Midwest Venture Summit - Illinois Venture Capital Association
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March 17 & 18, 2008Midwest Venture Summit 
On line registration is now closed.  On site registration will be available on Monday, March 17 at The University of Chicago Gleacher Center and on Tuesday, March 18 at the Sheraton Chicago Hotel & Towers.  The cost to register is $599.00
 

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HyperQuest

Internet:

www.hyperquest.com

Address:

5750 Old Orchard Road
Ste 320
Skokie, IL 60077

Contact:

David Allocco, Vice President

Phone:

847/410-0467

Fax:

847/410-0468

e-Mail:

dallocco@hyperquest.com

 
In 2006, property and casualty “P&C” insurance companies received over $135 billion in premiums solely from automotive policies. In turn, P&C carriers account for approximately 90%, or $66 billion, of all collision repair payments in the United States. Historically, insurance companies have been unable to access real-time information for development of repair estimates; unable to efficiently manage the purchasing practices of collision repair shops; and unable to leverage volume to obtain more aggressive pricing on parts for estimate repairs. As such, insurance companies audit repair work on up to approximately one-quarter of all their claims at a substantial cost, ranging from $45 to several hundred dollars per audit. While the return is substantial -- an average $200 cost savings per audit -- the high cost restricts insurance companies from auditing more than 30% of their claims annually.

HyperQuest, Inc. is a Software as a Service (SaaS) company that markets information management services to the P&C insurance industry. HQ provides P&C carriers with innovative claims technologies that identify and communicate excess costs on automotive repair estimates, thereby reducing claims cycle time and controlling the $66 billion insurers spend on repairs annually. HyperQuest technology integrates the supply chain among carriers, suppliers, and automotive repair shops, thereby allowing claim-related activities among these groups to be digitized and stored. HyperQuest generates revenue from insurance customers and related businesses by collecting transaction fees for each claim processed through contracted services.

 
 
 

 

 


 

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