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Mitchell (San Diego), a provider of technology, connectivity and information solutions to the property/casualty claims and collision repair industries, has announced its collaboration with Claim Toolkit, a Naperville, Ill.-based provider of knowledge management and decision support tools to the P&C market for the past 20 years. The two companies are partnering to offer an integrated system to streamline and automate the complex process of correctly calculating taxes and fees for total loss payments given jurisdictional specifics. The system will help insurers reduce settlement time, increase customer satisfaction and maintain compliance with governmental regulations, a Mitchell statement says.
“Automating The Total Loss Auto claims settlement process continues to be one of the most difficult industry challenges, marked by disproportionately high labor cost, regulatory and compliance complexities and the lowest NPS of any claims type,” comments Stephen Applebaum, Managing Parter, Insurance Solutions Group (Chicago). A national, fully compliant—100 percent—accurate), cost-effective, automated payment solution for taxes and fees would be very welcome, especially when integrated into a carrier’s end-to-end Total Loss claims process.”
The new solution integrates the Claim Toolkit platform with Mitchell WorkCenter Total Loss, which the vendor characterizes as a comprehensive cloud-based vehicle valuation system that combines data analysis and vehicle valuation with Mitchell’s leading physical damage claims handling solutions. For insurers that subscribe to the value-added joint offering, any taxes and fees that are associated with the total loss settlement will be automatically calculated based on state-specific requirements. Carriers can then use Mitchell WorkCenter Total Loss to seamlessly export a summary report or more detailed breakdown of the charges.
Streamlining the Claims Workflow
“Constant statutory and regulatory changes and complex government back office procedures make it difficult for insurers to definitively know what taxes and fees they should pay on total losses,” says T. Mark Fay, President, Claim Toolkit. “Through Mitchell’s WorkCenter Total Loss solution and Claim Toolkit’s Total Loss Taxes and Fees, we can provide carriers with the information needed to help them determine fair and accurate market value for total loss vehicles, inclusive of the taxes and fees.”
“Mitchell is committed to helping insurers successfully navigate the complexities of total loss vehicle valuations,” comments Mike Lawlor, VP, Editorial and Total Loss, Mitchell. “Joining forces with Claim Toolkit—a leader in total loss tax and fee compliance—is yet another example of how we’re streamlining the claims workflow and helping carriers deliver better, more accurate outcomes for their customers.”