Insurance Auto Auctions, Inc. (IAA) the leading live and live-online salvage auto auction company and wholly-owned subsidiary of KAR Auction Services, Inc. (NYSE: KAR), today announced that it has launched a suite of patent pending title procurement tools – IAA Title Management and Title Tracker. “As a company focused on helping our clients best manage the entire salvage disposition process, we understand the challenges title procurement can create. These issues directly affect our customers’ returns and cycle time,” said Tom O’Brien, chief executive officer at Insurance Auto Auctions, Inc. “Our new solutions provide users with access to a comprehensive and efficient approach to title procurement, and allow for the choice of self-service or full service solutions to meet their specific needs.” The IAA Title Management and Title Tracker have been developed in collaboration with insurance companies, enabling IAA to understand the users and the industry’s need for both a full service and a self-service title procurement offering. Through this research, IAA leveraged over 20 years of title procurement expertise and developed an efficient, streamlined, and flexible suite of feature-rich and customizable solutions. Importantly, these solutions help to reduce the length of time it takes to secure a vehicle title and sell the vehicle at one of IAA’s over 160 auctions. This translates into improved cycle time, increased returns, and overall resource savings. IAA brings an unmatched set of solutions to the industry, providing a self-service and full-service title procurement and management offering.
IAA Title Management, a comprehensive IAA process offering, alleviates the burden of title procurement providing a customized client solution from start to finish employing industry best practices. The company’s industry relationships with lienholders and state DMVs and experience with state abandonment laws ensures timely procurement of lien and non-lien titles as well as resolution of problem titles. Other benefits include minimizing IT spend, reducing rental and staffing expenses and improving speed to insured payments. The result of this effort translates directly into savings per claim file and enhanced customer satisfaction and retention.
The company developed an integrated, industry-first customer-centric title procurement tracking tool Title Tracker, which resides within the industry’s leading customer portal, CSAToday® – IAA clients now have the option to self-manage the title procurement process within CSAToday, the tool they use every day for salvage management. Title Tracker is a workflow-based, logic-oriented tool that is fully integrated into IAA’s systems and can be fed data manually or from a total loss worksheet. Title Tracker can be utilized even before assigning the vehicle to IAA, and to assist in making assignments.