Auto Insurers Aim to Streamline the Total-Loss Process with Verisk’s New Lien Check Solution
12 May 2022 - 11:00PM
Insurers can now aim to reduce the inefficiencies and challenges
involved in settling total-loss vehicle claims with Lien Check, a
new solution from Verisk (Nasdaq: VRSK). The tool automatically
provides claim handlers with critical lender data points to
streamline the total-loss process.
Total-loss claims are often inefficient, as claim handlers must
manually verify lienholder information and obtain payoff data,
which delays settlement payments to policyholders. Lien Check
provides critical lien holder data such as payoff amounts, title
and registered owner information. The solution uses Verisk’s
ClaimSearch® platform to automatically notify participating
insurance carriers when lender data is available for a total-loss
claim.
“This exciting new feature will facilitate the reduction of
manual processes for both carriers and lenders to help simplify,
streamline and automate the total-loss process,” said Carlos
Martins, senior vice president of claim solutions at Verisk.
“Connecting lenders and insurers digitally will help carriers
provide faster customer service and take a significant step toward
straight-through processing for total-loss vehicle claims.”
Lien Check can help solve communication challenges between
insurers and lenders, which typically involves multiple phone
calls, emails and faxes. The solution may be used to reduce
inefficiencies by:
- Filling in missing lienholder information
- Confirming title status and registered owners
- Providing payoff and interest per diem amounts
- Facilitating electronic submission of guarantee of title, proof
of loss and vehicle valuation report
The solution requires minimal to zero IT support for existing
ClaimSearch subscribers by creating seamless data flow with a
carrier’s claim system via APIs.
For more information, visit
https://www.verisk.com/siteassets/iso-claimsearch/downloads/liencheck.pdf.
About Verisk Verisk (Nasdaq: VRSK) provides data-driven
analytic insights and solutions for the insurance and energy
industries. Through advanced data analytics, software, scientific
research and deep industry knowledge, Verisk empowers customers to
strengthen operating efficiency, improve underwriting and claims
outcomes, combat fraud and make informed decisions about global
issues, including climate change and extreme events as well as
political and ESG topics. With offices in more than 30 countries,
Verisk consistently earns certification by Great Place to Work
and fosters an inclusive culture where all team members feel they
belong. For more, visit Verisk.com and the Verisk Newsroom.
Michelle Pantina
Verisk
551-500-7327
michelle.pantina@verisk.com
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