ReplacementFinder joins the e-business fold

Finding replacements for insured damaged products, at competitive prices, is a constant challenge to the insurance industry. The costs can have a severe affect on company bottom lines. “If adjusters had the ability to comparison shop among competing suppliers in the same time frame and effort that it takes to receive a quote from one source, insurance companies would benefit financially. Similiarly, by being able to supply more merchandise to a broader geographic area, suppliers would also enjoy a financial gain,” says Mark Kuper, president of Eternity Web Designs Inc.

This is the concept behind www.ReplacementFinder.com, a new business to business web site portal designed specifically for the insurance industry. The site offers participating adjusters the opportunity to generate an anonymous online inquiry to multiple vendors, specifying the exact replacement product sought. Discussions held with insurance replacement industry leaders during the concept and development stages of this search engine facility indicate that participation in this service is expected to be overwhelming, and negotiations to launch this product through an established national insurance distribution channel are currently ongoing.

In addition to cost benefits, the time to process a claim can be substantially reduced, as e-mail is more efficient than other traditional methods of correspondence. The ability to settle claims quickly, efficiently and, perhaps, more cost effectively can only increase customer satisfaction, thus developing a better relationship between insurer and insured. In these days when product and company branding has become a crucial necessity to hold onto market share, ReplacementFinder offers an edge to insurance companies and adjusters utilizing its services.

E-com future

It is critical that insurers and adjusters align business and e-commerce related activities before they lose market share to other industries who have openly embraced the pluses of being online and the additional conveniences they offer their customers. In the 1998 Electronic Commerce Survey prepared by KMPG, “35% of respondents experienced cost savings from doing business on the Internet and an additional 34% expect to achieve cost savings in the future.” ReplacementFinder offers adjusters and insurers a number of added features:

Search profiles for registered adjusters are saved each time ReplacementFinder is used, creating a user history and target list of preferred suppliers. This list may be easily amended to include or delete participating suppliers, as the adjuster may require.

Password protected comment fields enable adjusters within the same company to share confidential information about suppliers.

Search parameters are scalable to the specific needs of each quotation request.

Inquiries are sent via the Internet to a group of an ever-increasing list of industry and region specific sellers, all at the click of a mouse. Providing anonymity ensures that adjusters are safeguarded from repeat follow up contact by suppliers who do not meet the need.

Making an on-line comparison request through ReplacementFinder is low cost, if countered with the hundreds of dollars spent on a single replacement, both in money and time. There is no charge for supplier participation. Suppliers are invited to create a complimentary on-line profile and company index provided they meet certain conditions pertaining to product availability and price guarantees. Industry suppliers who have already expressed interest in joining this service are from the following sectors: computer hardware and software, cameras, sporting goods, automotive, jewellery, coins, china, crystal, figurines, books, audio, silverware and appliances, with more joining the bandwagon everyday.

According to a study by Giga Information Group Inc., companies conducting business over the Internet are expected to realize nearly $1.25 trillion in savings by the year 2002, and ReplacementFinder will play a role in bringing products to the insurance replacement market at preferential cost savings.

ReplacementFinder will streamline business processes and save money for insurance companies, adjusters, and, most importantly, the customers.

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