InEdge, the Montreal-based insurance analytics provider, has introduced a tool called Auto Repair Claims Analytics (ARCA) to the market. This “turn-key solution” will leverage data metrics to bridge the gap between body shops and claims management.
It will accomplish this by using analytics to link appraisals, body shop management and parts and labor.
“Crucial to improving profitability in the auto repair claims servicing process is finding the answer to a deceptively simple question,” Réjean Godin, partner and co-founder of InEdge, said in a statement. “How does the total payment for a claim compare to its original estimate?”
ARCA will also aid in performance analytics by seeking to optimize the number of revisions necessary to draft an estimate, the time required to provide it, and any discrepancies between the initial estimate and final cost.
It will also shed insight into the performance levels of insurance company employees, as well as any external contractors involved in the claim.
In addition, it will provide oversight into which parts are chosen for repairs, and allow claims managers to monitor costs and compare them to typical labor hours and estimates for similar incidents. This should serve to reduce body shop inefficiencies.
ARCA, promising to deliver pre-packaged dashboards, reports, and KPIs, is available to claims supervisors now and can be deployed in as little as six weeks.
