An Update on Recent Deals – Report on Solera Holdings Inc.
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Highlights from our SLH Report include:
- Recent Deal with Suncorp - In a press release dated
August 13, 2015 ,Solera Holdings, Inc. reported that Suncorp Group Limited, which includes a portfolio of leading general insurance brands inAustralia and New Zealand , has selectedSolera's Risk Management Solutions platform following an extensive trial covering 20,000 auto repairs. Additionally, Suncorp has also selectedSolera's vehicle identification and customer communications applications in an effort to improve the end-to-end claims process, making it faster and more transparent.
- Deal Framework - The Company informed that under the terms of the aforementioned agreement, it will roll out a damage assessment and claims processing platform, starting in October, across the Suncorp network in
Australia . Being first of its kind in the Australian market, this advanced auto repair software will help Suncorp grow with the increasingly complex auto industry, while managing rising customer expectations. Suncorp worked withSolera throughout a trial period to customize the platform to meet the needs of the region and integrate seamlessly with Suncorp's Claim Management System.Solera compiled local data to cover 95% of the Australian car parc and built VIN decoding for 88% of them. Consequently,Solera's database now includes over 800 models found only in the Australian market.
- Management Viewpoint -
Tony Aquila ,Solera's founder, Chairman and CEO, said, "It's an honor to partner with Suncorp to bring the most advanced digital technologies to the Australian market. Together, we will deliver superior customer engagement throughout the claims process and, ultimately, the broader insurance experience."Leigh Bryan , Suncorp's Head of Motor Claims, added, "This is a game-changing opportunity to simplify our motor claims process and make it even better for our customers."
- Deal with Tesla - In another press release dated
August 3, 2015 ,Solera Holdings, Inc. reported that Tesla Motors has opted for its collision estimating and customer communication platforms for its global certified collision repair centers. The Company explained that through AudaExplore (U.S.) and Audatex (global), all Tesla insurers and repairers will use solutions provided bySolera in an effort to process fast and accurate collision repair estimates and insurance claims on Tesla vehicles. Tesla will also utilize theSolera's AutoWatch platform so as to improve both the driver experience and communication between Tesla and its customers. According to the release,Solera expects to roll out the Tesla-related products to all AudaExplore and Audatex licensed users in the coming weeks, starting inNorth America ,Europe andChina .
To find out how this influences our rating on
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