Auto Insurance Claims Business Plan
CSI is the top provider of generic claim outsourcing services. The highly-technical delivery platform, which includes the Internet as well as various proprietory software programs, makes collisionSyzygy, Incorporated possible. CollisionSyzygy has the ability to connect an insurance company’s auto repair claim with the body shop in a cost-efficient manner that dramatically reduces costs.
The goal of this business plan is to acquire capital investment so that CollisionSyzygy can escalate its time-proven business strategy and processes to a level that will reach more of the available market. Time is an important factor. CollisionSyzygy is as much as a year and a half ahead of its competitors in technological developments that create the efficiencies, in collision claims processing, that result in the profits for its clients. Its ability quickly to infuse money in CSI will ensure its competitors are not left in a position of imitation. CollisionSyzygy’s technology advantage and untapped market opportunities make it an attractive investment opportunity. Because of the high volume transaction costs, it will be difficult for smaller insurance companies to make a profit without outsourcing collision claims.
CollisionSyzygy also offers full-spectrum claim processing services. It has fast transaction clearance and a global marketplace of buyers. Many competitors limit or specialize in services because of inadequate technology; CSI uses technology to offer all available services.
CollisionSyzygy is an ongoing company. The company, which has been developing and using its advanced technologies for the past five years, is headed by William Smith, who has 18 years of managerial experience in collision repairs and insurance adjusting.
In return for agreeing to adhere to very strict quality control standards and certifications, the body shop facilities receive geographical territories. This increases the insurance company’s profit margin.
CSI promises to be a leading provider of generic services with its many proprietory software products and CollisionSyzygyՉ۪s multiplatform reporting capability.
The company is in a financially sound position. CollisionSyzygy hopes to make (lofty ) sales in the 12 months following the new investment. (stunning) profit margins are expected after income taxes. In two years, sales are expected to soar with high-quality pretax profits. After-tax profits need to approximate (beautiful). The following chart illustrates after-tax profits.
1.1 Keys to Success
- Vast industry experience for Chief Executive Officer.
- CollisionSyzygy, the only company in the U.S. To provide generic services for insurance companies. Until now, claims processing had been performed internally by large insurance companies.
- CollisionSyzygy is almost two years ahead of most competitors in the development of the proprietary software necessary to allow insurance carriers to administer their claims processing. accident Claims Technology CollisionSyzygy’s proprietary software offers claims management, reporting and makes that information available to the insurer and repair shop. This will make it difficult to find competitors in the market, as CollisionSyzygy is already a major player.
- A base of over 100 repair shops comprises CSI’s ever-growing network of repair facilities.
- CollisionSyzygyis only a web page away from offering connectivity between insurance companies, repair shops, and other businesses over the Internet.
- As more repair shops join CSI they can grow their business while maintaining competitive pricing, high quality repairs and a high standard of customer service.
- Other Windows(r)-based proprietary software can be used to create cost estimates quickly and accurately. This allows repair shops to spend more time talking with customers and less time creating estimates. Due to the availability of a database resource, costing is easier for insurance companies.
Another software program quickly sends required estimates, photos and other claims submission materials directly to the insurance carrier.
1.2 Mission
CollisionSyzygy, Inc., is the only American company to offer a generic, low-cost solution for the administration, processing, and resolution 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. The insured will receive quality and guaranteed repair work. CSI oversees the whole process and provides detailed reporting to the insurer. CollisionSyzygy’s mission is to optimize the claims delivery process for each participant in a way uniquely different from its competitors.
CollisionSyzygy’#8217’s high-tech process is–?
An insurance company whose claim:
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- It takes less time than traditional in-house procedures; the claimant gets a location for repair at the moment they file their claim.
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Results in drastically reduced costs to the insurer:
- Save thousands of dollars 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.
- The ability to control the repair costs.
- Fast claim resolution helps you avoid costly auto storage
- CollisionSyzygy schedules random spot quality checks for member shop repairs to ensure that quality and necessity are met. CollisionSyzygy inspections may deem repairs unnecessary and require members to reimburse the cost of repairs.
- Insurance reserves are quickly released for use on other claims, minimizing amount of capital restricted.
- The CollisionSyzygy service will allow insurance companies to receive bids from potential buyers and obtain actual salvage values before they settle a claim.
- It allows insurers to access comprehensive management reports which detail all underwriting activities, repairs, and resolution activities.
- It is guaranteed for the lifetime of repair at participating CollisionSyzygy facilities.
A customer/claimant who is:
- Lower insurance premiums are possible because of lower insurance costs.
- Will be amazed at the convenience of rapid resolution of an auto claim.
Also, member repairshops that are:
- You can focus your resources and time on quality repairs, service, and marketing instead of spending money.
- CollisionSyzygy’’s multi-platform interface software allows you to simplify the process of estimating claims. Allowing customers to take more time with their claims, they can be quickly created.
CollisionSyzygy employs a managed process for auto body repairs, much in the same way that the Health Management Organization approach has been used by the health care industry to control costs. 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.
1.3 Objectives
CollisionSyzygy From June 1, 2000 to May 31, 2001:
- Achieve pre-tax income of (astounding) on revenues of (immense) (splendid%) net income before taxes.
- Control at least 10 medium-sized and large accounts of insurance companies for claims processing. Market share will rise to 60 companies before the end of Year 2. The target market currently comprises approximately 2,600 insurers.
- Promote the name branding CollisionSyzygy in order to have at least 220 repair shops become members of this company’s certification program. By the start of Year 3, this number should grow to approximately 2,000 repair shops due to CollisionSyzygy’
Implementation of new programs and technologies that may not be available on the marketplace.