Accidents can happen at any time, anywhere, adding logistical challenges such as off-hours towing, repair shop coordination and creating a need for vehicle storage, all of which contribute to added claims cost and time. (Credit: Photo Spirit/Shutterstock)
As auto insurers face a competitive market and high collision claims severity, a comprehensive accident management (AM) strategy can be a strategic tool used to drive differentiation, increase policyholder satisfaction and reduce loss costs to increase profit margins.
Effective AM capabilities can bring order and efficiency to the chaos of accidents, helping insurers better manage controllable loss costs and avoid wasteful spend and cycle time. These costs include storage and impound fees, rental days and towing — all of which have risen sharply in the past decade. Storage costs, for example, have increased by as much as 70% in the last ten years.
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