Best Practices for Total Loss Handling
What the industry leaders are doing
Dealing with total loss claims is not for the faint of heart. Total loss claims account for approximately 19% of a typical carrier’s APD volume, comprise over 41% of their indemnity spend and result in a disproportionate amount of customer complaints. Cycle time on total loss claims is excessive at 39.1 days generating unnecessary indemnity spend on items such as rental and storage costs.
Excessive cycle time creates unhappy policyholders that are likely to leave a carrier for a competitor. Information collected on vehicle specifics is frequently incorrect leading to inaccurate valuation assessments and creating an environment of mistrust between carriers and vehicle owners. Understanding the metrics utilized to gauge total loss performance within your organization, drive customer satisfaction and assure optimal return on your salvage assets will all be discussed in this unique educational course offering.