Insurance Company Salvage Management for Total Loss Claims
The Problem: The ‘Black Hole’ of the Traditional Salvage Process
Most salvage departments have no visibility into their entire salvage workflow. The salvage process is typically fragmented and lacks accountability. Paper files in color-coded folders are passed from desk to desk or from department to department without tracking measurable metrics for each phase of this process. Because of this manual process, reporting is Reactionary, not Forward-Looking. Reports focus on what happened last month rather than reporting what needs to be done this month. The current system only provides historical data, not actionable data. Having current data in a digital, quantitative format gives you the ability to be proactive, and open to new technologies and opportunities. Most insurance companies pick a national salvage vendor to handle any and all salvage and hope that vendor makes the right choices on their behalf. There is no process to manage multiple methods of salvage disposal and to manage multiple vendors in order to fit the unique needs of each piece of salvage.
Salvage Management for Total Loss Claims is a SaaS software system designed to help Insurance companies, Fleet companies, Rental agencies, and Finance companies better manage their damage inventory. It helps those in charge of offloading damaged inventory in their fleet to perform their duties more efficiently. It allows the remarketing rep, damage manager, and other relevant stakeholders to get the best return on their asset by selling/auctioning in the most effective manner. It manages everything all in one system to provide transparency and all vendor to vendor comparisons. With insurance companies, it is helpful to use our system to automate the lean payoff and document exchange management.
This ‘black hole’ has become the accepted way of doing business costing untold profits per year in holding costs, transaction fees, unnecessary expenses not to mention the vehicles that are sold short. Real-time visibility into the manner in which your salvage is being managed and marketed is imperative to maintain oversight of the process.
Salvage Management for Total Loss Claims – SalvagePRO™
- SalvagePRO™, by Vemark, is a software-as-a-service solution that manages each individual vehicle through each step in the salvage workflow process. As part of the installation, Vemark works with the insurance company to tailor the SalvagePRO™ application to perfectly match the insurance company’s needs.
- The first step is to load the historical and current vehicle records from your system or your vendors into the SalvagePRO™ system. This process is done by trained Vemark specialists that validate the accuracy of the uploaded data. This is when the real magic happens: salvage vehicle records are automatically created from the estimating system(s) and claims management systems. All vehicles are now tracked and managed through each step of the salvage workflow process.
- Business is allowed to tailor the dispatch rules on vehicle attributes that include the year, make, model and geographical location. These business rules dictate which salvage pool or sales process is used on a vehicle to vehicle basis. SalvagePRO™ allow vendors to be objectively measured on performance metrics allowing the insurance company to evaluate the best business practice for each geographical location.
- SalvagePRO™ vendor integration provides real-time data updates. This provides actionable data that allows the insurance company to identify anomalies that are outside the acceptable thresholds. For the first time, this transparency of data allows the insurance company to work in harmony with the salvage pool to achieve the lowest cycle time and the highest net return.
- SalvagePRO™ automates many other tasks in the salvage process through integration with federal government including NMVTS reporting, NICB reporting, electronic Lien and Title processing, manage Lien payoff, making EFT payments, and settlement with the owner is all done or supported by SalvagePRO™.
- Gone are the paper files. Gone are the colored file folders. Gone is the overhead of shipping paper files to the departments or other offices. Everything is now done electronically. Each department has a work queue of tasks to perform as the vehicle moves through the workflow. Field adjusters manage their workflow through all mobile devices including an iPhone app. All auction and salvage pool communication is done via the electronic integration.
SalvagePRO™ Salvage Management for Total Loss Claims Capabilities
- At the end of the day, SalvagePRO™ provides the Holy Grail that all insurance companies seek:
Transparency and Accountability. The ability to track the vehicles through the system based on workflow milestones; a digital audit trail and the transition to exception management highlighting only the vehicles that need to be dealt with. This culminates in a simple, easy to comprehend top management dashboard that provides the real-time status of all the vehicles in the pipeline.
- Our last Tier 1 install: A large national insurance company is now leveraging SalvagePRO™ taking full advantage of the automated hybrid model to select and utilize the best possible method for the disposition of each piece of salvage. The Results:
1. A savings of 1,000 man hours per month.
2. A reduction in cycle time an average of 21 days per vehicle.
3. A 4.5% increase in vehicle gross return.
4. A decrease in customer turnover.
Why remain stuck in the ‘black hole’ when all it takes is a phone call? In addition to insurance fleets, Vemark specializes in Auction Management. Take a look at our auction management software SNaps™.
Vemark’s, SalvagePRO™ Salvage Management for Total Loss Claims, automates tedious document exchange. Provides date and time stamping on all actions. Sends and signs documents digitally. Allows for easy loading of vehicles into the system. Processes salvage certificates. Integrates with current vendors and legacy systems. Quickly moves files along from one stage to another in the vehicle recovery process. Allows users to pull reports on all stages to identify files that have become stale. Identifies areas for improvement. Provides better data to make better decisions.
Contact us to schedule an analysis of your salvage workflow and discover how SalvagePRO™ can work for your insurance company!
Call Toll Free 877.392.6276 or email us at email@example.com