Auto Insurance Claims Business Plan

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 combines an insurance company’s auto-damage claim with a body repair shop in an efficient and cost-effective manner. This results in significant savings for both.

This business plan has the goal to attract capital investment so CollisionSyzygy is able to increase its time-proven strategy and processes to a higher level to better reach more market. Time plays a crucial role. CollisionSyzygy keeps pace with its competitors for technological innovations that increase efficiency and result in higher profits. Its ability to quickly infuse money into CSI means that it will continue to be emulated by its competitors. CollisionSyzygy&#8217’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 has another advantage: it offers full spectrum claims processing services with fast transaction clearance. There is also an international buyer marketplace. Many competitors specialize or limit their services due to insufficient technologies. CSI however uses technology to offer every service.

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 exchange for agreeing not to violate very strict quality control standards, certifications and discounts pricing, the company is quickly building a network body shop facilities. This will increase the company’s profit margin.

CSI will be a strong leader in generic service provision thanks to CollisionSyzygy’#8217’s multi-platform reporting capability and a variety of proprietory software packages.

The company currently operates in a profitable situation. With the new investment, CollisionSyzygy should be able to achieve (lofty) sales for the 12-month period of Year 1. (stunning) profit margins are expected after income taxes. Within two years sales will skyrocket with (sky high) post-tax profits. After-tax profits should approximate (breathtaking). This chart shows after-tax profits.

1.1 Keys to Success

  1. Vast experience as Chief Executive Officer within the industry
  2. CollisionSyzygy is the only company in the U.S. To provide generic services for insurance companies. The claims processing used to be done internally by large insurers.
  3. CollisionSyzygy spent almost two decades ahead of its competition in developing proprietary software to help insurance carriers manage their claims processing. Auto Claims Technology CollisionSyzygy&#8217, which provides claims management software and reporting to insurance companies and repair shops, is CollisionSyzygy’s special software. Competitors will have a difficult time entering the market if there is a long lead-time in software development.
  4. CSI’s ever-expanding network of repair facilities includes a base of more than 100 shops.
  5. With ACT software already functional, CollisionSyzygyis just a website away from offering its connectivity between insurance companies and repair shops over the Internet.
  6. As more repair outlets join CSI, their business can expand dramatically while also maintaining competitive pricing for repairs and a high degree of quality.
  7. Windows(r),-based proprietary software helps to improve customer service. It quickly and accurately calculates cost estimates, which allows the repair shop more time with customers than 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., USA’s only company, offers a low cost, generic solution for processing, administration, resolution and resolution of auto 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 will ensure that the insured receives quality, guaranteed repairs for their entire life. CSI manages the entire process, and provides comprehensive reports to the insurance carrier. CollisionSyzygy aims to make the claims process more efficient for every participant, in a way that is distinctive from its competitors.

CollisionSyzygy&#8217’s high tech process is&#8211

An insurance company whose claim:

    • Is processed in a fraction of the time used in traditional, in-house methods; the claimant receives repair shop location at the time of filing the claim.
    • It results in dramatically reduced insurance costs:

      1. Savings of thousands of dollars on indemnity payment
      2. Automatic five percent savings on all repairs by CollisionSyzygy’s member repair facilities.
      3. It is possible to reduce the loss adjustment costs by a significant amount.
      4. Administrative expenses reduced.
      5. Control over cost of repairs.
      6. By having quick claim resolution, you can avoid expensive storage.
      7. CollisionSyzygy conducts spot quality inspections of repairs made by member shops to verify that they are of sufficient quality and necessary. CollisionSyzygy inspectors will determine if a repair is necessary and require member repair shops to refund any amount.
      8. Insurers reserve funds are immediately released for other claims.
      9. The CollisionSyzygy service will allow insurance companies to receive bids from potential buyers and obtain actual salvage values before they settle a claim.
  • This allows the insurer to access detailed management reports that detail all underwriting, repair, and resolution activities.
  • All CollisionSyzygy participating repair facilities will guarantee the repair for the entire life of the work.

A customer/claimant who:

  • Can enjoy lower insurance premiums created by reduced insurance costs.
  • Be amazed at the ease of resolving an auto claim quickly.

And members which:

  • You can focus your resources and time on quality repairs, service, and marketing instead of spending money.
  • CollisionSyzygy&#8217’s multi-platform interface software allows you to simplify the process of estimating claims. It takes only minutes to create claims estimates, which saves customers time and allows them to serve more 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. The exception in this analogy, however, is that cost efficiency is achieved by eliminating unnecessary elements of the traditional claims process, rather than by eliminating necessary repair procedures or parts.

Claims processing can only be profitable when it is done in large quantities. This makes it difficult, indeed prohibitive, for smaller insurance companies to run profitable claims operations. The claims processing formula established by CollisionSyzygy will allow smaller insurers to handle claims profitably while also increasing the margins of larger companies.

1.3 Objectives

The CollisionSyzygy, June 1, 2000 through May 31, 2001

  1. You can earn pre-tax income of from (incredible) and splendid% net income.
  2. Capture and control a minimum of ten medium and large insurance company accounts for claims processing market. Market share will increase to 60 companies by the end of year 2. The target market currently comprises approximately 2,600 insurers.
  3. Promote the name branding CollisionSyzygy in order to have at least 220 repair shops become members of this company’s certification program. This number should increase to around 2,000 repair shops by the beginning of Year 3.

Implementation of innovative programs and technologies that aren’t currently available on the market.

  • To improve access to CollisionSyzygy by both auto repair shops and insurance companies, convert proprietory software platform into an e-commerce site.
  • With the site launch comes an added support service, which includes an online auction of bids, and the sale of salvageable autos.
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