With Lien Check, an innovative solution from Lien Check, insurers can reduce inefficiencies and the challenges of settling total vehicle loss claims. Verisk. The tool automatically provides key lender information to claim handlers, which helps streamline the total loss process.
Total-loss claims can be slow because claim handlers have to manually verify lienholder information, and get payoff data. This delays settlement payments to policyholders. Lien Check gives critical information about lien holders such as payoff amounts and title, as well as 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,” Carlos Martins is the senior vice president of Verisk’s claim solutions.. “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 helps solve communication issues between lenders and insurance companies. This usually involves multiple phone calls and emails as well as faxes. It may also be used for reducing inefficiencies.
- Information about missing lienholders
- Confirm title status and registered owners
- Payoff and interest per diem
- Electronic submission of vehicle valuation reports, proof of loss, and guarantee of title
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.