New tech cuts total losses by 4,000
Over 4,000 damaged vehicles set to be written off by insurers throughout 2021 were kept on UK roads thanks to a digital solution connecting workshops with sparse vehicle parts.
Vehicles with severe damage caused by age, excessive wear, and collisions will more often than not result in an uneconomical repair, meaning many insurance claims from drivers result in a payout and owners losing their vehicle.
However, software company OEC had launched Vision, designed to connect workshops and bodyshops with sparse and hard to source vehicle parts directly from the manufacturer.
With the average payout from a vehicle insurance claim having increased to over £3,000 in 2020, insurers have saved upwards of £12m in write-off costs through this more economical and environmentally friendly alternative for thousands of vehicles.
Stephen Longmore, vice president of OEC, said: “For insurance companies, paying out a vehicle repair claim is often a more viable option as the cost of sourcing the right parts can be not only timely, but costly. However, many workshops have adopted our solution to help connect them with the right parts straight from the source, meaning insurance companies are able to repair the vehicle and return it to its owner even sooner.
“Not only has this been a saving grace for insurers and their customers, but ultimately workshops and bodyshops across the country are truly seeing the benefits too.”
