Insurance Auto Auctions, Inc. (IAA) has unveiled development of a tool that enables insurance claims staff to quickly generate total loss recommendations, the company announced.
IAA Loss Advisor obtains the data based on information a claims team provides regarding the post-accident condition of a vehicle combined with the actual cash value and IAA salvage vehicle market value data, according to IAA.
"The Loss Advisor tool uses insurance company and IAA data to allow for a significant enhancement in the accuracy of the evaluation typically given by existing tools regarding early total loss prediction," said Pat Walsh, senior vice president of business development, IAA. "Because of this, Loss Advisor decreases storage and advance charges, reduces the cycle time and enhances the customer's satisfaction."
Loss Advisor is the latest tool in the IAA Total Loss Solutions suite of products that are designed to increase management of costs.
"By implementing the Loss Advisor tool, insurers can instill a greater sense of confidence in customers going through the claims process, which leads to increased policyholder fulfillment and retention," said John Kett, CEO and president, IAA. "This development complements the existing features of IAA Total Loss Solutions, which serve to further exhibit IAA's dedication towards being the leading industry expert providing a seamless suite of technologies that increases the effectiveness of the total loss claims process."