ATLANTA, March 4, 2021 /PRNewswire/
-- LexisNexis® Risk Solutions announced the
development of LexisNexis VINsights®, an innovative
solution that will improve the total loss claims management process
by reducing the time it takes to settle a claim. VINsights will
deliver the information an adjuster needs in near real-time,
including the registered owner name, titled owner name and
lienholder data. Lienholder data includes lien payoff information,
branded title status and owed state taxes and fees.
"Total loss frequency is increasing and settling these claims
quickly can be a real challenge due to the wide variety of data
that is required," said Frank
Cesario, Director of Claims, LexisNexis Risk Solutions. "By
conveniently aggregating critical auto and vehicle data points,
VINsights helps adjusters spend less time verifying information,
which helps expedite the claims process."
VINsights reduces the need for data look-up by automatically
ingesting data from multiple sources, eliminates administrative
errors through automated data verification, and improves claims
accuracy by providing thorough and actionable information. Data is
verified and delivered directly into the claims management system
to help carriers expedite the total loss settlement process and
improve their customer experience. An improved claims experience is
important to consumers. In 2020, more than 6% of insureds switched
insurance carriers within 90 days of a total loss, with some
insurers experiencing more significant attrition.1
Mark Breading, Partner at the
insurance advisory firm Strategy Meets Action commented on the
solution saying "VINsights is one of those rare solutions with the
potential to deliver strong benefits to all parties involved.
Policyholders get faster resolution of their claims and are more
satisfied. Adjusters don't have to spend time on the drudgery of
data collection and can focus on more high value activities. And
insurers benefit from increased customer satisfaction, which drives
higher retention."
"As a result of customer demand, quick claims processing has
become a key differentiator among insurers," said Cesario.
"Carriers who utilize innovative solutions like VINsights are able
to more quickly and confidently close total loss claims and deliver
a better customer experience."
For more information and the latest updates on
LexisNexis® VINsights click here.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data
and advanced analytics to provide insights that help businesses and
governmental entities reduce risk and improve decisions to benefit
people around the globe. We provide data and technology solutions
for a wide range of industries including insurance, financial
services, healthcare and government. Headquartered in metro
Atlanta, Georgia, we have offices
throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a
global provider of information-based analytics and decision tools
for professional and business customers. For more information,
please visit www.risk.lexisnexis.com and www.relx.com.
Media Contacts:
Rocio Rivera
LexisNexis Risk Solutions
Phone: +1.678.694.2338
rocio.rivera@lexisnexisrisk.com
Mollie Holman
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5611
mholman@brodeur.com
1 LexisNexis Risk Solutions proprietary analysis.
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SOURCE LexisNexis Risk Solutions