EurotaxGlass's has launched a new web-based solution for motor insurers to settle total loss claims.
The company said Glass's Value Assessor (GVA), will make the claims settlement a consistent, auditable and transparent process.
It added that it will dramatically reduce the costs associated with settling disputed total loss claims (upwards of £1,000 per claim), and simultaneously help insurers comply with FSA regulations governing the ‘fair treatment' of policyholders.
Kirsty McNab, product manager at EurotaxGlass, said: “Around a quarter of all claims are total losses, and the cost and extra administration associated with settling disputed total loss claims is a major burden on insurers. Compared with a conventional repair claim, the cost of processing a disputed total loss claim is up to ten times greater. By speeding up the valuation process and basing it on data from one of the industry's most trusted sources, insurers can maintain the policyholder's trust in how the settlement figure has been determined.”
GVA is in the second stage of release covering passenger vehicle values and next month EurotaxGlass's will release a version which includes light commercial vehicles (LCVs).
