04 Mar Auto Insurance Claims Business Plan
CollisionSyzygy Inc. is the leading provider of generic claims outsourcing services. It uses a high-tech delivery platform that includes the Internet and several proprietory software systems. CollisionSyzygy is able to bring together an insurance company's auto damage claim and the body shop in an efficient way that greatly reduces costs.
This business plan will help CollisionSyzygy acquire capital investment. It will allow CollisionSyzygy, with its proven business strategies and processes, increase its reach to more of the market. Time is a critical factor. CollisionSyzygy can be up to a year ahead of its rivals in technological advances that produce the efficiency in collision claims processing that results in profits for its clients. Its ability to quickly infuse money into CSI means that it will continue to be emulated by its competitors. CollisionSyzygy’'s technological advantage combined with its vast untapped market potential makes it an incredible investment opportunity. It will also prove difficult for small insurance companies to be profitable without outsourcing collision claims. They will not have the same ability to enjoy the lower costs associated with large volume transactions.
CollisionSyzygy's main selling point is its full-spectrum claims processing service. This includes fast transaction clearance, as well as a national and international marketplace of buyers. Many competitors specialize or limit services due to inadequate technologies; CSI, however, utilizes technology to offer every service available.
CollisionSyzygy has been in operation since its inception. William Smith is the company's leader. He has 18 years of experience in insurance adjustment and collision repair.
The company is building rapidly a network for body shops who will receive geographical territories in return for agreeing that they maintain very stringent quality control standards. Certifications.
CSI is a leader in generic services because of its multi-platform reporting capabilities and the availability of proprietory software programs.
The company currently operates in a profitable situation. CollisionSyzygy will be able to reach (lofty), sales during the 12-month period. (staggering profits are expected to be made before income taxes. Sales should rise in just two years with (sky-high pretax profits). After-tax profits should be (breathtaking). Below is a chart that illustrates after-tax profit.
1.1 Keys to Success
- Vast experience of Chief Executive Officer in the industry.
- CollisionSyzygy has been the only company to be listed in the U.S. to provide generic services to insurance companies. The claims processing used to be done internally by large insurers.
- CollisionSyzygy was two years ahead in developing the proprietary software that allows insurance carriers to process their claims. Claims Technology (ACT), CollisionSyzygy’'s software, offers claims management and reports. This makes this information accessible to the insurance company or repair shop. It will be difficult for other companies to enter the market after CollisionSyzygy has established an important market position.
- CSI’'s ever-growing network comprises over 100 repair shops.
- CollisionSyzygyis only a web page away from offering connectivity between insurance companies, repair shops, and other businesses over the Internet.
- As more repair shops become CSI members, the business potential can be enormous while still maintaining competitive pricing as well as a high quality level for repairs.
- The use of Windows(r), proprietary software allows for faster and more accurate cost estimates. This helps repair shops spend more time with customers and reduces the time spent creating estimates. Costing is more reliable for the insurance company because of the database resource.
Another software program quickly transmits necessary estimates, photographs, and other claims submission materials to the insurance carrier.
CollisionSyzygy, Inc., offers an affordable, generic solution to the administration, resolution, and processing of auto insurance claims. Through its proprietory, high technology process and software, CollisionSyzygy acts much like a phone conferencing switch, channeling insured's claims from the insurance company to the appropriate auto repair shop. This process will guarantee that insureds receive high-quality, warranted repairs. CSI manages this entire process and provides insurance carriers with comprehensive reporting. CollisionSyzygy's mission is to maximize the claims delivery process of each participant in a unique way that is different from its competitors.
CollisionSyzygy’â€™s high technology process has produced–′.
An Insurance Company who has a claim:
- It takes less time than traditional in-house procedures; the claimant gets a location for repair at the moment they file their claim.
This results in significantly lower costs for the insurer
- Thousands of dollars saved on indemnity payments.
- Automatic five percent savings on all repairs by CollisionSyzygy's member repair facilities.
- Loss adjustment expenses become substantially reduced.
- Administrative expenses reduced.
- Take control of the repairs costs.
- Fast claim resolution helps you avoid costly auto storage
- CollisionSyzygy makes random spot quality check of repairs at member shops in order to assess the quality and necessity of repairs. CollisionSyzygy Inspectors must determine whether a repair was necessary.
- The insurance reserves can be quickly released to cover other claims. Capital restrictions are minimized.
- Through an upcoming CollisionSyzygy web service, insurance companies will soon be in a position to acquire true salvage value (rather than estimates).
- It allows insurers to access comprehensive management reports which detail all underwriting activities, repairs, and resolution activities.
- All CollisionSyzygy participating repair facilities will guarantee the repair for the entire life of the work.
A customer/claimant that:
- Lower insurance premiums are possible because of lower insurance costs.
- Will be amazed at the convenience of rapid resolution of an auto claim.
It is also a member repair shop
- You can focus your resources and time on quality repairs, service, and marketing instead of spending money.
- CollisionSyzygy’s multi-platform software interface offers a simplified process for claim estimation. Claim estimates can be accurately created in minutes, allowing more time to service customers.
CollisionSyzygy utilizes a managed body repair process, similar to how the Health Management Organizations (HMOs) have tried to limit costs in the healthcare industry. This analogy is not perfect. Cost efficiency is achieved by removing unnecessary elements from the traditional claims process and by avoiding necessary repairs or parts.
Claims processing is only profitable on a large volume basis. It is difficult for small insurance companies to operate profitable claims operations. CollisionSyzygy developed a claims process formula that will allow smaller companies to manage and profit from claims, while also increasing the margins at larger companies.
CollisionSyzygy from June 1, 2000 to May 31, 2001
- Get pre-tax income (astonishing) based on revenue (immense stunning%) net income prior to taxes.
- To be able to claim processing market, you need to control and capture at least ten medium-sized and large insurance company accounts. Market share will increase to 60 companies by the end of year 2. Current target market includes approximately 2,600 insurance firms.
- Promote the name branding of CollisionSyzygy so at least 220 repair shop become certified members in the company's program. By the start of Year 3, this number should grow to approximately 2,000 repair shops due to CollisionSyzygy'
s implementation of various unique programs and technologies that are not currently available in the marketplace.