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VISION from OEC saves motor insurance companies upwards of £12 million in write-off payouts in 2021

VISION from OEC saves motor insurance companies upwards of £12 million in write-off payouts in 2021

Over 4000 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 on- and off-road 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, VISION, the innovative software from a leading technology provider, OEC, has been designed to connect workshops and bodyshops with sparse and hard to source vehicle parts directly from the manufacturer. This has enabled insurers to continue to repair thousands of vehicles throughout 2021 and get them back on the road.

With the average payout from a vehicle insurance claim having increased to over £3,000* in 2020, insurers have saved upwards of £12 million in write-off costs through this more economical and environmentally friendly alternative for thousands of vehicles. 

Stephen Longmore, vice president of product at leading technology company OEC, commented: “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.”

Though, insurers are not alone in seeing the benefits in this, with workshop and bodyshop owners able to source original equipment parts straight from the manufacturer, allowing for more servicing opportunities, ultimately growing business revenue and customer retention.

Stephen continued: “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. 

“Through VISION they’re able to source sought-after parts straight from the manufacturer, meaning their business can offer customers something that many others can’t. This has of course helped generate further paying jobs and extra revenue, but more importantly, has created some long-lasting relationships with big names in the motor claims sector.”

VISION available exclusively in the UK. To find out more about collision software available for the rest of the world, visit https://oeconnection.com/solutions/collisionlink-broker

*Data shown shows average vehicle payout in 19/20 from ABI: source.

*Article Source https://oeconnection.com/

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