Insurance Auto Auctions Announces Loss Advisor Tool for Advanced Total Loss Assessment
Published September 20, 2016 - Written by IAA, Inc.
WESTCHESTER, IL, September 20, 2016 — 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.”
Jeanene O’Brien SVP, Global Marketing and Communications
About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes more than 2.5 million vehicles annually. Headquartered near Chicago, IL, IAA has over 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA provides a broad range of services to insurers, fleet and rental companies, rebuilders, charity organizations and financing companies that dramatically reduce the cycle time of selling a vehicle with a focus on delivering the highest economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and digital bidding tools, enhancing the overall purchasing experience.
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Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include the statements regarding IAA’s future financial and operating performance, benefits and synergies of the separation, strategic and competitive advantages, future opportunities and any other statements regarding events or developments that IAA believes or anticipates will or may occur in the future. We disclaim any obligation or undertaking to update any forward-looking statements. For further discussion of such risks and uncertainties, see “Information Statement Summary,” “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the information statement filed as an exhibit to IAA’s Registration Statement on Form 10, as amended.
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