Insurance Auto Auctions Announces Loss Advisor Tool For Advanced Total Loss Assessment

By a News Reporter-Staff News Editor at Insurance Weekly News -- 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, announced its newest development, IAA Loss Advisor™. The tool enables insurance claims staff to quickly generate an early total loss recommendation based on information they provide regarding the post-accident condition of the vehicle combined with the ACV (actual cash value) and IAA salvage vehicle market value data. Loss Advisor is the latest advancement in the IAA Total Loss Solutions™ first-of-its-kind suite of products that ultimately leads to increased management of costs, as well as an enhancement in customer satisfaction and retention.

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"The Loss Advisor tool uses insurance company and IAA data to allow for a significant enhancement in the accuracy of the evaluation typically given by existing tools regarding early total loss prediction," said Pat Walsh, senior vice president of business development, IAA. "Because of this, Loss Advisor decreases storage and advance charges, reduces the cycle time and enhances the customer's satisfaction."

"By implementing the Loss Advisor tool, insurers can instill a greater sense of confidence in customers going through the claims process, which leads to increased policyholder fulfillment and retention," said John Kett, CEO and president, IAA. "This development complements the existing features of IAA Total Loss Solutions, which serve to further exhibit IAA's dedication towards being the leading industry expert providing a seamless suite of technologies that increases the effectiveness of the total loss claims process."

Keywords for this news article include: Insurance Auto Auctions Inc.

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