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AudaExplore, the U.S. business unit of Solera Holdings Inc. (NYSE: SLH) 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 with the ultimate goal of 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.
AudaExplore says its Predictive Analytics Solution is made to be technology agnostic and scalable, and it can be implemented quickly with minimal IT engagement.