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Monday, 10 December 2018 17:13

NuGen IT Software Enables Access to Prevailing Labor & Tax Rate Information

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NuGen IT recently announced the release of its specialized Geo Labor and Tax Rate (GLTR) Guide to facilitate more efficient auto claims processing.

 

The software application allows users immediate access to prevailing labor rate and tax information in a local market area for the repair estimate.

 

“NuGen IT’s comprehensive understanding of the Department of Insurance’s regulatory requirements for each state, combined with our claims expertise and advanced technology, have allowed us to develop the GLTR Guide, an innovative solution to further optimize the auto claims process,” said Pete Tagliapietra, NuGen IT’s business development leader. “The GLTR Guide will provide insurance companies access to the labor rate and tax information they need in real time, so they can accurately and efficiently write and/or finalize the repair estimate.”

 

Users simply need to enable their location tracking or enter an address from any mobile device, and the GLTR Guide will be able to pinpoint the exact information in all 50 states using geopositioning technology.

 

“Insurance companies often don’t have the most up-to-date means to keep track of all the prevailing labor and tax rates across the country,” said Tagliapietra. “The GLTR Guide provides relevant information that is updated on a regular basis, so insurance carriers and collision repairs shops are assured of having access to the details they need.”

 

Also, the California Department of Insurance (CDI) established a standardized labor rate survey as part of its Fair Claims Settlement Practices Regulations. According to section 2695.81, the commissioner recommends insurers use the survey as a basis to settle or pay automobile repair insurance claims in a fair and equitable manner. If the insurer elects to use the survey, it must send a questionnaire to all auto body repair shops registered with, or licensed by, the Bureau of Automotive Repair (BAR) as an auto body and/or paint shop.

 

Based on the survey results, the regulation allows insurance companies to pay the prevailing rate based on a calculation of the shop’s asking rate.


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