Calculating automobile total losses manually within a property and casualty insurance claim department can be extremely time consuming and difficult, due to increasingly complex tax issues, changing vehicle fee structures, and tighter state and federal regulations.
Most U.S. state Departments of Insurance have regulations that specify how insurance companies must calculate a total loss, including taxes, fees, and other associated costs. Whenever you combine humans and spreadsheets, the potential for errors arises.
Errors can lead to violations of state regulations when determining settlement offers, and that can result in fines, penalties, and ultimately a reduction in policyholder satisfaction.
At ClaimForce, we recognize the need for a tool to help ensure consistency, accuracy and compliance. Our web-based Total Loss Compliance solution, covering all 50 states and Washington D.C., allows the auto total loss specialist to prepare an objective settlement quickly, accurately and easily. Settlements can be calculated often in about half the time, giving policyholders their final settlements much faster.
A Settlement Outline Summary document, written in easily understandable, policyholder friendly, language is automatically produced, ready to be dispatched with your cover letter.
A key benefit of our Total Loss Compliance tool is that it also ensures the appropriate state, county, and city specific tax and fee structures are included in the final calculation. We maintain consistent communication with the various state DOIs; our regular review and analysis means that the calculations used are built to state specifications, and are reviewed and validated by each state’s Department of Insurance. This makes the handling adjuster’s job easier, and settlements more accurate.
To arrange a demonstration of our Total Loss Compliance solution, or to see our entire ClaimForce platform in action, contact us at 1-866-219-2177.