ClaimsPay: Modernizing Lienholder Payments for Total Loss Vehicle Claims

One Inc. and Copart have collaborated to modernize and expedite lienholder payments for total loss vehicle claims. Their integration of One Inc's ClaimsPay platform with Copart's Title Express and Loan Payoff system allows for faster and more accurate payments to lienholders, improving the claims experience for insurance carriers and their customers. The digital system streamlines lienholder payments, reduces operational costs, and improves customer satisfaction.

One Inc. and Copart have announced a strategic collaboration to modernize and expedite lienholder payments for total loss vehicle claims. This partnership integrates One Inc.'s ClaimsPay platform with Copart's Title Express and Loan Payoff system, delivering faster and more accurate payments to lienholders. The digital integration aims to enhance the claims experience for insurance carriers and their customers, while also reducing operational costs and improving customer satisfaction.

According to a MarketScreener report, vehicles are declared a total loss in over 20% of accidents. The process requires payoffs totaling tens of billions in auto loans annually from insurance companies to banks and other auto lenders. The rapid disbursement of lienholder payments is expected to improve the experience for all parties involved, including insured individuals, insurance carriers, and banks or other lienholders.

One Inc.'s ClaimsPay platform streamlines the lienholder payment process by replacing outdated paper-based systems with a fully digital, integrated solution. This digital transformation reduces manual touchpoints, minimizes errors, and enhances efficiency. The system allows carriers to initiate payments directly through their core systems or Copart's platform, benefiting from real-time updates and VIN-based matching.

The collaboration is set to reduce reconciliation delays within insurance carrier payment operations, clear titles, and ensure smooth ownership transfers. One Inc.'s network of over one million vendors, carriers, and other participants in the P&C marketplace can now pay thousands of lienholders nationally.

Ian Drysdale, CEO of One Inc., stated, "Our partnership with Copart is transforming lienholder payment management. Speed matters in claims, and this integration ensures payments move quickly and accurately." Robert H. Vannuccini, Chief Sales Officer for Copart, added, "Integrating One Inc’s ClaimsPay is the next step in modernizing this critical process. This partnership accelerates claim cycle times, cuts carrying costs, and helps all Copart Title Express stakeholders move faster with greater transparency."

This collaboration is a significant step towards modernizing the claims process and enhancing efficiency in the insurance industry. The integration of One Inc's ClaimsPay with Copart's Title Express and Loan Payoff system is expected to have a positive impact on the overall claims experience and operational costs for insurance carriers.