CARLSBAD, CA – January 12, 2024 – CFM Insurance (CFM) has entered a new era in property claims payments with their successful implementation of sureti, a disbursement platform purpose-built for property claims. This strategic implementation positions CFM to offer its policyholders a completely paperless and lenderless settlement experience, setting a new standard in streamlined and efficient claims processing.
Throughout CFM’s nearly 160-year history, property insurance has remained fairly traditional. Agents provide quotes and coverage options, premiums are charged, and claims follow a comprehensive cycle of filing, payment, and closure. Hidden in the details, of course, is where innovation happens. Presently, quotes are dynamically generated and policies are issued in real-time. First notice of loss no longer happens at the speed of horseback. Yet, much of the industry is still clinging to the relic methods of the past – paper checks, affidavits, notary publics, lender requirements, and snail mail when dispersing loss payments. sureti’s platform has transformed the claims process to where disbursements move at the speed of now.
“Embracing innovation is key to our commitment to policyholder satisfaction,” said Kent Peterson, AVP of Claims at CFM. “We’re thrilled about this partnership opportunity that has the potential to streamline the claims payout process for specific policyholders. By reducing steps and accelerating the time from damage to repairs, we aim to provide a smoother experience. This program is just one of the many tools at our disposal to support policyholders, allowing them the flexibility to choose what aligns best with their individual needs.”
sureti’s digital disbursement platform is uniquely positioned to cater to the needs of property insurance claims. By excluding lenders from the payment process, sureti ensures a rapid and secure delivery of proceeds to reputable contractors. Leveraging sureti’s Fund Control and Claims Concierge, payments are disbursed in real-time as work progresses while ensuring all parties are informed of progress – eliminating months from the restoration process.
“This is such a significant milestone for CFM and we are thrilled to be part of their evolution,” said Chris Longano, CPCU, chief revenue officer at sureti. “They have been protecting homes and farms for multiple generations and we are honored to be a part of their legacy of success. Customer trust and loyalty are everything and their commitment to using sureti amplifies their dedication to making their customers’ lives easier. By allowing sureti to quickly pay the contractor, CFM now has a lens into the restoration process like never before and mitigates the risk of double indemnity.”
Companies using sureti have recognized nearly 30% reduction in cycle times, regardless of the size of the loss.
For more information about sureti or to inquire about this announcement, please contact us at sureti.com
About CFM Insurance
CFM Insurance, Inc., a mutual insurance company, was founded in 1869 and has protected Missouri’s families and farms for over 150 years. As a Missouri-exclusive mutual, our mission at CFM is to provide quality insurance at a competitive price and to offer personal, friendly, and dependable service. There is no stronger testament to our dedication than our continued progressive outlook and financial stability in this ever-changing industry. For more information, visit: cfmimo.com
About sureti
sureti is a digital payments solution purposely built for property claim proceeds. sureti eliminates the need for mortgage lenders to be listed on multi-party paper claim checks and leverages geospatial capture data to substantiate the release of proceeds. Learn more at sureti.com. Follow us on LinkedIn, Instagram, YouTube, Facebook and Twitter.
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