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How Can Insurers Support Their Supply Chain During the Mass Inflation?

Identifying unnecessary spend is crucial to stay competitive in the estimatics industry, however as many UK businesses are currently navigating their way through the mass inflation, they now find themselves facing more financial and operational challenges than ever before.

The current market state means that now more than ever, it is absolutely essential that insurers, accident management companies and bodyshops alike all work together using tools that streamline their entire process.

The continuous increases of fuel and energy costs combined with a global parts shortage has left the automotive repairs industry facing delays to get their customers’ vehicles fixed. Now, the cost-of-living crisis has caused global gas prices to reach a record increase in of 54%, according to Ofgem, and “excessive delays” are a growing concern with a survey conducted by the Motor Ombudsman highlighting that this is impacting up to 60% of businesses in their efforts to keep up with demand.

It’s these concerns collectively which all contribute to small and medium-sized enterprises (SMEs) no longer feeling comfortable about their business outgoings. As a result, this begs the question; what can insurers do to help?

Reduce overall cycle time

By removing all operational friction throughout your IT infrastructure and supply chain, insurers can help to deliver flexibility and connectivity with all partners, fostering a collaborative approach to the best claims experience for the customer.

Not only does this enable all stakeholders to collaborate and communicate easily through a secure platform whilst providing estimated costs for vehicle repairs following vehicle damage, but it also helps drive compliance, enables auto approval and reduces supplements too.

Remove the need for hardware replacements or onsite technicians

Online, cloud-based services often easier, quicker and less disruptive to roll out across an organisation, even when replacing a traditional legacy service.

This is because today’s technology is intuitively designed to be set up online too, and with everything being web-based, there’s no need for booking onsite installation visits or physically moving, swapping or reprogramming any equipment.

Make data accessible

From licensing flexibility and ease of deployment, to accessing the latest software versions over the cloud – making data easily accessible makes for a much more efficient workflow.

For the estimatics industry where masses of data is being processed between different solutions, any delay in getting hold of accurate information as and when it’s needed can not only be frustrating, but also has a huge knock-on effect to the rest of the supply chain.

However, allowing users to access their own data at any time, from any location that has internet access, or via a direct integration with their management system, can save one time, resource and operational costs.

Cut costs with no hidden fees

By removing costs such as VIN fees, imaging fees, service fees and transactional fees, as well as any dramatic monthly fixed costs, estimatics solutions are able to charge one set fee, per estimate. That means no monthly costs for when you’re not using the solution – a critical advantage as the UK business navigate their way through the mass inflation, and where many small garages are facing closure or reduced workload due to increasing costs.

What’s more, this ability to manage costs relieves the pressures for accident managers and bodyshops alike, confidently relying on an accurate car parc coverage.

How GT Motive can help

Built to connect all stakeholders and network partners within a single platform, GT Motive offers a modern and intuitive solution for complete claims management that reduces claims costs and cycle times, whilst increasing efficiencies.

That’s because we’re able to offer more accurate and up to date data within the system, such as part price, VIN query and ADAS identification, meaning GT Motive can help reduce the number of supplements required and any double keying, enabling your productivity to remain at the highest level.

But the best part?

We help our customers save up to 80% in costs with our completely transparent one set fee, per estimate pricing, meaning you’ll only ever pay for exactly what you use.

In other words, there are no hidden costs, no sudden price increases and no wasted time.

Request your free trial today.

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