What to look for in your auto claims provider
When auto lenders think about damage claims to recoup their losses on repossessed, damaged vehicles, they often think about the FTEs who provide a claims service as a part of their daily responsibilities, or the current vendor to whom they outsource. The question is, are these employees and vendors doing enough?
The face of damaged auto claims has changed over the past few years. Auto lenders are realizing that they miss out on thousands, and potentially millions, of dollars in claimable funds per vehicle they repossess. With this realization comes the brainstorm to find a claims vendor who will recover these funds and maintain a compliant process while doing so.
Therefore, the industry has changed and lenders now place more importance on auto claims and the vendors whom they employ. Selecting the best auto claims vendor comes down to three areas; technology, scalability, and proven claims expertise.
Technology
When selecting a vendor to process auto claims, it is imperative that they have cutting edge technology with real time reporting capabilities, as well as a system that makes the upload and tracking process as painless as possible for the lender. Reporting that has been customized to each lender’s specific needs is something that should be addressed as well. When the lender is able to request ad hoc data and customized, regularly delivered data, they are receiving an arsenal of tools to better understand their recoveries.
Scalability
Having a dedicated team is something that may seem second nature; especially for those lenders processing auto claims internally. Unfortunately, several of the FTEs who process the claims have other responsibilities and are dependent upon prioritization, which may not include the claims process. A vendor’s ability to provide a dedicated processing team should be noted when researching outsourcing the auto claims process. After all, the claims processing vendor should listen to the lender’s needs and partner with them to provide the best overall solution to their problems. This includes the ability to scale up with any lender who is interested in growing their business or acquiring additional auto loan portfolios.
Proven Claims Expertise
Lastly, a claims processing vendor will not be successful without a streamlined organization and sophisticated claims processing system. The ability to utilize the available cutting edge technology and provide customized reporting and scalability comes from employing expert teams and processes year over year. Selecting a vendor who has been in the insurance claims industry for many years but has the forward thinking mindset of partnership and mutual trust between itself and its clients becomes the most valuable tool in an auto lender’s arsenal.
At DIMONT, we have been processing insurance claims for over 20 years and have utilized our extensive industry knowledge to develop and employ an auto claims processing technology like nothing else in the field today. We value our client’s needs and strive to partner with them in all aspects of the claims process. Our customized, real-time reporting coupled with a dedicated team of expert claims adjusters and client relations manager aligns us with our clients and enables maximized recoveries on damaged, repossessed vehicles.
For more information on how we can help you with all of your auto insurance claims needs, contact DIMONT today about our Auto Claims process.