9 Dec 2019

Cobalt’s the solution

Cobalt was created in response to a number of different issues that exist within the motor claims management industry. If ignored, they can have detrimental effects on the insurer, driving up indemnity costs, creating settlement delays and frustrating customers.

In this blog, we examine these problems and look at how they may be overcome to combat the negative impact on your business and customers.

Poor triage

One of the biggest pitfalls within motor claims management is a lack of good triage, either not gathering enough information at the outset, or not being available when someone needs you. Both slow down the whole claims process and can be deeply frustrating to a customer, especially when all they want to do following an accident is start the process of putting things right.

Providing an effective out of hours service is one factor in solving this. This ensures that regardless of the time your business is contacted, be that during the day or in the early hours of the morning, you are providing the same level of high-quality service.

Inefficiency

Customers want their claims resolved quickly, and slow decision making and long-winded processes can unnecessarily draw out the amount of time needed to resolve a claim.

The best way to remedy this is to support and streamline the decision-making process. Claims handlers should be empowered by giving them the tools to quickly and confidently set claims on the right path, either in terms of repair or beginning to deal with personal injury.

With Cobalt, we do this by employing powerful technology to help our claims handlers understand the extent of damage as early as possible. Through a combination of leading technology and machine learning, tempered by the expert insight of our team, we’re able to make decisions quickly and filter claims into the right repair or treatment pathway.

Pressured supply chains

One characteristic of motor claims handling can be a frequent back and forth between insurers and the repair supply chain. Although the intent is to ensure jobs are completed quickly and costs are managed, this close management is frequently excessive and not really effective.

More accurate triage with engineering completed very early in the claims process allows for costs to be controlled. By providing detailed understanding on what work needs to be carried out, the requirements for parts and shell estimate are made available straight away, which gives the ability to reserve more accurately, and provides visibility if anything changes.

Clear levels of information also open up options for utilising alternative repair solutions, from smaller midi-repair sites, to even mobile repairs, which provide customers with a greater degree of flexibility and convenience when getting a vehicle repaired.

The improved process helps to keep costs down but avoids the pressure on supply chains by improving the way work is assigned and planned.

How can Cobalt help your business?

By identifying and solving the problems that exist within the motor claims industry, we’re helping insurers to provide their customers with a much more streamlined and effective service.

Cobalt provides a bespoke solution, leveraging data, technology and expert insight to improve end-to-end management of claims.

If you’d like to find out more about Cobalt, and how we can benefit your business and its customers, please get in touch today.

 

Get in-touch, our expert team would love to talk to you!

To find out more about how Cobalt is combining leading technology, machine learning and powerful insight, and how this could benefit you and your customers get in touch with a member of our team.