ATLANTA — Today, LexisNexis® Risk Solutions 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 LexisNexis Risk Solutions director of U.S. claims, Frank Cesario. “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 percent 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, 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:
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.