Speed Claim Settlement: An Objective, Repeatable Process

In the U.S. today, most state Departments of Insurance have regulations that specify how insurance companies must calculate a total loss, including taxes, fees, and other associated costs.

In order to be in compliance with a correct automobile total loss settlement, the following must be considered:
  • 51 state and district tax percentages
  • 3077 county tax percentages
  • 3128 state and county title, license registration and other fees
  • Vehicle location to the street address
  • 1st party, 3rd party, salvage disposition and much more...

Complex and Error Strewn

The settlement of an auto total loss within a property and casualty insurance claim department is time consuming. There is the potential for error that can result in fines, penalties, and ultimately a reduction in policyholder satisfaction.

Calculating automobile total losses manually is extremely time consuming and difficult due to increasingly complex tax issues, changing vehicle fee structures, and tighter state and federal regulations. Errors can lead to violations of state regulations when determining settlement offers.

A Smarter Alternative

At ClaimForce, we recognized the need for a solution that helps ensure consistency, accuracy and compliance. Our Total Loss Compliance solution is a web-based tool that allows the auto total loss specialist to prepare an objective settlement quickly, accurately and easily.

A key benefit is that the solution also ensures the appropriate state, county, and city specific tax and fee structures are included in the final calculation. The ClaimForce Total Loss Compliance calculations are built to state specifications and reviewed by each state's Department of Insurance; this makes the handling adjuster's job easier and settlement more accurate.

Contact ClaimForce Today

To arrange a demonstration of our Total Loss Compliance solution, or to see our entire ClaimForce platform in action, contact us at 1-866-219-2177.