Claim Fulfillment In 24 Hours Or Less? Welcome To The Future!
You’re parked at a stop light when the SUV behind you is suddenly in your back seat. While you’re a tad relieved that the accident isn’t your fault, you dread the process of getting an estimate and waiting on the claim to be fulfilled so you can get back behind the wheel and past the annoying interruption to your daily routines.
Every day in America this situation plays out, and it can take up to two weeks or more for the afflicted party to see any money from his or her insurance company. That’s because it takes time for the company to receive an accurate estimate on the damage done so they can make a fair decision.
This unique service is harnessing the power of mobile technology and connectivity to get estimates almost instantly, so you can have your money in 24 hours or less. And the faster payment is made, the faster you get your car back!
Snapsheet’s process is rather simple. Immediately following the accident, this is what you do:
Use A Mobile App To Snap Photos Of The Damage.
According to a recent piece on TechCrunch, Snapsheet builds and operates “white-label apps” for many major car insurance providers, including MetLife, AIG, National General, and USAA, with more companies expected to sign up and install their own branded apps using the technology in the year ahead. In fact, according to co-founder CJ Przybyl, Snapsheet expects to have four more of the top 20 insurance carriers on its system by the end of April. http://techcrunch.com/2013/12/04/snapsheet-10m/
If your insurance company is already on board, you will open their app using Snapsheet technology and immediately upload photos of the damage done to your car. Insurers will then be able to use the visual documentation to obtain estimates right away.
Next, All You Have To Do Is Wait.
And according to Snapsheet, customers won’t be waiting very long. In fact, it takes the insurance company around one hour to obtain estimates and select the best option. From there, it’s just a matter of cutting the check and delivering payment.
Snapsheet Is Here To Stay.
There’s ample reason why insurers and their customers can get used to Snapsheet as a mainstay in the future of the insurance sector.
The company recently added $10 million in new funding, and more importantly, brought on David Bauer as the new COO. Bauer is well-known for spearheading unheard-of revenue growth at salvaged vehicle auction site Copart, taking the company from just $50 million to around $1 billion during his tenure.
He also led Copart and USAA through the first successful salvage transaction over CIECA standards, patented the online VB2 bidding method, and expanded bidding to over 1.5 million cars per year.
“Throughout my career, I’ve built systems for the insurance industry, learning firsthand the many steps involved in integrating successfully with insurance companies,” Bauer said in a press release. “I’m impressed by the Snapsheet team’s ability to revamp an entire organization’s claims process in just a month with zero integration. The Snapsheet team has the vision and passion it takes to bring mobile technology to an industry that is craving it.”
Snapsheet, originally known as BodyShopBids, sought to provide a marketplace for auto repairs by giving customers the opportunity to upload photos of their damaged vehicles and seek bids from various service providers.
The company expects to triple its 50-employee staff over the next year as well as grow its processed claims from 50,000 to 300,000 by the end of 2014.