Innovative Claims Solution from LexisNexis Risk Solutions Delivers Verified Data in Near Real-Time to Streamline the Total Loss Claims Process and Improve Cycle Time

Rhea-AI Summary

LexisNexis Risk Solutions announced the launch of VINsights, a new solution aimed at enhancing total loss claims management by reducing settlement times. It provides near real-time data on vehicle ownership, lienholder information, and tax details. The platform automates data aggregation, minimizes administrative errors, and improves claims accuracy. As total loss frequency rises, quick processing is vital for insurers, with over 6% of insureds switching carriers post-loss in 2020. Customers demand faster resolutions, making innovations like VINsights essential for maintaining satisfaction and retention.

Positive

• Introduction of VINsights to streamline total loss claims process.
• Reduction in settlement times through near real-time data delivery.
• Improved accuracy and efficiency via automated data verification.
• Potential for higher customer satisfaction and retention rates.

Negative

• None.

ATLANTA, March 4, 2021 /PRNewswire/ -- LexisNexis^® Risk Solutions announced the development of LexisNexis VINsights^®, an innovative solution that will improve the total loss claims management process by reducing the time it takes to settle a claim. VINsights will deliver the information an adjuster needs in near real-time, including the registered owner name, titled owner name and lienholder data. Lienholder data includes lien payoff information, branded title status and owed state taxes and fees.  

"Total loss frequency is increasing and settling these claims quickly can be a real challenge due to the wide variety of data that is required," said Frank Cesario, Director of Claims, LexisNexis Risk Solutions. "By conveniently aggregating critical auto and vehicle data points, VINsights helps adjusters spend less time verifying information, which helps expedite the claims process."

VINsights reduces the need for data look-up by automatically ingesting data from multiple sources, eliminates administrative errors through automated data verification, and improves claims accuracy by providing thorough and actionable information. Data is verified and delivered directly into the claims management system to help carriers expedite the total loss settlement process and improve their customer experience. An improved claims experience is important to consumers. In 2020, more than 6% of insureds switched insurance carriers within 90 days of a total loss, with some insurers experiencing more significant attrition.¹

Mark Breading, Partner at the insurance advisory firm Strategy Meets Action commented on the solution saying "VINsights is one of those rare solutions with the potential to deliver strong benefits to all parties involved. Policyholders get faster resolution of their claims and are more satisfied. Adjusters don't have to spend time on the drudgery of data collection and can focus on more high value activities. And insurers benefit from increased customer satisfaction, which drives higher retention."

"As a result of customer demand, quick claims processing has become a key differentiator among insurers," said Cesario. "Carriers who utilize innovative solutions like VINsights are able to more quickly and confidently close total loss claims and deliver a better customer experience."

For more information and the latest updates on LexisNexis^® VINsights click here.

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-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.

Media Contacts: 
Rocio Rivera 
LexisNexis Risk Solutions 
Phone: +1.678.694.2338 
rocio.rivera@lexisnexisrisk.com 

Mollie Holman 
Brodeur Partners for LexisNexis Risk Solutions  
Phone: +1.646.746.5611 
mholman@brodeur.com

¹ LexisNexis Risk Solutions proprietary analysis.

 

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SOURCE LexisNexis Risk Solutions

FAQ

What is VINsights from LexisNexis?

VINsights is a solution designed to enhance total loss claims management by providing near real-time vehicle ownership and lienholder data.

How does VINsights improve claims processing?

It reduces data lookup time, minimizes administrative errors, and enhances claims accuracy, allowing adjusters to focus on high-value tasks.

What is the impact of total loss frequency on insurers?

Increasing total loss frequency complicates claims settlement, making quick processing vital for customer retention.

What are the benefits of using VINsights for insurers?

Insurers can expect faster resolution of claims, improved customer satisfaction, and potentially higher retention rates.