By CRM staff
Toronto, Ontario -- October 30, 2018 -- More than half of all vehicles involved in an accident end up going to a sub-optimal shop for repairs, according to Audatex, a Solera Holdings, Inc. company. Audatex now offers a decision-support tool for insurers that suggests the best shop for each repair using predictive analytics.
AudaTarget integrates and analyzes two years' worth of vehicle and repair data. It provides real-time information to insurers to help them determine if a vehicle involved in an accident is repairable or not, and if so, which shop is the best choice to make the repair, all based on historical data.
One of the factors considered by AudaTarget is whether the cost of previous repairs matched an estimation.
“AudaTarget is unique in the marketplace. It brings together historical data with predictive analytic models to accurately predict costs for repairs and enable insurers to make the most informed decisions about the claims journey,” said Ramon Suarez, regional managing director of North America.
“This solution uses a data-driven, analytic approach to optimize insurance claims routing, from determining if a vehicle is repairable to analyzing normalized repair index to selecting the most qualified shops.”
Currently, most insurers rely on average repair costs when estimating the price of repairs and evaluating shops' performance. However, this method does not evaluate the make, model and year of the vehicle as well as other information. The same repair, for example, will cost more for a new luxury sedan than an older economy car. AudaTarget uses a normalized score to understand which repairs came in under, at, or over the estimation.
“AudaTarget analyzes two years of historical data to allow insurers to make fact-based decisions about repairs,” said Suarez. “This solution enables insurers to drive efficiencies and improve customer service at every step of the claims process while controlling cost when they choose the right repair shop.”
Audatex develops software systems that streamline the claims process.