AudaTarget's Predictive Analytics Help Insurers Choose the Optimal Shop for Repairs

WESTLAKE, Texas, Oct. 30, 2018 /PRNewswire/ -- 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. Insurance companies spend more on repairs when they send customers to shops that do not specialize in the type of vehicle being repaired or the type of fix required. These shops may also cost more than competitors.

Insurance companies need a solution that intelligently sources the best shop to send their customers to. That solution? AudaTarget. The next-generation, online decision-support platform from Audatex integrates and analyzes two years' worth of vehicle and repair data. The solution 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.

"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," says 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 essential 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," Suarez says. "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. It's a win for insurers, customers and quality repair shops."

About Audatex
Audatex gathers intelligent data and develops software systems that streamline the entire claims process. Its solutions bring transparency and efficiency to the collision repair and claims industries with innovative solutions that cover the claim life cycle, from first notification of loss to settlement. For more information, please visit audatex.us/AudaTarget.

About Solera
Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global leader in digital technologies that manage and protect life's most important assets, including cars, homes, and identities. Solera processes more than 300 million digital transactions annually for approximately 235,000 partners and customers in nearly 90 countries. For more information, please visit solera.com.

SOURCE Audatex

Related Links

http://www.audatex.us