IAA Loan Payoff™ becomes the first platform in the salvage industry to reach full lender coverage for total loss claims
IAA, Inc., a leading global digital marketplace connecting vehicle buyers and sellers, announces a strategic industry partnership with Fastlane, a leading process automation technology company, to leverage its LossExpress™ solution, a secure industry-leading platform that connects insurers with the largest active lienholder network in the United States. As the exclusive salvage provider partner to Fastlane, IAA is now positioned to become the first salvage company in the industry to reach full lender coverage for total loss claims through its Loan Payoff tool.
Integrating the LossExpress™ functionality will effectively expand lender coverage to nearly 100% within the IAA Loan Payoff portal while maintaining all the benefits of the existing product. LossExpress will supplement the platform’s fully integrated lender network to provide enhanced lender coverage and expanded data capabilities.
“The integration of our Loan Payoff platform with the innovative process automation technologies of Fastlane and its LossExpress solution – and the subsequent expansion of our lender coverage and data capabilities – will create a more streamlined, fully digital claims process for our customers,” said John Kett, Chief Executive Officer and President of IAA. “This relationship reflects our focus on leading the industry in solving major pain points for our partners and reducing cycle times for total loss claims.”
“We’re extremely focused on streamlining business processes across industries with our ubiquitous and intelligent automation technologies,” said Brandon Hall, Fastlane CEO. “We are excited to accelerate the continued adoption of this automation in total loss with IAA as they deliver a best-in-class digital loan payoff to lien release process, reducing cycle times and increasing selling prices, customer satisfaction and retention rates.”
According to IAA estimates, approximately 5 million vehicles are declared a total loss each year and up to 70% of those vehicles carry a lien. By partnering with Fastlane and the lenders that vehicle owners use, the IAA Loan Payoff tool has been shown to deliver improved policyholder satisfaction with total loss claims. The IAA Loan Payoff solution can reduce the time to secure a vehicle title for a total loss claim by up to 50%, which can result in greatly reduced vehicle depreciation.
For more information on IAA Loan Payoff, visit IAAI.com