Problem-At the request of a major P&C Insurance Carrier, American Business Solutions, Inc. (“ABSI”) created an automated process for reducing the cycle time to get Vehicle Payoff Responses from 20-30 minutes over the telephone to seconds via our portal and Letters of Guarantee via email or fax. Our cloud solution reduces net expenses associated with their existing process by approximately 50% by redeploying labor previously associated with the Total Loss Payoff and LOG process .
Focusing on delivering an Improved Process for Customers by expediting the payoff process thus allowing claims representatives to settle claims quickly and facilitating customers replacing their vehicles rapidly ultimately improves customer satisfaction for the insurance carriers.
CSR logs in, enters the Finance Source’s name via a dropdown box, the customer loan account number, SSN/Tax ID or the VIN and other customizable info. Lenders reply to most payoff requests within seconds including a per diem and payment instructions. Insurance Company generates LOG when required & Finance Source responds.
ABSI Team Members have extensive experience in all stages of Systems and Product Lifecycle with over 20 years in P&C Insurance including 7 years designing and implementing Business Intelligence Solutions. We are an Innovative IT Consulting Company providing IT Resources for Development, Enterprise Data Management Infrastructure and Cloud Services. We offer a wide-range of Consulting Services including Project Management, ERP and project deliverables for the Insurance Industry.