Insurtech Insights 2023: Solera introduces new technology to repair vehicle damage faster

28 February 2023

Solera , the global leader in vehicle lifecycle management, will showcase the future of data-driven vehicle damage and risk management at this year's Insurtech Insights Europe in London on March 1-2. The solution aims to speed up the processing of claims for both insurers and customers.

With this world's only end-to-end solution, Solera combines the power of AI and visual intelligence (VI) from Qapter VI, e-Driving and Mentor. It enables fleet and motor insurers to have a smoother and more efficient contactless claims process. Qapter VI is the only technology that combines driver risk management, emergency response and AI-driven claims management in one integrated platform.

This is helping insurers at a critical time for the industry. According to Solera's 2022 Global Innovation Index , 70% of consumers would switch insurers if they got faster digital claims management, full transparency of the claims process (56%) and expeditious claims processing (53%). Consumers also want accuracy: 65% said they would choose a repairer that uses AI to minimize the risk of errors in the claims process.

Solera's technology helps insurers meet these demands by accelerating the claims process through automated, AI-driven decision making. According to Solera Data Insights, this reduces the average damage estimation time from two hours to ten minutes. It also boosts revenue by increasing the repairability index of AI managed damage by over 10%.

By integrating all elements of claims processing into one platform, data exchange becomes faster and more accurate, allowing insurers to estimate claims costs using up-to-date and comprehensive figures and in the shortest possible time. This translates into a better customer experience and ultimately better customer retention for insurers.

During Insurtech Insights, Solera will host Thought Leadership Sessions at the InterContinental London – The O2. They are intended to give insurers an insight into the use of the latest data intelligence technologies in risk management. The focus is on the following topics:

  • The omnichannel approach redefining how you view the claims journey : Visitors can visit the Claims Journey with Bill Brower, Vice President of Industry Relations at Solera. He discusses how an omnichannel approach can transform the customer experience, streamline claims processes and drive business growth. The lecture will take place on March 1st at 9:30 am on the Red Stage.
  • Why does the automated fleet risk and claims management journey need AI and data-driven technologies to be sustainable and ESG compliant? Interested parties are cordially invited to take part in the Solera Roundtable. Here they will learn how connecting people and technology in claims and fleet risk management not only leads to efficiency and cost savings, but also increases productivity and customer satisfaction and has a positive impact on society. This session will take place on March 2nd at 10:20 am.

"Contactless claims processing isn't just the future of the insurance industry, it's the present," commented Bill Brower, Solera's vice president of industry relations. “Customers expect an Amazon-like experience from every business they interact with. But all too often insurers are slowed down by inaccurate data, subjective claims assessments and slow response times. We need to rethink claims processing to deliver the experience customers want, while using cutting-edge technologies like AI to improve efficiency and accuracy throughout the process.”

To learn more about Solera's presentations at Insurtech Insights or to register to attend, interested parties can visit Solera online or at the event, booth S9.

About Solera
Solera is a leading global provider of data, services and software-as-a-service for integrated vehicle lifecycle and fleet management. With four business units - Vehicle Damage, Vehicle Repair, Vehicle Solutions and Fleet Solutions - Solera is home to many leading brands around the vehicle lifecycle including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, CAP HPI and Autodata. Solera equips its customers for success in the age of digitization: its complete solution ensures higher sales, sustainable customer loyalty and improved profitability through more efficient processes, data-driven analyzes and optimal customer service. Solera supports over 300,000 customers and partners in more than 100 countries worldwide. For more information, seewww.solera.com.

Contacts
Anna Lena Heidemanns
[email protected]

 

Source:businesswire.com