GT Motive for Insurers

New Year Predictions for the Industry and GT Motive

Finger press a car ignition button with 2023 START text inside automobile

From the mass inflation to the great resignation, the past 12 months have thrown spanners in the works for the entire automotive repairs industry. And yet, it doesn’t seem as though these challenges are going to ease off any time soon.

As a result, we’re looking at what the new year holds, identifying the top predictions we’re expecting to see across the estimatics field. Here’s what we think:

Number of signed repairers will increase

With an increase in demand comes an increased need for repairers, and we’re predicting that more and more companies will open their eyes to just how advantageous an estimatics solution can really be for their claim’s operations and efficiencies, meaning that demand for repairers isn’t dropping any time soon.

To meet this, it should be an absolute priority moving into 2023 for businesses to sign more repairers, and GT Motive are certainly taking the steps to expand their repairer network. In fact, Eastbourne Coach Finishers were recently recognised as the 500th repairer of 2022 to sign up to GT Global, with Martyn Rowley, GT Motive’s Business Development Manager, commenting that he “can’t wait to see what 2023 holds for us as we continue to welcome repairers across the UK and we’re working with many large insurers and collaborating with a variety of exciting companies to provide the best possible platform for our customers.” 

Collaborating with more technologies will become essential

Research from The Workforce Institute at UKG claims that 87% of UK workers have accelerated their existing digital transformation projects. The research also states that 86% are enjoying the benefits of these new technologies, and remain optimistic about potential business benefits, including 51% hoping that their company’s digital transformation efforts will continue to create a better experience for the entire supply chain.

What’s more, operating a collaborative and ‘open’ API network means that a business is able to offer a complete portfolio of tools for claim handlers to easily access all relevant information they need when assessing a total loss.

As we move into 2023, it’s predicted that open APIs will become the norm in the estimatics field, as it brings together the entire supply chain, making data easily accessible and diagnosed between each party. In fact, the next 12 months are likely to be focussed around offering a digital ecosystem, which simplifies and improves information exchanges using the right technologies, all working in conjunction to provide the best possible customer experience for the claimant.

Customers will want to save more money

Identifying unnecessary spend will remain essential to stay competitive in the estimatics industry, however as many UK businesses are currently navigating their way through the mass inflation, it’s predicted that there will be many more financial and operational challenges to face as we move into 2023.

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, meaning that there’s now added pressure on the estimatics industry to either reduce customer costs more so, or even commit to frozen charges.

Whichever approach is chosen, the outcome will be the same: customers have less money to spend, so how can our solutions continue to work for them they way they need them too, without costs increasing?

That’s why we announced that we are freezing our prices for the whole of 2023!

Expert teams will be built to deliver innovative, boundary pushing solutions

As we look to the new year, we predict that the concept of having a hand-picked expert team, each with essential knowledge and experience in key areas, will become a sought-after idealism, in order to develop future estimating technologies and cement their positions. In fact, GT Motive Executive Director, David Vella comments that teams need to be “highly experienced and each member should bring valuable skills built from many years in a variety of automotive settings… a wealth of knowledge is invaluable.”

Going one step further, GT Motive recently appointed Andy Douglas as Senior Solutions Consultant, following an extensive 14 year career in the estimatics industry.

Set to become Senior Solutions Consultant in January 2023, Douglas will be ensuring the capabilities of the GT Motive estimating solution continues to enhance delivery for all stakeholders within the automotive claims market, and he brings with him a hunger for new, innovative solutions to drive industry improvements.

He comments that the estimatics field needs to “really focus on what’s important, improve the claims process and support key stakeholders…  I’m hoping I can bring my knowledge and experience to enhance capabilities further, to ensure collaboration and choice is felt across the industry.”

Privacy and data security will be at the forefront of customers’ minds

As the UK continues to navigate the cost-of-living crisis and general economic uncertainty, digital fraud has become a high-risk possibility for many businesses, as financial burdens continue to impact all areas of the supply chain. Unfortunately, as we near closer to the 2023, it’s thought that this is yet to continue.

When looking at the latest data trends in fraudulent insurance claims, Aviva state that automotive fraud took the number one spot for the biggest types of fraud committed, accounting for 60% of all claims fraud detected in 2021. What’s more, the TransUnion quarterly fraud report highlights that insurance was one of only two industries that saw an increase in digital fraud globally year over year.

For the estimatics industry, this is a worrying trend, as it leaves the entire supply chain vulnerable to having the data, technology and digital assets impacted, and so it’s predicted that throughout 2023 there will be a significant focus on data privacy, as well as an expected reluctancy from customers to make investments unless their data security is guaranteed. 

But, there is an opportunity here.

Estimatics providers can instead focus on offering a modern platform, which can enhance the reliability, efficiency, and sustainability of a claims process; helping to protect businesses from potential digital fraud, whilst keeping data safe and secure.

For our industry, this is going to be a must in 2023.  

Future thinking with GT Motive

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. We’re committed to helping our customers save money, that’s why we have promised to keep our estimating prices fixed for the whole of 2023.

Request your free trial today.