list the gold weight of the mounting
- In the wholesale market, gold is priced on a per gram or DWT basis
- 80% of jewelry appraisals do not list the cut grade of a diamond
- This can realize a 30% difference in price
- Assumptions must be given in the policyholders favor costing insurance companies millions in additional indemnity expenses
- With Speedcheck, underwriting can set parameters based on stone size or appraised values that determine what attributes need to be identified
Speedcheck can be utilized by agents at the point of sale to monitor the quality of appraisals before they are submitted to underwriting. An agent enters the attributes of the appraised item and Speedcheck instructs the agent if additional data is needed or whether the appraised value is within an acceptable range.