Wednesday April 13
eAutoclaims Set to Launch Audit-ProeAutoclaims, a provider of managed collision repair services and insurance claims processing technology applications, has announced that the recent beta version of the Internet-based collision estimate review application called Audit-Pro has received high marks from user groups in testing and trials.
The Audit-Pro product electronically audits estimates written from auto appraisal sources and significantly reduces the manual process of reviewing estimates for insurance companies. The company has a waiting list of new clients ready to launch the 2.5 version when released in mid-April. eAutoclaims' Special Markets Division, created to service the ADP Claims Service Co-Marketing agreement, has also received commitments to use Audit-Pro.
"We are excited about the early demand for our unique auditing platform. Audit-Pro is a transaction fee-based product that adds another meaningful component to our strategy of growing our high-margin ASP product line revenue," commented Eric Seidel, eAutoclaims President and CEO. "We expect to execute several thousand monthly transactions through Audit-Pro in a short period of time and ramp accordingly as full roll-out is reached. Based on the early feedback, we believe the transaction count and corresponding click fee revenue for this product will grow faster than we originally anticipated."
Audit-Pro is a proprietary online application developed by eAutoclaims. The product electronically applies auditing guidelines established by insurance companies to programmatically audit repair estimates for accuracy by identifying exceptions. The significance of the exceptions are weighted according to the carrier's value of the exceptions and routed based on the severity of the exception to the correct person or third party for further review. The estimate may also be automatically returned to the appraisal source with a request to review the exceptions and resubmit. The current review process used by most insurance companies involves manually auditing collision repair estimates one at a time with skilled staff or by outsourcing the service for a fee to third parties. Normally the fee for such service can range from $25-$35 per transaction, depending on the detail and quality of the service being provided. Standard Audit-Pro fees are normally $8 per transaction and response time is instantaneous, thus saving time and money for the client.
eAutoclaims is a business services company that provides the insurance industry with claims management services through both ASP and integrated outsourcing solutions. The company's clients are insurance companies, fleet management companies and insurance services companies.
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