LexisNexis Risk Solutions has announced enhancements to its total loss solution, LexisNexis VINsights, and will deliver integrated title, registered owner, loan payoff and state taxes and fees data to help U.S. insurance carriers expedite the total loss process.
Part of the LexisNexis Claims Compass platform, VINsights is unique in that it includes total loss data beyond valuation, moves the data to the beginning of the claim and integrates it directly into the workflow. With the capabilities available through VINsights, adjusters can streamline and shorten data collection so they can focus on creating best-in-class customer experiences.
“We’re excited to bring game-changing value to an area that’s historically been painful for carriers and customers,” said Tanner Sheehan, vice president of claims, U.S. Insurance, LexisNexis Risk Solutions. “We know that supply chain challenges and parts and labor shortages contribute to an extended and already-complex total loss process, but we are committed to leveraging data to shorten that cycle and deliver the insights required to accelerate the process.”
Total losses have been steadily increasing since 2016, and LexisNexis Risk Solutions data indicates a positive correlation between the total loss customer experience and policy shopping.
“Today, total losses account for approximately 25% of all collisions, so it’s an area that’s becoming even more important to get right,” said Frank Cesario, director of U.S. claims for LexisNexis Risk Solutions. “Through our recent enhancements to our total loss solution VINsights, we are delivering more data and have eliminated the need to spend time gathering it. We know carriers want to stay laser-focused on their customers’ experiences, and by cutting out time spent on manual processes, we are enabling them to do that.”
In addition to delivering title, registered owner and state taxes and fees data, LexisNexis Risk Solutions has a strategic relationship with LossExpress to deliver faster, easier access to lienholder payoff data. Adjusters can now connect with lienholders in seconds for quicker payments and expedited lien and title release and gain easier access to loan payoff details such as payoff amounts, payment remittance information and guarantee of title. Depending on a carrier’s geography, the VINsights-LossExpress solution can deliver this data directly to the carrier’s claims system for up to 80% of its total losses.
“We are narrowly focused on leading the industry in reducing cycle times for total loss claims by solving lien and title release pain points for our partners, and this relationship with LexisNexis Risk Solutions is a further testament to that,” said Brandon Hall, CEO of LossExpress. “The inclusion of our best-in-class solutions within LexisNexis VINsights will create a more straight-through, fully-integrated process for insurance companies and serve to automate what was once a fragmented and time-consuming process for the industry.”
Drawing from multiple data sources and delivered through a single, integrated service in the insurer’s workflow, VINsights data:
- is integrated to the front-end of the total loss process, arming insurers with aggregate data in near real-time to help ensure efficiency and accuracy across the workflow.
- helps remove the headache of acquiring and verifying vehicle ownership and history.
- is updated on an ongoing basis to help ensure the loan payoff and guarantee of title is executed correctly and expeditiously.
- provides information such as titled owner that has use cases outside of total loss, such as when issuing payments.
For more information, visit the LexisNexis VINsights total loss solution page.