There are benefits for insurance and vehicle finance companies to be notified immediately after a collision occurs. Both have vested interest in the vehicle for claims and collateral value. There is also the desire to help the owner get back into a vehicle, especially if the vehicle is declared a total loss. It typically takes an average of five days between the incident and the reporting of it to the insurer. Now there is a solution to speed up the process, add revenue and strengthen relationships with customers.
Owners can typically submit the incident using the insurer’s smartphone app, including uploading photos. Yet, from first notification to resolution, the owner or insurance company doesn’t always let the lender know despite the event affecting the value of a loan collateral.
What if the vehicle itself could alert the insurance and vehicle finance company directly?
CalAmp debuted CrashBoxx with instant crash alerts for insurance companies in the spring of 2016. This telematics solution directly, in real-time, informs the insurance company’s claims processing center when an incident occurs, including key event details such as VIN and collision severity. This new technology helps facilitate the response to a stressful event and streamlines the claim process for the affected parties.
This innovative solution will be extended this year to the vehicle finance industry via LenderOutlook™, CalAmp’s easy-to-use collateral management system that connects to your GPS devices. Since the vehicle is loan collateral, it is beneficial for the lender to be aware of any damage or loss. There are additional benefits for used car dealers, their in-house finance departments and other lenders of used car loans as well.
CalAmp’s latest case study reviews how one U.S. dealership with three locations used CrashBoxx with instant crash alerts on LenderOutlook with their operations. Download the report here here to read more about the benefits.
The CalAmp LenderOutlook team will be at the 19th Annual NABD National Conference on May 23-25, 2017 in Las Vegas. Stop by to preview our next-generation payment assurance solution! If you have any questions about LenderOutlook with CrashBoxx with instant crash alerts, please call us at 949-600-5669 or email us.