LAY CLAIM TO PROCESS AUTOMATION
Insurance providers are looking for a better way to mitigate risk by reducing the costs associated with the claims management process. CalAmp’s suite of advanced insurance telematics solutions greatly reduces the time and resources required for claims processing by fully automating all functions associated with material damage.
Insurance Telematics Overview
Insurance claims and the cost of processing them are expensive. At up to 80 percent of premiums earned, they are the single largest expense for carriers. At the same time, competition in a mature market is forcing insurers to become more efficient at claims processing and, with a wide selection of carriers for policyholders to choose from, the ability to increase policy prices is limited.
Insurance carriers want to know their technology partners have the scale, technology and resources to develop, produce and operate advanced telematics solutions that address their issues and enable them to remain profitable. As one of the world's largest vehicle telematics organizations, CalAmp is also uniquely qualified as a trusted global technology supplier for underwriting, claims management and value-added services (VAS).
discover unique benefits
How quick and accurate is your claims process and settlement? How long do you have to wait for accurate crash event data? Are you looking for ways to boost policyholder retention rates?
CalAmp’s risk management system combines the expertise of our strong partners in driver behavior analytics with our own innovative offerings focused on automating claims processing functions.
Developed by automotive industry veterans, CalAmp’s CrashBoxx vehicle risk management technology reduces costs and mitigates fraud by automating crash reporting and delivering predictive repair analytics.
Note: CrashBoxx requires that the crash grade telematics device used for data acquisition be active and not in sleep mode as occurs when the vehicle’s ignition is in the off position.
Near real-time crash event data improves the triage of vehicles in the field and enables insurance carriers to more accurately calculate settlements and prevent fraud.
Fully automated functions for material damage claims processing reduce the time and resources required to process a claim.
Improve Customer Satisfaction
Quick and accurate claims processing provides a satisfying customer experience and increases policyholder retention rates.
Gain Competitive Advantage
Shortening the time to close a claim case and lowering total processing costs enables insurance carriers to provide lower rates and better service while also improving their bottom line.
Claims are the largest single cost to insurers; up to 80% of all premiums earned are used to pay claims and administer them.”