Auto Insurers Aim to Streamline the Total-Loss Process with Verisk’s New Lien Check Solution

Rhea-AI Summary

Verisk (Nasdaq: VRSK) has launched Lien Check, a new solution designed to enhance the efficiency of total-loss vehicle claims for insurers. This feature aims to automate the provision of critical lender data points, reducing the manual verification of lienholder information and speeding up settlement payments. By connecting insurers and lenders digitally, Lien Check addresses communication challenges and facilitates quicker claim processing.

Positive

• Launch of Lien Check enhances efficiency in handling total-loss vehicle claims.
• Automates provision of critical lender data, reducing manual verification steps.
• Digital connection between insurers and lenders improves customer service.

Negative

• None.

Database contributors can gain access to lender data through ClaimSearch®

JERSEY CITY, N.J., May 12, 2022 (GLOBE NEWSWIRE) -- Insurers can now aim to reduce the inefficiencies and challenges involved in settling total-loss vehicle claims with Lien Check, a new solution from Verisk (Nasdaq: VRSK). The tool automatically provides claim handlers with critical lender data points to streamline the total-loss process.

Total-loss claims are often inefficient, as claim handlers must manually verify lienholder information and obtain payoff data, which delays settlement payments to policyholders. Lien Check provides critical lien holder data such as payoff amounts, title and 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,” said Carlos Martins, senior vice president of claim solutions at Verisk. “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 can help solve communication challenges between insurers and lenders, which typically involves multiple phone calls, emails and faxes. The solution may be used to reduce inefficiencies by:

• Filling in missing lienholder information
• Confirming title status and registered owners
• Providing payoff and interest per diem amounts
• Facilitating electronic submission of guarantee of title, proof of loss and vehicle valuation report

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.

For more information, visit https://www.verisk.com/siteassets/iso-claimsearch/downloads/liencheck.pdf.

About Verisk
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global issues, including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.

FAQ

What is Lien Check by Verisk?

Lien Check is a new solution from Verisk that automates the provision of lender data to streamline total-loss vehicle claims.

How does Lien Check improve total-loss claims processing?

It reduces the need for manual verification of lienholder information, speeding up the settlement process for insurers.

What company operates Lien Check?

Lien Check is operated by Verisk, which trades under the ticker symbol VRSK.

When was Lien Check launched?

Lien Check was launched on May 12, 2022.