New service provides insurers with ability to use CARFAX data to establish total loss values. Carfax announced that a new insurance total loss valuation service is now available through its claims-centric web portal. The new product helps total loss adjusters determine a vehicle’s unique pre-accident value using Carfax’s VIN-specific History-Based Value. Carfax utilizes pricing data […]
Total Loss Valuation Class Action Lawsuit Filed Against Allstate and CCC in Alabama
Suit alleges auto insurer undervalues total loss claims using CCC’s software. In a Federal Class Action lawsuit filed in Alabama on Wednesday, plaintiffs allege that Allstate Insurance systemically undervalues automobile total loss claims using CCC ONE Market Valuation Reports. The complaint alleges that Allstate and CCC have engaged in a scheme to artificially deflate the […]
Massachusetts Auto Lender Alleges CCC Understates Total Loss Values
Boston news radio station reports allegations of systemic low valuations on total losses. Repair association hopes Division of Insurance examines shop and insurer estimating platforms. According to a report by Boston radio station WBUR, the Massachusetts Division of Insurance is investigating allegations by Source One Financial Corp., a Norwell, Mass. auto lender that CCC Information […]
NuGen IT Total Loss Workbook Adds Commercial Vehicle Settlement Across U.S.
NuGen IT announced the expansion of its Total Loss Workbook to include commercial vehicle calculations for total loss settlements. The calculations are state-specific for the 50 states and Washington D.C. to meet all of the statutes and regulatory requirements for the Department of Insurance (DOI) and Department of Motor Vehicles (DMV). The Total Loss Workbook […]
Allstate Reports Auto Policies in Force Up in Fourth Quarter
Allstate brand auto net written premiums up 5.7 percent in 2018. Sees increase in total losses on newer vehicles due to increased part cost, technology and repair complexity. The Allstate Corporation (NYSE: ALL) reported financial results for the fourth quarter and full year of 2018. “Allstate continues to deliver strong operating results while building the […]
CCC Leverages Artificial Intelligence to Support Total Loss Decisions
CCC Information Services Inc. (CCC) introduced today its Smart Total Loss solution, an Artificial Intelligence (AI) powered claims solution that uses and analyzes a single photo to help auto insurers predict a vehicle total loss in seconds, with superior accuracy, and without human intervention. According to the company, CCC Smart Total Loss uses deep learning […]
Insurance Auto Auctions Introduces Total Loss Assessment Tool
nsurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE:KAR), announced its IAA Loss Advisor tool. 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 […]
Mitchell Integrates Build Sheet Data in WorkCenter Total Loss Solution
Mitchell International released the latest version of the WorkCenter Total Loss solution that integrates vehicle build sheet data when identifying the exact trim and options on available comparable vehicles, resulting in more accurate vehicle values. “At Mitchell we’re constantly challenging ourselves to think creatively about ways to deliver greater value to our customers, and the […]
Insurance Auto Auctions Launches Total Loss Claim Self-Service Portal
Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (KAR), and the leading live and live-online salvage auto auction company, announced the launch of MyVehicleClaim.com, a turnkey customer self-service tool that enhances the total loss claims experience for IAA Title Services clients. The tool allows insurance companies to provide vehicle owners with […]
NICB Processing Flood Damaged Vehicles from SC Floods
As South Carolina struggles to recover from record-breaking rainfall and flooding, the National Insurance Crime Bureau (NICB) is working with law enforcement agencies, insurance and car rental companies to identify and catalog water-damaged vehicles and keep them from being resold to unsuspecting consumers. Authorities estimate that thousands of vehicles may have been flooded. “Unfortunately, natural […]