Are Your Auto Insurance Claims Processes Compliant?

Posted by Tom Stover on March 24, 2016 at 9:30 AM

Key-Car-Orange1-300x121 - Auto.pngOutsourcing the auto insurance claims component can be advantageous for both auto finance companies as well as their clients. However, being successful within the auto finance industry depends primarily upon remaining compliant regulatory guidelines and investor and business requirements.

As mentioned in a previous blog, regulatory oversight for auto claims processing may be behind mortgage claims processing, but your compliance processes should always be up to date in preparation for future compliance and regulatory requirements.

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Topics: Auto Insurance Claims

Why Auto Insurance Claims Processes are Far Behind the Mortgage Industry and How to Turn it Around

Posted by Teresa Urban on March 1, 2016 at 9:30 AM

Key-Car-Orange1-300x121 - Auto.pngThere are several similarities between the processes for filing auto insurance claims on repossessed vehicles or damaged returns, and filing hazard claims for mortgagees. In the auto industry, an auto finance company notifies a service provider about a list of repossessed vehicles for inspection. The provider then travels to auction sites or uses technology to view images of the vehicles for specific damage, insurance carrier and date of loss. As expected, the date of loss is more difficult to identify with auto claims since historical photos of the vehicle do not exist. After the necessary inspections, the service provider runs reports for additional information, files the claims, remits the package back to the auto finance company and recovers as much money as possible for damages.

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Topics: Auto Insurance Claims