Insurance Auto Auctions Announces Loss Advisor Tool For Advanced Total Loss Assessment
New Product Expedites Early Total Loss Guidance for Customers
WESTCHESTER, Ill., Sept. 20, 2016 /PRNewswire/ -- Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE: KAR), and the leading live and live-online salvage auto auction company, today announced its newest development, IAA Loss Advisor™. The tool enables insurance claims staff to quickly generate an early total loss recommendation based on information they provide regarding the post-accident condition of the vehicle combined with the ACV (actual cash value) and IAA salvage vehicle market value data. Loss Advisor is the latest advancement in the IAA Total Loss Solutions™ first-of-its-kind suite of products that ultimately leads to increased management of costs, as well as an enhancement in customer satisfaction and retention.
"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."
"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."
About Insurance Auto Auctions, Inc.
Insurance Auto Auctions is the leading live and live-online salvage vehicle auction company and a business unit of KAR Auction Services (NYSE: KAR). Headquartered in Westchester, Illinois, IAA has over 170 auction facilities throughout North America offering towing, financing and titling services. With the most auction facilities in North America, IAA provides registered buyers from around the globe with millions of opportunities to bid on and purchase donated and salvaged vehicles. Since 1982, IAA has sold millions of vehicles through its weekly auctions for insurance companies, fleet and rental companies, financing companies, charity organizations and the general public. IAA also leverages its business model to assist charitable organizations in the US through its One Car One Difference® campaign. To date IAA has provided millions of dollars in additional funding to charities by assisting in the processing of donated vehicles. Learn how we are making a difference by visiting www.1car1difference.com. With a talented team of over 2,700 employees, IAA is committed to providing customers with the highest level of services in the salvage auto industry. Go to www.IAA-Auctions.com to learn more, and follow IAA on Facebook and Twitter.
Jeanene O'Brien | Vice President, Global Marketing
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SOURCE Insurance Auto Auctions, Inc.
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