Our mission at Claim Transparency Innovations is to develop property insurance claim management software solutions that make the entire claim process as transparent as possible to all parties involved, from the insured to the adjusters, appraisers, repair/replace facilities, insurance carriers and any reinsurance providers. Our current product suite is described below.
Please Contact Us with any questions you may have about these or any of our ongoing product development plans. When the claim process is not transparent, the result can lead to frustration, delays, errors, and surprises. At Claim Transparency Innovations we are striving to completely transform the prevailing insurance claim process that has been opaque and one-sided for far too long.
Transparent Claim was designed to move control of auto claims from the insurance carriers into the hands of the body shop and make the entire collision claim process transparent for all parties involved. Transparent Claim is a one-of-a-kind software solution, as no other body shop management software on the market offers these very needed insurance claim management tools. For example, when there are disagreements about repair costs or total loss settlements, a click of the mouse can link all parties to a Public Insurance Adjuster Agency to resolve the disputes quickly and authoritatively.
The decision to declare a damaged vehicle a total loss depends upon both the repair cost and the vehicle’s Actual Cash Value. If the insurer’s estimated value falls short of the true Actual Cash Value, an economically and safely reparable vehicle can be improperly deemed a total loss, removing a good business opportunity from the body shop. Should it be suspected that a vehicle is being undervalued below the cost to repair, and the owner/insured wants the vehicle fixed, it again just takes a single click of a mouse to request a preliminary valuation from an expert auto appraisal firm. The use of Transparent Claim has documented positive results in creating more business for collision facilities.
Who-Owes-What was designed to help a wide range of institutions frequently involved in primarily liability auto claims, such as auto lending institutions, auto dealerships with loaner fleets, municipalities with transport fleets, etc., determine in a transparent way who owes what following a partial or total vehicle loss.
For example, an auto lending institution needs to know who will be covering the remaining loan balance following a total loss accident. Should the proposed settlement from the insurer not satisfy the other parties to the loss, with the simple click of the mouse a Public Insurance Adjuster Agency can be seamlessly added to the process to define the loss. Once the true Actual Cash Value of the loss vehicle is determined, the correct and transparent resolution to Who-Owes-What falls clearly into place.
As defined in all auto insurance contracts, the insurance carrier owes the Actual Cash Value of the loss vehicle at the date of loss. If the insured has purchased a GAP contract, the GAP Provider then owes the difference between the loan payoff amount and the Actual Cash Value less any contractual deductions such as for missed payments, etc. Any remaining loan balance due after the insurer and GAP Provider (if any) have settled with the lender is owed by the borrower.
It should be clear that when the insurance carrier’s proposed settlement falls below the true Actual Cash Value of the loss vehicle, it obscures and muddles who owes any remaining balance. GAP Providers typically have contractual means to mitigate their liability when the primary insurer doesn’t pay their fair share, and lenders often end up with charge offs when borrowers lack the funds or the will to pay unexpected negative loan balances. By transparently establishing the fair resolution as to who owes what, Who-Owes-What helps control lender losses due to loan charge offs.
GAP Clarity was designed to help GAP Providers more easily and transparently manage their claim process while improving loss ratios by minimizing excess losses due to underpayment by primary insurers. When the primary insurer underpays on their liability, in one way or the other it is almost always the innocent GAP Provider who gets criticized and abused. Either the GAP Provider goes ahead and pays the unfairly large difference between the lender payoff and the primary carrier’s settlement, cutting into profits and inflating loss ratios, or they attempt to protect themselves by taking contractual passthrough deductions and get hit with angry phone calls and poor ratings from frustrated clients who naively expected their GAP Provider to pay any and all remaining balance on their auto loan following a total loss event.
GAP Clarity helps to improve client satisfaction first and foremost by improving communication and making the claim process fully transparent. In the background to every claim the primary carrier’s valuation can be checked by a Public Insurance Adjuster Agency to determine if it is indeed in line with an expected range for the vehicle’s true Actual Cash Value. Should the Public Adjuster flag the carrier’s valuation as unreasonably low, they can become more actively involved to properly realign the liability. Once the true Actual Cash Value is established, it can result in lower or no obligation on the part of the GAP Provider, excess equity on the part of the insured, or even a reassessment of the total loss ruling and a decision to repair a safely reparable vehicle, removing the GAP claim completely. Any of these outcomes result in higher customer satisfaction and improved customer social media ratings, as does the clear communication and transparency provided throughout the claim process.