Celent looks at technology to estimate auto, property, and bodily injury losses.
In a new report, Claim Estimation Solutions: Overview and Solution Spectrum, Celent examines estimation solutions used by insurers and field adjusters to quickly and fairly determine the amount of auto physical damage, property, and bodily injury losses.
A complete estimation solution has eight components: the estimation tool itself; five databases (parts, labor, contents, replacement cost, and completed estimates); workflow management; and audit/reporting/ analytics.
“Estimation solutions provide business benefits by enabling the estimation part of the claims process to be fast, accurate, consistent, and fair,” said Donald Light, senior analyst and author of the report. “An insurance company choosing a claim estimation solution should consider issues of control of workflow and decisions, ease of use, continuous improvement in estimation processes, and systems integration.
The 27-page report contains two figures and seven tables. A table of contents is available online.
Celent’s service offering falls into two categories, consulting and research, each of which is dedicated to technology in the financial services industry. We help banks, brokerage firms and insurance companies use IT to enter new markets in the shortest possible timeframes. All of our services are geared towards facilitating better informed, faster decision making. For more information visit www.celent.com.