What does your product do and how can it help shops?
We saw some inefficiencies in the way that data was being handled when a shop is going to reconcile their estimate between an insurance estimate and their estimate. They have to go through them by hand and find what’s different on those estimates. That takes a long time. Depending on how long the estimate is, it could take fifteen minutes to over an hour.
We built a product, Estify, which eliminated that time. It does the reconciliation for you. The program runs a report and it will take all the differences between the estimates, show you exactly the totals, the bottom line dollar amount, and every line that’s different. So you can easily tell if you’re off five hours of body labor here or the parts price is different there.
What kind of efficiencies can this product produce?
When estimates are done through DRP work, this might not come into play as much. But a lot of our customers find that about 25 percent of the time, they’ll be taking two paper copies of their estimate and just taking a highlighter to it and lining them out, saying we don’t have this on the estimate or they don’t have this on the insurance one. It’s real dollar differences that you’re going to get paid on the estimate. It’s really helping shop owners find exactly where that difference is.
The cool part is that we have a dashboard in dollar amounts that shows all the dollar amounts that you’ve reconciled. So you can sort it by this month or by year and you can see, I reconciled this many estimates and the reconciliations found this dollar amount of a difference. Really, it goes back to the time savings from having your employee do it by hand.
What kind of a void does it fill for shop owners?
There is no reconciliation product that we’ve found. Mike Anderson is our advisor and he basically told us, no one’s doing this and many people don’t do it because it’s time consuming. So anybody doing this is just a person sitting down and finding the differences. There was not a good way to do this process.
Creating a user-friendly product was something that was very important to us because we know technology is not a strong point in a lot of people’s jobs and they don’t want to learn complicated new processes. We’re trying to make it as simple as possible.
Our software is completely online based, so you just need the Internet. You take the estimate from the insurance or the appraiser and upload it to our system. You just log into your account, upload that file in a PDF format, and upload your estimate in a PDF format. Then it will generate the report for you.
The way we want to develop software is that it shouts at you, that this is what you need to do, instead of, where was that button again?