Top insurance executives gather to discuss maintaining customer loyalty amid the rapid changes brought on by today’s technology and consumer trends
SAN DIEGO – October 14, 2014 – Keep the focus on improving the customer experience.
That was the main takeaway from insurance executives at AudaExplore’s annual Total Loss Summit on September 24, 2014 in Boston. That focus is now enhanced by rapidly developing technology, a prime topic of discussion at the conference presented by the US business unit of Solera Holdings Inc. (NYSE: SLH), a leading data-driven solution provider to insurance carriers, repairers, dealerships, fleet owners and suppliers.
For example, 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.
“Technology is bringing tremendous change to the total loss space. Trends like big data, connected cars and digitally-empowered consumers represent both a threat and an opportunity for insurers,” said Tanya Elkins, Vice President of Valuation & Identification Solutions at AudaExplore. “Attendees agreed that data and technology tools are key to driving loyalty by providing transparent, actionable and timely communications. With more than 25% of total loss claims ending in the loss of the customer to another carrier1, 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,” explained Adam Vasquez, Senior Vice President, Marketing, 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.”
For more than 40 years, AudaExplore has provided integrated solutions that enable insurance carriers and repairers to run a more profitable and productive business, while creating uncommon experiences for their customers. Additionally, AudaExplore’s proven data-driven solutions help insurers streamline the claims process—from first notice of loss to settlement. At each step in the claims process, AudaExplore offers products that dramatically improve efficiency and increase policyholder satisfaction, putting vehicle owners back on the road safely, and in record time.
As owners expect greater service throughout the life of their vehicle, AudaExplore helps businesses reimagine the ownership experience through its proven data-driven solutions. By delivering global data, easy-to-use technology and deeper insights into the ownership lifecycle, AudaExplore is leading the industry in making insurance carriers, repairers, dealerships fleet owners and suppliers more efficient and competitive. AudaExplore is a business unit of Solera Holdings, Inc. (NYSE: SLH), the leading global claims solutions provider serving the automotive industry. For more information, visit www.audaexplore.com, or follow us on Twitter at @AudaExplore_.
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1. AudaExplore study, The State of the Total Loss Customer Experience