Unveiling the Secrets of ITEL: Who’s Behind the Curtain in the Insurance Industry?

In a world where the lines between big business and the insurance industry are often blurred, few companies fly under the radar as much as ITEL (Independent Technical Evaluations, Inc.). A key player in the evaluation of materials like flooring, roofing, and siding for the insurance industry, ITEL is involved in some of the most important claims decisions that affect homeowners and businesses alike. But who are the people behind ITEL, and what connections do they have to the insurance industry at large?

In today’s complex landscape, ITEL stands as a significant yet often overlooked force within the property claims process. With its evaluations influencing insurance claim settlements for everything from roofing to flooring, ITEL plays a critical role in determining the value of materials involved in property damage claims. However, what many might not realize is how deeply this company is embedded in the broader insurance ecosystem, or the powerful individuals pulling the strings behind the scenes.

What is ITEL?

Founded in 1986, ITEL specializes in providing evaluations for flooring, roofing, and siding materials used in insurance claims. Their assessments have become standard practice for the insurance industry, helping adjusters, contractors, and claims professionals make informed decisions about the replacement or repair of damaged materials. ITEL’s proprietary database includes thousands of material samples, making them a go-to resource for the insurance industry when it comes to accurate material pricing.

The company's role in the property claims process is pivotal, but the underlying question remains: Who are the key figures controlling ITEL and how are they connected to the broader insurance industry?

Key Executives Behind ITEL

Michael J. Kovar – CEO Michael Kovar has been at the helm of ITEL for many years. Under his leadership, the company has grown into one of the foremost authorities in material evaluations for the insurance industry. But where did Kovar come from before ITEL, and how did he climb to such a powerful position?

Before joining ITEL, Kovar held significant roles in companies related to the insurance and risk management sectors. He served as the Regional Manager at AIG, working with commercial lines for the insurance giant before transitioning to executive positions in other sectors. His experience in the insurance field provided a seamless transition into ITEL’s leadership, where his deep knowledge of claims and evaluation procedures proved invaluable.

Kovar’s leadership has steered ITEL’s strategy and expansion, positioning the company as an essential service provider for the insurance industry. But with power comes responsibility. The decisions made by Kovar and his team directly impact thousands of homeowners and business owners who rely on ITEL’s evaluations for their claims.

Craig P. Chapman – VP of Operations Craig Chapman is another pivotal figure within ITEL. As the Vice President of Operations, he oversees the company’s day-to-day operations, ensuring that ITEL’s evaluations remain accurate, reliable, and timely. Before his tenure at ITEL, Chapman held various leadership roles in operations and risk management.

Chapman’s career includes significant time as an Operations Director at State Farm, where he gained first-hand experience in the intricacies of claims management and corporate operations. His understanding of both the claims process and operational efficiencies provides him with the expertise needed to run the logistics of a company so deeply embedded in the insurance system.

ITEL’s Influence on the Insurance Industry

ITEL's connection to the insurance industry is undeniable. The company provides highly valued services that directly affect how insurance claims are processed and resolved. The evaluations ITEL performs impact the financial settlements homeowners receive after disasters, and the company plays an indirect role in determining the final amounts awarded by insurers.

While ITEL’s services are essential to insurance companies, questions arise when you consider the broader implications of its role in the insurance landscape. ITEL’s evaluations, despite their accuracy, may inadvertently be skewed in ways that benefit the very insurers they work with. These decisions are driven by powerful insurance companies and a network of stakeholders, creating a web of interdependencies that are not always transparent to the public.

Who Owns ITEL?

Understanding the ownership of ITEL sheds light on its connections to the broader insurance industry. The company is privately owned, with several major players at the helm. The biggest stakeholders in ITEL are often not publicly disclosed, but through various public filings, it is clear that the company has strong ties to the insurance world.

Interestingly, Verisk Analytics, a massive player in the data analytics space for the insurance industry, has significant ties to ITEL. Verisk, which is publicly traded, has a portfolio of companies that includes software, analytics, and data providers like ITEL. This connection is critical when considering the role of ITEL in shaping the insurance landscape.

The Role of Insurance Giants: The Ties that Bind

While ITEL remains a key player in the evaluation process, the ownership group and its connection to major insurance firms like State Farm, Allstate, and Progressive raise important questions about corporate influence. These firms, along with powerful investment entities like BlackRock, Vanguard, and State Street, are some of the largest investors in the insurance space, with vast holdings in both insurance companies and companies like Verisk, which in turn owns ITEL.

These financial giants wield enormous power, affecting both the business practices of insurance firms and the outcomes of insurance claims. By controlling the data, technology, and evaluations that shape claims decisions, these companies can heavily influence not just the market, but also the lives of policyholders who often face claim denials or reduced settlements due to the very evaluations ITEL provides.

Conclusion: Who’s Really in Control?

When it comes to the insurance industry, companies like ITEL play a crucial role in the claims process. But as we’ve seen, the players behind ITEL and their connections to large-scale insurance corporations point to a much larger, more complex web of control. It’s essential to understand the intricate relationships between these entities and their profound impact on the lives of everyday consumers.

The question remains: How can we, as consumers and professionals within the industry, ensure that the practices of these corporations remain transparent and accountable?

We must not only demand transparency but also advocate for changes in how these companies do business. There is power in awareness, and by joining forces to challenge these corporate practices, we can work toward a more equitable system for all involved.

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Article Image Source: Michael Sandberg - https://datavizblog.com/2013/11/07/data-visualization-10-corporations-control-almost-everything-you-buy/