Predictive solution uses data to ensure better business outcomes, improving efficiency and productivity
San Diego, Calif. (Oct. 3, 2014) – AudaExplore, the US business unit of Solera Holdings Inc. and a leading global data-driven solution provider to insurance carriers, repairers, dealerships, fleet owners and suppliers, has introduced a Predictive Analytics Solution as part of its new Decision Science Platform. The Predictive Analytics Solution, which is fully integrated with AudaExplore Estimate Check, is a real-time, data-driven solution that uses advanced algorithms to accurately automate business processes, increasing efficiency and productivity. It includes repair versus replace analysis and parts and labor relational modeling.
The predictive product is part of AudaExplore’s Decision Science Platform, which improves performance by leveraging data to predict business outcomes and drive actionable insights. The Decision Science Platform includes visualization tools that make it easier to spot trends, as well as mobile access for fast, on-the-go decision making. It currently offers estimating analysis for partial and total loss, parts and labor analysis to manage quality and costs, and repair analytics to understand DRP performance, with additional tools to come.
“Our Predictive Analytics Solution and our Decision Science Platform leverage 40 years of process expertise throughout the vehicle ownership experience to help reduce gaps in the decision-making process,” said Bill Groves, chief data & analytics officer at AudaExplore. “By accurately automating this process, our customers can become more efficient and provide better service to their customers.”
A key feature of the Predictive Analytics Solution is its ability to predict when external sheet metal parts should be replaced versus repaired. AudaExplore models suggest that more than 20 percent of bumper covers and hoods that are replaced could instead be repaired.
On average, it costs $300 more to replace a front or rear bumper cover rather than repair it. The cost variance rises to $479 for hood panels. By identifying parts to be repaired instead of replaced, AudaExplore’s Predictive Analytics Solution could collectively save insurance policy holders millions of dollars annually while improving the customer experience, reducing settlement times and increasing trust among shops, insurers and the end consumer.
Backed by AudaExplore’s years of industry experience and robust model deployment methodology, the Predictive Analytics Solution is made to be technology agnostic and scalable, and it can be implemented quickly with minimal IT engagement.
As owners expect greater service throughout the life of their vehicle, AudaExplore helps businesses reimagine the ownership experience through its proven data-driven solutions. By delivering global data, easy-to-use technology and deeper insights into the ownership lifecycle, AudaExplore is leading the industry in making insurance carriers, repairers, dealerships and fleet owners and suppliers more efficient and competitive. AudaExplore is a business unit of Solera Holdings, Inc. (NYSE: SLH), the leading global claims solutions provider serving the automotive industry. For more information, visit www.audaexplore.com.
Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. Solera is active in 70 countries across six continents. The Solera companies include: Audatex in the United States, Canada, and in more than 45 additional countries; Informex in Belgium and Greece; Sidexa in France; ABZ and Market Scan in the Netherlands; HPI and CarweB in the United Kingdom; Hollander serving the North American recycling market; AUTOonline providing salvage disposition in a number of European and Latin American countries; IMS providing medical review services; Explore providing data and analytics to United States property and casualty insurers; Service Repair Solutions, a joint venture with Welsh, Carson, Anderson & Stowe, that provides solutions for the service, maintenance and repair market; and I&S, a provider of software and business management tools, third-party claims administration, first notice of loss and network management services to the U.S. auto and property repair industries specializing in glass claims. For more information, please refer to Solera’s website at www.solerainc.com.