LexisNexis Risk Solutions Helps U.S. Insurers Shorten and Simplify Total Loss with New Integrated Title, Registered Owner, Loan Payoff, Taxes and Fees Data from LexisNexis VINsights

Rhea-AI Summary

LexisNexis Risk Solutions has enhanced its VINsights total loss solution to streamline the claims process for U.S. insurers. The upgrade integrates data on title, registered owners, loan payoffs, and state taxes to expedite settlements. With rising total loss incidents, accounting for about 25% of collisions, these enhancements aim to improve customer experiences by reducing manual processes. The partnership with LossExpress provides quicker access to lienholder payoff data, potentially serving up to 80% of total losses.

Positive

• Enhancements to VINsights streamline claims processes for U.S. insurers, improving efficiency.
• Integration with LossExpress offers quick access to lienholder payoff data for up to 80% of total losses.
• Potential to improve customer experiences by reducing manual processes and cycle times.

Negative

• None.

Insurers Can Use Vehicle Insights to Help Consumers Benefit from Quicker, More Accurate Settlements

ATLANTA, Dec. 14, 2022 /PRNewswire/ -- 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:

• Is integrated to the front-end of the total loss process, arming insurers with aggregate data in near real-time to help ensure efficiency and accuracy across the workflow.
• Helps remove the headache of acquiring and verifying vehicle ownership and history.
• Is updated on an ongoing basis to help ensure the loan payoff and guarantee of title is executed correctly and expeditiously.
• Provides information such as titled owner that has use cases outside of total loss, such as when issuing payments.

Visit our LexisNexis VINsights total loss solution page for more information.

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.

About LossExpress 
LossExpress™, a division of Factory Intelligent Solutions, is the industry leader in software-enabled process automation and records retrieval solutions that streamline automotive total loss claims processes for the insurance industry. Its suite of dynamic and powerful solutions helps insurance companies increase efficiency, consistency and profitability. For more information, please visit www.lossexpress.com.

LexisNexis Risk Solutions Contacts:

Chas Strong    
Director, Communications      
LexisNexis Risk Solutions          
+1.706.714.7083         
Charles.Strong@lexisnexisrisk.com                                

Donna Armstrong
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611 
darmstrong@brodeur.com

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SOURCE LexisNexis Risk Solutions

FAQ

What are the recent enhancements to LexisNexis VINsights?

The recent enhancements include integrated title, registered owner, loan payoff, and state taxes data to expedite the claims process for insurers.

How does VINsights benefit U.S. insurers?

VINsights helps insurers streamline the total loss process, reducing manual data gathering and improving accuracy and efficiency.

What percentage of collisions result in total losses according to LexisNexis?

Total losses account for approximately 25% of all collisions.

How does LexisNexis's partnership with LossExpress enhance the claims process?

The partnership allows for faster access to lienholder payoff data, facilitating quicker payments and expedited lien and title release.