TOTAL LOSS settlement solution CAP Market Value Manager has been enhanced with a new look interface.
Market Value Manager has delivered savings for motor insurers by providing best-in-class vehicle valuations and reducing the time taken to settle a total loss claim since it was launched 8 years ago.
Insurers who use CAP MVM have reported increased cost and operational efficiencies coupled with reduced claim settlement timescales.
MVM first revolutionised car valuations in the motor insurance industry by taking into account more factors than any other used vehicle pricing tool, such as vehicle colour, trim, optional equipment, previous usage history and original purchase point.
A ‘condition matrix’ also offers increased control over the valuation process compared with standard clean, average and poor conditions. The platform therefore provides a framework for bespoke valuations taking into account assessments of bodywork, paintwork, interior trim, tyres and mechanical condition, with value adjustments made for every factor.
Valuations are based on CAP’s industry-standard current car valuations and include trucks, vans motorcycles and unofficial ‘grey’ import vehicles.
Time taken to reach final settlement is a key performance indicator in the insurance sector. While a claim remains 'open' the insurer is incurring direct costs such as vehicle storage, replacement vehicle hire and administration. Delays also increase the likelihood of final settlement costs as the customer's expectation increases over time. Market Value Manager helps to mitigate all of those problems by bringing transparency to the process.
Insurers also report increased customer satisfaction, based on perceptions of the total loss settlement figures offered, together with the speed of settlement service enabled by the MVM system.
Scott Chandler, CAP’s motor insurance sector manager, said: “MVM has long demonstrated that it is possible to simultaneously achieve financial efficiencies for insurers while enhancing the experience of their customers. By enhancing the look, feel and functionality of MVM we have also delivered an improved experience for our own insurance customers.”
CAP Market Value Manager is a web-based data and application tool delivering insurance total loss claims management and a valuation benchmark to the insurance industry. Simple to operate, it can be used as easily by a desk-based claims handling representative with no experience of vehicle valuation as by a skilled Insurance Engineer. The pricing research database underpinning CAP MVM is unique in representing the impact on values of car colours and optional fitted equipment - ensuring bespoke valuations for each individual claim.