BANGKOK - Manheim Asia Pacific has been awarded "Service Provider of the Year" at the prestigious Asia Insurance Industry Awards 2009.
The award was accepted by Simon Moran, Vice President of Manheim Asia Pacific.
"The Asia Insurance Review is the region's preeminent publication and trusted journal of the Insurance community and we are honoured and delighted to win this prestigious award. It is an outstanding recognition for the company which commenced operations in Thailand in 2001. Since then, we have worked hard to set new standards for service levels in the industry and the award is fantastic recognition of our success. I would like to thank all our staff for their professionalism and dedication to customer service excellence that has made this achievement possible."
Manheim Asia Pacific was selected from a number of high profile companies competing for the honour of receiving the award. Introducing a new standard for auto insurers' resale of salvage units in Thailand, the firm has successfully reduced losses for insurers and was recognized for making an outstanding contribution for insurers across Thailand.
Manheim has responded to the needs of the market it serves by providing a dedicated salvage auction for the resale of accident-damaged vehicles. Finely-tuned marketing and a thorough understanding of parts, wrecking and repair markets have led to a significant reduction in losses for the insurer, the judging panel noted.
Around 70 percent of insurers in Thailand now use Manheim Thailand for their resale of salvage units. Direct sales of salvage units to a limited number of buyers via methods such as tender, lucky draw, and private and contractual agreements are in the process of being dismantled.
By introducing these services, Manheim has reset the industry pricing structure for the resale of salvage in Thailand. Many buyers were excluded from previous sales methods due to the size and dominating nature of some wholesalers and parts wreckers. Insurers in Thailand were paying 30 percent pre-accident value for any vehicle deemed written off. With its implementation of remarketing systems, Manheim has delivered an average of 43 percent in 2008, and 42 percent year-to-date 2009. The initiative accounts for almost 100 percent growth in returns for insurers for the sale of accident-damaged vehicles.
Under the scheme, auction efficiency is upwards of 80-percent sold per event, with large crowds of buyers in attendance both at the auctions or online. Manheim offers flexibility for sellers through the availability of online sales channels for vehicles in remote locations where transportation costs may outweigh asset value.
Funds are collected by Manheim in three business days and paid to insurers in four working days. Coupled with savings from land and storage costs and decreased theft of parts due to differing standards of security, Manheim has made an outstanding contribution for all insurers in the country.