Congratulations!
Recognizing how impactful data can be is empowering. When interpreted and applied properly, real change is inevitable. There are three schools of thought when it comes to an established salvage process within any auto claims department.
First, salvage brings whatever the auction bears and we are comfortable with where we stand.
Second, it is necessary to review salvage but only on certain vehicle bands.
Last, a dedicated review of all salvaged assets is necessary prior to the final settlement.
If you are beginning to question the cost-benefit of which process your team has adopted and/or which you might need to improve your success, then we are headed down the same road. The only way to determine if a change is necessary is to quantify what is currently happening against what is possible.
Here are the 6 KPIs broken down in detail. Not only will these changes set benchmarks for subsequent quarterly performance, but more precise salvage expectations will impact your repair/replace decisions and empower your adjusters to make more accurate resolutions.
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If you are beginning to question the cost-benefit of which process your team has adopted and/or which you might need to improve your success, then we are headed down the same road. The only way to determine if a change is necessary is to quantify what is currently happening against what is possible.
Here are the 6 KPIs broken down in detail. Not only will these changes set benchmarks for subsequent quarterly performance, but more precise salvage expectations will impact your repair/replace decisions and empower your adjusters to make more accurate resolutions.
We hope you find these 6 KPIs useful. There is a lot of information to digest, but this is our secret sauce and it’s a game-changer! Apply these six measurements to the last six months of your historical auction management data. You might be surprised by the conclusions – better yet, get that suit pressed because you’re going to be called into the board room to explain the magnitude of those realized gains and how they will be maintained.
Or set up a quick call and we’ll press the easy button. In 15 minutes, we’ll identify your specific total auction lift opportunity once these methods are applied.
MAST is a strategic option that some P&C companies have adopted to manage the recovery of their salvage assets not because of our methodical process, but because our verified methodology produces superior results. Remember, a successful process should produce measurable results and thus be subject to improvement. In 2021 alone MAST successfully managed auction decisions for providers of all sizes across the industry at a 94.1% success rate. Each time the initial auction run fell short of expectations we made a decision to rerun which yielded an average gain of $834 per occurrence and a cumulative rerun gain of $13.1M gross dollars making a direct impact on their combined operating ratios.
