Profile: Solera Holdings Inc (SLH.N)
11 Jul 2014
Solera Holdings, Inc., incorporated on March 24, 2005, is a global provider of software and services to the automobile insurance claims processing industry. The Company also provides products and services that complement or leverage its insurance claims processing software and services. These core extensions include products and services for used vehicle validation, electronic titling, property claims management , fraud detection, salvage yard management, disposition of salvage vehicles, subrogation, and data and analytics used by insurers in the re-underwriting of their insured drivers. The Company’s software and services include estimating and workflow software, salvage, salvage disposition and recycling software, electronic titling, subrogation solutions, business intelligence and consulting services, vehicle validation, and insurance re-underwriting. In April 2014, the Company purchased 100% interests of AutoPoint companies from Service Repair Solutions, Inc.
The Company’s customers include insurance companies, collision repair facilities, independent assessors, automotive recyclers, automotive dealers, and households. As of June 30, 2013, the Company served over 120,000 customers and were active in more than 65 countries across six continents. Its include more than 4,000 automobile insurance companies, 60,500 collision repair facilities, 12,500 independent assessors and 43,000 automotive recyclers, auto dealers and others.
Estimating and Workflow Software
The Company’s core offering is its estimating and workflow software. Its estimating and workflow software helps its customers manage the overall claims process, estimate the cost to repair a damaged vehicle, and calculate the pre-collision fair market value of a vehicle. Key functions of its estimating and workflow software include capturing first notice of loss information; assigning, managing and monitoring claims and claim-related events; accessing and exchanging claims-related information; calculating, submitting, tracking and storing repair and total loss estimates; reviewing, assessing and reporting estimate variations based upon pre-set rules; routing shop estimates for manual review, and scheduling repairs and automating parts ordering.
Salvage, Salvage Disposition and Recycling Software
The Company’s salvage, salvage disposition and recycling software helps automotive recyclers manage their inventories in order to facilitate the location, sale and exchange of vehicle parts for use in the repair of a damaged vehicle. This software helps insurers determine if a vehicle is a total loss and reduce costs associated with total losses. Key functions of its salvage, salvage disposition and recycling software include managing inventory; connecting to collision repair facilities to facilitate the use of recycled or aftermarket parts in the repair of a damaged vehicle; locating vehicle parts by price, year, model and/or geographic area; determining the interchangeability of automobile parts across vehicle models; exchanging vehicle parts with other recyclers; determining vehicle residual values, in combination with subsequent sales and purchase options; optimizing proceeds from the sale of salvage vehicles; preparing invoices and managing accounts receivable; generating management reports, and facilitating the offer and sale of salvage vehicles among buyers and sellers.
Business Intelligence and Consulting Services
The Company’s business intelligence and consulting services help its insurance company customers monitor and assess their performance through customized data, reports and analyses. Key elements of its business intelligence and consulting services include analyzing claims amounts and payments; creating customized statistical reports on claims data and activity; measuring its customers’ performance against industry standards, and monitoring key performance indicators, such as alternative parts utilization in the repair process and repair cycle time.
Vehicle Insurance Re-Underwriting
The Company provides property and casualty insurers with driver violation reporting services for a substantial number of their insured drivers in the United States. This cost-effective service allows insurance companies to re-assess their risk, and, where appropriate, impose a premium surcharge on insured drivers to reflect such risk.
The Company provides a driver information services platform. It allows automotive dealerships in the United States to streamline operations and improve the customer purchasing experience by assembling and processing the data necessary to electronically register a vehicle, produce a title, and issue a permanent or temporary tag real-time at the point of sale.
The Company provides Web-based subrogation solutions that lower processing costs, automate processes for efficiency, provide objectivity, and increase accuracy for both subrogation claims and out-of-network claims in the United States. This drives consumer satisfaction by allowing insurance companies, assessors, and collision repair shops to seamlessly process out-of-network claims, regardless of the estimating platform being used.
The Company provides private car buyers, car dealers, finance houses and the insurance industry with access to information on all registered vehicles in the United Kingdom. Through its databases, it can inform a customer if a vehicle has car finance, is recorded as stolen or has previously been written-off.
The Company provides other services and products to its customers, which include leasing hardware for use with its software, training and call center technical support services. The Company also offers services that allow its customers to access operational and technical support in times of high demand following natural disasters. The Company also provides products and services that complement and leverage its automobile insurance claims processing software and services. In Brazil, Mexico and Spain, the Company provides an electronic exchange for the purchase and sale of vehicle replacement parts. In the Netherlands, the Company provides data analytics to insurance companies and brokers. It provides customer service and customer communications management solutions to insurance companies and collision repair facilities in certain key markets around the world. It provides communications and process management solutions in Spain across multiple parties involved in the resolution of various claims, including household repairers, lawyers, and medical professionals.
The Company’s primary databases include its repair estimating database, its total loss database, claims database, vehicle validation database, motor vehicle record database and salvage parts databases. The data in repair estimating database enables its customers to estimate the cost to repair a damaged vehicle. It updates this database with data provided to it by third parties, including original equipment manufacturers (OEMs), and aftermarket part suppliers, and automotive recyclers, along with data it develops through its analyses of local labor repair times and damage repair techniques. Its total loss database helps its customers determine the pre-collision fair market values of vehicles that have been damaged beyond the point where repair is economically feasible, as well as the amounts they pay policyholders for total losses.
The Company’s claims database enables its customers to evaluate their internal claims process performance, as well as measure the performance of their business partners. The Company’s salvage parts databases contain data on approximately 145 million automobile parts through a network of approximately 3,000 automotive recyclers. These databases are used by its customers to quickly find locally available automobile parts and identify interchangeable parts across different vehicles. Its primary databases relating to its salvage disposition and other products and services include its salvage vehicle database and vehicle validation database and, motor vehicle record database. The Company’s salvage vehicle database helps its customers buy, sell and estimate the value of salvage vehicles. Through its eSalvage exchange, its customers list approximately one million salvage vehicles for sale and more than 4,000 bidders enter approximately seven million bids for the purchase of salvage vehicles each year. The Company’s vehicle validation database supports the previously owned car market in the United Kingdom by providing private car buyers, car dealers, finance companies and the insurance industry with access to information on all vehicles registered in the United Kingdom. By using its vehicle validation database, customers can verify who the owner is, whether there is a finance-related lien, whether the vehicle has been recorded as stolen or if it has been declared a total loss by an insurance company.
The Company competes with DAT GmbH, CCC Information Services Inc., Mitchell International Inc., EurotaxGlass’ Group and GT Motive Einsa Group.
Solera Holdings Inc
Suite 100, 7 Village Circle
WESTLAKE TX 76262