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Copart to launch tool telling insurers the auction value of vehicles

Copart’s UK Managing Director, Jane Pocock, says the upcoming tool would “seriously disrupt the claims journey”.

Copart to launch tool telling insurers the auction value of vehiclesCopart, an industry leader in used and salvage car auctions, plans to launch a new tool for insurers which can predict the auction value of vehicles as soon as customers notify their insurer of a claim.

 

Copart’s UK Managing Director, Jane Pocock, said that the upcoming tool would “seriously disrupt the claims journey”. She explained:

Copart to launch tool telling insurers the auction value of vehicles“We’re hoping to seriously disrupt the claims journey by allowing at the point of notification of the claim or loss, so the point the accident is reported, to allow the insurer to have a more informed view of what the salvage will return so that [insurers] can decide there and then [whether to] repair or salvage in a more accurate way then they’ve ever been able to do before.” 

Pocock is heading to Copart’s headquarters in Dallas to preview the tool in February; she hopes the device will then be available for insurers to use by the end of the year.

The tool will use data collected from Copart’s patented global online auction, which sells total loss or recovered stolen vehicles for insurers. The gamified digital auction has, on average, 6,000 bidders based in 113 countries who participate in 16 to 17 online auctions a week.

Technological advancements

 

The new tool is just one new tech development that the organisation plans to launch this year.

David House, UK head of marketing at Copart, added:

“We’ve done three different enhancements to [Copart’s] live auction platform in the last four years and we’ve got another two rolling out in 2020 based on user experience and testing. There’s constant development but the bigger ones for us will be how we display lot details pages, what we do with the auction and information displays [are] all going to change in the next six months.”

Contributing to Copart’s technological journey is Stephen Fisher, previously chief technology officer at eBay. He joined the board in July last year. “We’re hoping that [this appointment] will seriously accelerate some of the technological advances we’ll make,” Pocock said.

The organisation has also hired a UK-based strategy and insight director, to champion Copart’s US technology focus here in the UK.

Copart launches new products every year to support both external customers and internal operations. An example of a product is an app for customers that arranges vehicle collection as well as a separate app to book in for a vehicle pick up.

Digitalisation

For Pocock, the organisation’s investment in technology is very much aligned to the digitalisation journey that many insurers are on, she said:

“Most insurers are going through a digital transformation of their own, so we’re aligned to that. We are generally the preferred partner for the insurance world for that very reason because we are growing with them, providing them with the integration that they need and working with them to improve the claims journey, the customer experience and reduce the number of days it takes to resolve a claim.”

Pocock further plans to extend Copart into Europe. “We are on a mission to have a global presence with Copart, so there’s no stopping us any time soon.” 

Source: www.copartautoblog.com

Original Source: The interview featured recently in Insurance Times

 

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Owain Griffiths

Owain Griffiths

Head of Circular Economy at Volvo Cars

Owain joined Volvo Cars in June 2021 to lead Circular Economy in the Global Sustainability Team. The company has committed to being a circular business by 2040 and has financial, recycled content and CO2 based targets for 2025, all of which Owain is working across the company to make happen. Owain previously worked for circular economy consultancy Oakdene Hollins where he advised businesses on evidence led circular economy implementation. 

Turning into a circular business and the importance of vehicle reuse and recycling.

The presentation will cover the work Volvo Cars is doing to achieve 2025 but mainly focus on the transformational work towards 2040 and the business and value chain changes being considered. Attention will be paid to the way vehicles are being dealt with at the end of life and the complexities of closing material and component loops. Opportunities and challenges which Volvo Cars is facing will be presented including engagement with 3rd parties and increasing pressure from stakeholders.