One Inc and Copart Partner to Accelerate Lienholder Payments for Totaled Vehicles
One Inc, a digital payments network for the insurance industry, is now enabling faster lienholder payments for total loss vehicle claims on Copart’s Title Express and Loan Payoff system.
Copart, an operator of online vehicle auctions, integrated One Inc’s ClaimsPay platform to improve the claims experience for insurance carriers and their customers, the companies said in a Wednesday (Oct. 15) press release.
“This partnership accelerates claim cycle times, cuts carrying costs and helps all Copart Title Express stakeholders — insurers, customers and lenders — move faster with greater transparency,” Copart Chief Sales Officer Robert H. Vannuccini said in the release. “Lenders using Copart’s Lender Portal to provide total-loss payoff details will gain even more speed and efficiency from this new payment capability.”
One Inc’s ClaimsPay uses a fully integrated, digital system and modern payment rails to improve financial settlements and lien releases, according to the release. By doing so, the platform helps clear titles, facilitates smooth ownership transfers, and reduces reconciliation delays within insurance carrier payment operations, the release said.
“Speed matters in claims, and this integration ensures payments move quickly and accurately,” One Inc CEO Ian Drysdale said in the release. “When lienholder payments are processed faster, Copart can move vehicles to auction sooner, generating immediate value for insurers and minimizing disruptions for all involved.”
The PYMNTS Intelligence and The Clearing House collaboration “Fast-Tracking Funds: Finance and Insurance Accelerate Payments” found that swift payouts are essential in the finance and insurance industries.
The report found that organizations implementing real-time payments reported substantial benefits, with 77% noting an improved customer experience and 54% finding that real-time transactions alleviated issues surrounding urgent payments.
The speed, ease and flexibility of insurance payouts can make the difference between a claimant who becomes a loyal customer and one who leaves, One Inc Chief Product Officer Sarah Owen told PYMNTS in an interview posted Oct. 2.
While the claims process has many moving parts, it’s the payment that ultimately cements how the customer feels, Owen said.
“You are sending pictures; you’re going back and forth with the adjuster,” Owen said. “When you finally come to terms with the adjuster on what that claim amount is, you want that payment very fast.”
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