IAA Loan Payoff™
IAA understands just how critical cycle times, costs and customer satisfaction are to your business. IAA Loan Payoff offers dramatic savings in terms of your overall claim cycle times and your per-claim costs. A faster claims process means happier policyholders.
Loan Payoff Dramatically Trims Carrier Cycle Times and Claim Costs
On average, Loan Payoff reduces seller
Claim cycle times by 12-15 days
Total-loss transaction cycle times by up to 50%
Per claim costs by $450
Loan Payoff is the Competitive Differentiator
Our exclusive online portal connects banks and insurance companies to expedite the total loss process.
Provides a single point of entry for all total-loss transactions with a lien or lease
Delivers ACH funding for lenders for both positive and negative equity liens
Helps insurance carriers and lenders optimize workforce allocation
Auto-generates letters of guarantee in as little as one day: industry average is 10+ days
Provides direct funding of total-loss claims within a digital portal
Delivers a single digital workflow
Accessible via the Guidewire Claim Center using our Accelerator
How Loan Payoff Works
Our secure online digital portal automates inefficient back-and-forth phone, fax and email communications between carriers and lenders.
Connecting banks with insurance companies streamlines or eliminates cumbersome processes around claims initiation, request for payoff, and the Letter of Guarantee to the lender in a total loss situation and facilitates ACH funding.
When funds, data, and documents move electronically, it dramatically shortens timelines and costs.
By the Numbers
Direct integrations with 2,000+ lenders
Nearly 100% lender coverage
Dozens of active tier 1 and 2 insurance carriers
Three of top-5 U.S.-based insurance carriers use it daily
16 of top-20 U.S.-based auto lenders actively use IAA Loan Payoff
IAA Gives You The Tools and Technologies For Effective Vehicle Management and Selling
Explore these tools and technologies for effective vehicle management.
IAA Active Inventory Management™
Let IAA handle your total-loss vehicle management so you can focus on your core business. IAA's Active Inventory Management team manages bids and settlements, resolves issues around vehicle release and titles, and shortens the cycle time for selling your vehicles.
SettlementAssistant.com
IAA offers SettlementAssistant.com, a convenient online tool that helps insurance carriers settle clients’ total loss vehicle claims faster and more efficiently. This helps carriers speed up the claims process by reducing errors and delays.
IAA Title Services™
Title Services provides a suite of total-loss claims products and features to manage salvage vehicle registrations and title transfers, including the procurement of titles and the resolution of unresolved issues and title transfers.