WESTCHESTER, Ill. -

IAA is boosting its technology to improve the payoff process.

On Thursday, IAA announced the enhancement of its Loan Payoff product with Dealertrack Payoff Quote. The company highlighted the new feature provides immediate payoff amounts from top finance companies across the country, which may decrease the total loss claims cycle time by allowing insurance providers faster access to vehicle lien information and securing the titles from finance companies.

The company pointed out the IAA Loan Payoff platform also supports the industry’s move to a digital claims model.

IAA estimated more than 5 million vehicles are declared a total loss each year, with up to 70% of those vehicles being connected to a lease or installment contract.

Typically, IAA acknowledged the process can takes 45 to 90 days to secure a vehicle title for a total loss claim. The company said the IAA Loan Payoff solution can reduce that cycle time by up to 50%, which also can result in greatly reduced storage costs and vehicle depreciation.

“We have helped our dealer community pay off over 500,000 trade-in vehicles since October 2015 using Accelerated Title, which reduces title release times by nearly 70%4. This improves sales velocity and the bottom line,” said Kait Gavin, vice president of operations for Dealertrack Registration and Title Solutions.

“Expanding our collaboration with IAA allows us to deliver this same great value to insurers by providing access to vehicle lien information and securing titles from lenders more quickly and efficiently than ever,” Gavin continued in a news release.

Launched last November, IAA Loan Payoff has thousands of regional to national finance companies on the platform today and continues to expand.

“The continued enhancement of IAA Loan Payoff is providing real, measurable benefit to our insurance provider customers as well as lenders,” said Tim O’Day, president of U.S. operations for IAA.

“Payoff Quote is another tool on the digital Loan Payoff platform that further streamlines workflows and speeds up the loan payoff and title release process. Loan Payoff is not just reducing costs and time associated with total loss claims, it is how IAA is innovating towards a virtual claims process,” O’Day went on to say.

For more information on IAA Loan Payoff, visit IAAI.com.