Streamlining the Loan Payoff Process Through Innovation

Just over a year ago, I wrote a Perspectives addressing the topic of data and innovation. Here we are 12 months later, and innovation is the subject again. That is because the constant pursuit of new solutions for our customers is paramount to IAA’s business model.

Last July, I closed out the article by stating that IAA would continue to lead the industry by optimizing our product and services offerings and being a true partner to our providers and enhancing the way they do business today and into the future. Our recent launch of IAA Loan Payoff™ fulfills that promise.

Knowing that cycle time reduction is a key goal for many insurance customers, we set out to streamline the process, including endless phone calls, faxes and overall time, it takes for insurance carriers to secure and complete bank payments when a vehicle claim includes a lien. After thoroughly researching and studying the process, IAA innovated and developed IAA Loan Payoff, an online communication portal between banks and carriers that greatly reduces the traditional timeline. IAA Loan Payoff replaces the normally tedious and time-consuming steps involved in getting a lien holder paid with a safe, secure, automated process that is proprietary to IAA.

The loan payoff process has been in need of an overhaul for some time. IAA used our innovative process to launch a product that eliminates excess tasks, outdated methods, and multiple touch points allowing providers and lending institutions to expedite the settlement process, reduce labor costs and focus more time on delivering an improved experience to current and prospective customers. Not to mention, IAA Loan Payoff is easy to use.

We already have a number of insurance customers piloting IAA Loan Payoff, and benefiting from this time and cost saving solution. I encourage you to learn more through our IAA Loan Payoff Case Study.  It goes further in depth on how the solution works and highlights the exceptional results of a pilot we conducted with one of our insurance customers.

There will be more customer-focused innovations unveiled in the coming months that I look forward to sharing with you. I am confident that a year from now, I will again be able to demonstrate how IAA is paving the way as the industry solutions leader.