If you’re renting and leasing assets, you know that damages are just a part of doing business. And where there are damages, there are insurance claims to process. A major thorn in asset rental companies’ sides is that the longer a claim takes to process, the longer it can take to get an asset up and running for rental again. The last thing anyone wants is to reduce their revenue potential because they’re waiting for the insurance check to fix their asset.
Common Issues That Make The Claims Experience Drag On
Whether you’re on the front-end of sending issues to a claims department, or on the back-end processing claims, you know that there are a few core challenges that can make this process difficult:
- Poor documentation: Without a doubt, poor documentation is one of the leading issues that makes processing damage claims difficult. It’s incredibly hard to resolve he-said, she-said issues without concrete proof to show who is right and who is wrong. When it comes to knowing when and where damage was caused, paper forms and pictograms don’t often capture nuanced details that would let you resolve claims issues right away.
- Difficulty sharing information: Even if there isn’t any dispute about damage, you still need to process the claim. This, unfortunately, can take many rental companies a few weeks to process. Paper forms need to be uploaded manually or mailed to a central processing center. If there is video or photo documentation, that needs to be downloaded from your phone or computer and sent to the claims team as well. These steps take time, and sometimes get lost in the shuffle.
How Turo Is Bringing Efficiency To The Claims Process
Every issue we just mentioned was faced by Turo, a car sharing company that lets customers make money by loaning out their cars to other people when they leave their car at airport locations. In fact, Turo had an even more challenging situation to work around. As a company that rents cars out for car owners, they actually have to process four condition reviews for each vehicle that gets rented: when the owner drops the car off, when the renter picks the car up, when the renter drops the car off, and when the owner picks the car back up. That’s twice the number of transactions as the typical rental car agency, and double the chance of needing to process a claim.
Turo employees aimed to take high quality photos of cars during each of these transactions to ensure that they were doing thorough condition reviews and accurately recording any new damage to the vehicles. However, sometimes the photos they took just weren’t good enough. Photos may not have had enough light to fully show the damage, or they may have been taken at the wrong angle. Zachary Trudeau, Turo’s LAX Service Manager, succinctly sums up their challenge: “We only had one chance to get it right, and the photos alone just weren’t giving our claims team the information they needed to process damage issues properly.”
The Turo team needed a solution to help them better capture a vehicle’s condition and give their claims team the information they needed to seamlessly process claims. They turned to Record360 because of its unique mix of photo and video capture. According to Zachary, “video capture has made all the difference. The video lets us walk around the car and capture every side and angle of the car. Where photos alone may have missed smaller dents or scratches, video makes sure we miss nothing.”
With video in place, the claims team has all the visual evidence they need to process claims. There’s no need to go back and forth between the rental location, nor is there any need to sync back with the car’s owner. Zachary also points out that this new process hasn’t slowed their condition review processes at all. “Record360 lets us keep transactions flowing smoothly, and also ensures that renters understand they’re responsible for the vehicle.” Since each transaction report can be e-mailed to the claims team, there’s nothing holding the process up. With photo and video evidence waiting in their inbox, the claims team can jump on claims and process them right away.
Learn more at http://www.record360.com.