AudaExplore recently hosted insurance executives to discuss rapidly developing technology at its annual Total Loss Summit on Sept. 24, 2014, in Boston. The event was presented by AudaExplore’s parent company Solera Holdings Inc., a leading data-driven solution provider for insurance carriers, repairers, dealerships, fleet owners and suppliers.
During the event, AudaExplore unveiled its Driver Experience Platform solution focused on changing the way consumers are digitally empowered throughout the total loss process. The new total loss offering makes it easier for insurance carriers to share critical claim updates and details on vehicle inspections and market valuations, according to the company.
“Technology is bringing tremendous change to the total loss space,” said Tanya Elkins, vice president of valuation and identification solutions at AudaExplore. “Trends like big data, connected cars and digitally-empowered consumers represent both a threat and an opportunity for insurers. Attendees agreed that data and technology tools are key to driving loyalty by providing transparent, actionable and timely communications. With more than 25 percent of total loss claims ending in the loss of the customer to another carrier, these differentiators ultimately earn the customer’s business in real time.”
Other topics discussed included salvage trends, new valuation and identification solutions, proposed regulations, data and analytics, and how together they are all impacting the customer experience. From there, attendees discussed how insurance companies can maintain customer loyalty in this new environment. Sessions included Salvage Trends, Technology and Economics, Ways to Disrupt with Customer Experience and Current State of Total Loss.
AudaExplore also unveiled “The State of the Total Loss Customer Experience” study, which found that customers are searching for simple and convenient ways to understand and manage the total loss claims process. Demonstrating the importance of communication and transparency, the survey reported that two elements of the insurance claims process that consumers were not satisfied with include processes taking too long and decisions that were not properly explained. In fact, there was a strong correlation between the satisfaction with the explanation of the valuation and claims process and overall satisfaction and the frequency of switching carriers. Forty-one percent of the people who switched carriers after reporting a bad total loss experience said they were not given an explanation of how the number was calculated.
“While technology may change, one thing remains the same: the importance of the customer experience,” said Adam Vasquez, senior vice president of marketing for AudaExplore. “Customers who had access to open communication and a transparent valuation system reported being more satisfied throughout the total loss process. In order to thrive in this changing landscape, carriers must continually improve their processes by investing in new technologies that leverage mobile and big data to meet the evolving needs of their customers.”