The following case study was featured in the November 2018 issue of CHART Coverholders and Risk Takers Exchange Magazine.
"It it's not easy to implement and use, we aren't going to use it"; a phrase we hear all too commonly due to lackluster technology solutions. An experienced leader in the Insurance industry and President of a new Dealership Rental Program experienced this firsthand when he was approached by a world-leading luxury carmaker for their dealership rental car program.
Business Challenge:
When the Insurance leader and his company was initially approached, they quickly discovered that manufacturers and dealers were using archaic systems, making it difficult to manage loaner vehicle fleets at both the manufacturer and dealer level. The mandatory software in place at the time was hard to navigate and ineffective, therefore it wasn't being used properly, and in some cases, not being used at all. The misusage and lack of use lead to dealerships unknowingly employing uninsured cars, making the risk of serious legal ramifications all too real. The industry leader and innovator in Insurance found a creative way to solve the challenges at hand by finding a logical alternative to the old software and instead utilizing EOX Vantage's Enterprise Operating System.
Key Objectives:
It was clear to both the Insurance expert and the carmaker where the manufacturers and dealers were failing. To properly insure all vehicles, manufacturers and dealers needed transparency into their data. Without transparency, the luxury car brand was driving blind, waiting for something bad to happen. Business leaders in any industry cannot afford to wait for problems to arise; they must be proactive rather than reactive. By implementing the Enterprise Operating System which provided a digital landscape via actionable dashboards, the new Dealership Rental Program provided manufacturers and dealers with the transparency they required to keep customers and employees safe and compliant.
The Solution - An Enterprise Operating System Built for Real-Time Updates:
The Insurance expert turned to EOX Vantage's Enterprise Operating System to provide a dynamic and easy-to-use system with quick and simple setup. The initial project began in January of 2018 and went live on April 1. An immediate increase in user adoption resulted, growing participation by 52% in 6 months. Manufacturers and dealers can now instantly access inventory, easily track a vehicle's lifecycle, quickly add coverage to a new vehicle and print out individual Insurance ID cards on demand; all in real-time.
When approached by the dealers, it was also made known that the claims process was a nightmare and was not being handled correctly. The Insurance expert took it to the Enterprise Operating System to provide a solution to make the claims process simple, effective and immediate, allowing for much improved service to dealership customers.
No More Waiting Around for Coverage:
When EOX Vantage began building the customized solution, they were stunned by how long it took for a vehicle to become insured on the old system. Because reports were only run once a month, the process of adding insurance to new vehicles on the lot could take up to 30 days, allowing for errors and leaving room for the risk of uninsured cars being driven off the lot. Since the implementation of the EOX-run system, efficiency has improved significantly. What used to take 30 days is now a matter of waiting less than 24 hours. With the new system on the Enterprise Operating System, once the dealer inputs any new vehicles that have arrived that day needing coverage, the data is pulled and reports are sent out each night to the adjusters. This eliminates the need for the dealers to get involved with calls or chasing the insurance companies. Once the coverage is up to date, the manufacturer sends a file back to the Enterprise Operating System and the data is automatically updated in a 24-hr window, and all updates are visible on the system. Dealers can even print out individual insurance ID cards on the spot. EOX allows the dealerships to pull all vehicles that are active without any extra steps involved - making the process simple and seamless. Data is also sent out to the state-specific DMVs, ensuring complete coverage and compliance - no ifs, ands, buts or legal ramifications.
With the Enterprise Operating System, the Insurance expert helps dealerships grow and become more effective in their processes by increasing efficiency. A second well-known carmaker began using the easily-implemented and repeatable process in just 2 weeks, with the same successful results - rising from a 47% user adoption to over 99%. Long gone are the days of waiting for a crisis to occur. Now, results are driven by data and completely transparent at both the manufacturer and dealer level.
Although, the work does not stop here. EOX Vantage is continuously improving their solution to ensure optimal success. Printing new ID cards will become even quicker with a completely automated process in the works. Any time a new vehicle is added, ID cards will be automatically sent to the dealership, eliminating the step of logging into the system. Future plans also include updated Operational Intelligence (OI), delving deeper into the claims process. New OI will provide visibility into when and where claims go above or below deductibles, making it easy to make future decisions based on actionable data.
