Insurance Auto Auctions Launches Total Loss Solutions
Published October 1, 2015 - Written by IAA, Inc.
First in Salvage Industry to Offer Solutions to More Effectively Manage Costs and Improve Customer Service
WESTCHESTER, Ill., Oct. 01, 2015 — 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 the launch of IAA Total Loss Solutions™, a suite of products that directly impacts the opportunities to improve customer satisfaction and more effectively manage costs during the total loss claims process. The first two product lines the company has launched are IAA Inspection Services™ and IAA Title Services™.
“Our customers are consistently focused on providing the best possible experience for their insureds while increasing the efficiency of their claims process,” said John Kett, CEO and president, IAA. “The total loss claims process has become a more important success factor for our property and casualty carrier clients, as well as a primary influencer of customer satisfaction and retention.”
“These are the first products IAA is bringing to market within our Total Loss Solutions strategy,” commented Pat Walsh, senior vice president of business development, IAA. “We completed extensive research on the total loss claims process and our results clearly indicate that opportunity exists to help our clients improve customer satisfaction and gain economic benefits.”
IAA Inspection Services was developed to reduce the cycle time from date-of-loss to total loss determination. Three offerings are included: Enhanced Images, Condition Report and Appraisal. These offerings are designed to allow direct towing to the salvage auction, where high-resolution imagery can support virtual inspection of vehicles, resulting in faster cycle time and reduced claims cost. Efficiencies within the inspection process can be further leveraged by IAA providing a pre-loss vehicle condition and option report, and a vehicle valuation to provide a comprehensive solution to 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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