Claim Estimation Solutions: Overview and Solution Spectrum

by Donald Light, September 10, 2007

Abstract

San Francisco, CA, USA September 10, 2007

Celent looks at technology to estimate auto, property, and bodily injury losses.

In a new report, , Celent examines estimation solutions used by insurers and field adjusters to quickly and fairly determine the amount of auto physical damage, property, and bodily injury losses.

A complete estimation solution has eight components: the estimation tool itself; five databases (parts, labor, contents, replacement cost, and completed estimates); workflow management; and audit/reporting/ analytics.

"Estimation solutions provide business benefits by enabling the estimation part of the claims process to be fast, accurate, consistent, and fair," said Donald Light, senior analyst and author of the report. "An insurance company choosing a claim estimation solution should consider issues of control of workflow and decisions, ease of use, continuous improvement in estimation processes, and systems integration.

The 27-page report contains two figures and seven tables. A table of contents is available online.

Members of Celent's Property/Casualty Insurance research service can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.  

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

San Francisco, CA, USA September 10, 2007

 

Executive Summary 03
Introduction 04
Estimation Solutions 05
Automobile Estimating Solutions 09
Property Estimating Solutions 14
Bodily Injury Estimating Solutions 22
Conclusions 27

 

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