Insurance analytics provider Verisk has announced the launch of Lien Check, a new tool that automatically provides claims handlers with critical lender data points to streamline the process for total-loss vehicle claims.
Total-loss claims are often inefficient, as claims handlers must manually verify lienholder information and obtain payoff data, Verisk said. This can delay settlement payments to policyholders. Lien Check provides critical lienholder information such as payoff amounts, title, and registered owner information. The tool 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 process for both carriers and lenders to help simplify, streamline and automate the total-loss process,” said Carlos Martins, senior vice president of claims 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 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