NuGen IT provides integrated claims processing solutions for the body shop and collision industry, utilizing tools like the Total Loss Workbook and GEO Labor Rate & Tax Guide to streamline the claims lifecycle. Their technology reduces cycle times, enhances compliance, and improves financial outcomes for insurance companies and repair shops.
Funding
Funding not disclosed
Founders
Product
Problem
The body shop and collision repair industry faces challenges in efficiently processing insurance claims due to variations in labor rates, taxes, and compliance requirements across different jurisdictions. Inefficient claims processing leads to increased cycle times, potential compliance issues, and suboptimal financial outcomes for both insurance companies and repair shops.
Solution
OEC Insurance Solutions provides a suite of integrated claims processing tools designed to streamline the claims lifecycle for the body shop and collision repair industry. Their cloud-based applications, including the Total Loss Workbook and GEO Labor Rate & Tax Guide, automate the calculation of state taxes and fees, as well as location-specific repair labor and tax rates. OEC's solutions facilitate efficient estimate reviews, ensure compliance with policies and procedures, and improve communication between insurance companies and repair shops, ultimately reducing cycle times and enhancing financial performance.
Target Audience
The primary target audience includes insurance companies and collision repair shops seeking to optimize their claims processing workflows, reduce cycle times, and improve financial outcomes.
Features
- Total Loss Workbook: Calculates state taxes and fees based on vehicle Actual Cash Value (ACV) across all 51 jurisdictions.
- GEO Labor Rate & Tax Guide: Calculates repair labor and tax rates for any address using location-specific information.
- DeskRev: Supports efficient estimate reviews and audits from any estimating platform, identifying operation overwrites and exceptions to policy guidelines.
- Enterprise Workflow: Enables electronic communication with shops outside the insurer network while ensuring policy compliance.
- Integration capabilities: Allows partners to integrate disparate applications and optimize efficiency for mutual customers.