Verisk, an insurance analytics company, has launched Lien Check, a new technology that automatically gives claims handlers with important lender data points to speed up the process for total-loss vehicle claims.
According to Verisk, total-loss claims are inefficient because claim handlers must manually validate lienholder information and get payout data. This may cause policyholder settlement payments to be delayed. Lien Check gives important lienholder details such payback amounts, title, and registered owner information. When lender data for a total-loss claim becomes available, the solution uses Verisk’s ClaimSearch platform to immediately notify partner insurance providers.
“This innovative new function will assist simplify, streamline, and automate the total-loss procedure for both carriers and lenders,” says the company. Carlos Martins, Verisk’s senior vice president of claims solutions, remarked “By digitally connecting lenders and insurers, carriers will be able to deliver better customer service and move closer to straight-through processing for total-loss auto claims.”
Lien Check can help you cut down on 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