GT Motive for Insurers

Top 5 Tips for a Healthy and Prosperous Relationship with your Supply Chain

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From licensing flexibility and ease of deployment, to accessing the latest software versions over the cloud – making data easily accessible makes for a healthy and prosperous relationship between the entire supply chain.  

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 for every stakeholder within your supply chain.

However, there are some key ways insurers can navigate this to ensure a smooth relationship which is healthy and prosperous for everyone involved, including the end customer.

Let’s take a look at how 5 top tips can help.

1. Embrace new technologies

Research from The Workforce Institute at UKG claims that as a result of COVID-19, 87% of UK workers have been propelled into the future of work by accelerating their existing digital transformation projects. What’s more, 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.

This data mainly stems from one of the biggest drains on workplace productivity – one that’s particularly prominent in the estimatics industry – which is the ever present need to have always-on, up-to-date systems.

Not only does this ensure that everyone throughout the entire supply chain is always working with the most current information, but it also means there are fewer physical restrictions to being office based, as all the data is stored safely and securely in the cloud. In other words, it’s always accessible.

2. Commit to fair, transparent pricing

Removing additional costs such as VIN fees, imaging fees and service fees as well as any dramatic monthly fixed costs, means that estimatics providers are able to charge one set fee, per estimate – a huge benefit for stakeholders as it means there are no monthly costs for when the solution is not being used the solution.

This is because for most businesses, paying high monthly premiums has been the only way to do business for such a long time now, and with costs tending to rise year over year due to mass inflation, it’s left a growing level of uncertainty around budgets and overspend.

As a result, offering fair, transparent pricing to all stakeholder helps to relief the pressures for accident managers and bodyshops alike, confidently relying on an accurate car parc coverage.

And it also means that estimatics providers are able to nurture supply chain relationships through challenging financial times, resulting in a strong level of advocacy and appreciation.

3. Offer open APIs and network partnerships

Whilst this has often been something many estimating providers have avoided previously, adopting a collaborative and ‘open’ platform 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.

This brings together the entire supply chain, making data easily accessible and diagnosed between each party. In fact, integrations are one of the best things a SaaS business can offer in today’s modern landscape, as having an open API means businesses can actively seek partners who already have certain technologies available so they can hit the ground running without having to spend time, money and resource building out the technology themselves.

Another a key advantage to this is that there are no limits to the number of partners that can be brought on board. For example, GT Motive partners include Inspektlabs, BDEO, ControlExpert, ClaimGenius, Verisk, Cazoo Data Services and more – with more to be announced soon – and free access to ombudsman approved total loss valuations is also an added value integration too.

In other words, having a strong partner network with so many different streams, means that your supply chain will always benefit from up-to-date data and a healthy, prosperous relationship which benefits all stakeholders.

4. Remove unnecessary operational friction

Insurers can help to deliver flexibility and connectivity with all partners by removing any operational friction throughout the IT infrastructure and supply chain, helping to foster a collaborative approach and 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.

5. Connect your entire supply chain through 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.

Our solution is completely cloud-based and drives productivity through both accurate data and an open, collaborative approach.

This means we’re able to fully ensure that our data is always up to date, accurate, and readily available, from anywhere and at any time. In fact, our prices are updated automatically and daily in our solution, with new vehicle models being added bi- weekly, making us the most reliable and credible estimatics solution for insurers and repairers alike.

Experience GT Motive for yourself, and start your free trial today.