Industry-leading digital solution streamlines transactions, improves customer satisfaction
IAA, Inc. (NYSE: IAA), a leading global digital marketplace connecting vehicle buyers and sellers, announces that IAA Loan Payoff exceeded $3 billion in total loss transactions in 2022. This exponential growth follows the tool’s 2021 record of $1.2 billion in loans and leases processed, bringing the grand total in transactions since its launch to $5 billion. Insurance carriers have praised the unrivaled advantages of the IAA Loan Payoff solution, bringing the industry closer to touchless digital transactions and helping optimize and streamline their workforce. IAA Loan Payoff is the only solution that offers direct digital integration and settlement with all major financial institutions for both positive and negative equity loans.
Used by many of the top U.S.-based insurance carriers, IAA Loan Payoff provides a single point of entry for all total loss transactions with a lien or lease, using its secure digital portal to automate inefficient manual communications between carriers and lenders. Since its launch in November 2019, this innovative product has been a game-changer in the industry as the only solution that provides direct funding of total loss claims for all liens and leases within a digital portal. It greatly saves time and costs by reducing seller claim cycle times by 10-15 days on average and per-claim costs by an average of $450.
“This milestone of over $3 billion in total loss loans transacted in 2022 is an incredible accomplishment, and a testament to how much IAA Loan Payoff improves the overall claims experience for our customers,” said John Kett, CEO and President of IAA. “An expedited claims process leads to more satisfied policyholders, and we are thrilled to be leaders in advancing toward an all-digital environment, reducing stress, time and costs.”
IAA, Inc. (NYSE: IAA) is a leading global digital marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique platform facilitates the marketing and sale of total-loss, damaged and low-value vehicles. Headquartered near Chicago in Westchester, Illinois, IAA has nearly 4,500 employees and more than 210 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base – located throughout over 170 countries – and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. Buyers have access to multiple digital bidding and buying channels, innovative vehicle merchandising, and efficient evaluation services, enhancing the overall purchasing experience. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns.
For more information, visit IAAI.com