Montreal, QC (June 4, 2015) – Insurance Analytics leader InEdge has announced the release of its Auto Repair Claims Analytics™ (ARCA) solution. This new turn-key solution brings analytics to three key processes in automobile claims servicing: 1) appraisals, 2) body shop management, 3) parts and labor. It is a cost-effective solution designed for Claims Managers that derives value by leveraging informational assets already in the insurer’s possession. It integrates the transactional data from two distinct systems: the body shop management and claims management data systems.
“Crucial to improving profitability in the auto repair claims servicing process is finding the answer to a deceptively simple question,” said Réjean Godin, Partner and Co-founder at InEdge. “How does the total payment for a claim compare to its original estimate?”
To this end, the InEdge ARCA solution features appraisal performance analytics to assist in assessing overall performance of all appraiser types, from insurer employees, through external contractors to body shop employees themselves. Metrics in this area include the number of supplements and revisions required to complete an estimate, time required to complete an estimate, and of course the difference between the initial estimate and final cost.
Body shop performance analytics complement the above and can be used to incentivize body shops through performance recognition programs. Metrics include the ratio of OEM to generic parts used, the average time between opening and completion of estimates, percentage of payments processed electronically, and others that permit direct comparisons of particular body shops to their peers.
Finally, the solution is rounded out by repair parts and labor analytics that allow direct supervision of the types of parts used in repairs. Viewing claims and estimates at this level of granularity gives Claims Managers direct oversight of a fundamental factor in total costs. Metrics of interest include the average number of labor hours by category and the estimates for similar incident numbers; the average cost of labor by hour and labor type. These metrics can reveal fundamental body shop inefficiencies that are quickly remedied.
The InEdge Auto Repair Claims Analytics™ solution is a cost-effective platform delivering pre-packaged dashboards, reports, and KPIs. It makes use of existing transactional data and transforms them into usable insight. It is available now and can be deployed in 6 weeks.
InEdge is a leader in Insurance Analytics solutions. Experienced at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Since its creation in 1994, InEdge has designed and implemented some of the most sophisticated analytical applications available today. Our clients add up to an impressive roster of Property & Casualty and Life Insurance companies. Our Analytics solutions improve and make easier decision-making at all levels for our clients. Please visit www.inedge.com for more information.