The Insurance Times Awards 2019 is just around the corner, with more than a 100 finalists attending at our fabulous new Grosvenor House venue on November 22
Here we feature Copart’s entry for Excellence in Technology - Claims. To see more fantastic Q&As from finalists, click here
What key achievement did your entry highlight?
Cobalt is a combined data and people solution that uses decision support technology within the triage process to correctly identify the best claims track. In 85% of cases this is done within call, the remaining 15% within an hour following a desk top engineering assessment. This provides better utilisation of alternative repair solutions such as mobile or midi sites. It leads to an increase in identification of total losses at point of claim and a shorter claims cycle with an improved customer journey and overall reduction in indemnity spend.
Can you share data or testimonials to back up your bid to win?
One of the key areas identified in our research is incorrect or delayed identification of total loss. We found as many as 20% of vehicles which go to a repair site are then declared a total loss following assessment. This adds approximately £311 to every total loss claim. Without engineering data upfront alternative repair solutions are underutilised. Mobile and midi repair tracks provide faster claims resolution and lower repair costs resulting in savings of £135 and £215 per claim respectively. Further savings are achieved as a result of a shorter cycle time for repairs in fixed site - £87 per claim.
What sets your firm apart from the other shortlisted contenders?
Cobalt is about combining several excellent technology solutions in a way that isn’t done by other outsourced providers. The result is a fully integrate claim journey from FNOL to completed repair which gives MGAs and smaller insurers access to the sort of repair capability that big brand insurers aim to deliver. It gives the dual benefit of cost reduction and improved customer journey. Because Cobalt utilises machine learning to improve decision making this is a solution which will only get better over time. The more cases we manage the better our tools become and the greater savings for insurers we can achieve.
How will you celebrate if you are the victor?
We hosted a launch event for Cobalt recently so we’ve had a practice run. That involved blue cocktails and an ice bath filled with champagne. Perhaps we’ll try and recreate that again if we are winners. Once the champagne corks have all popped and the headaches have cleared we’ll be busy sharing the news with our customers and shouting it from the roof tops.