New offering will automate calculation of taxes and fees to ensure accuracy
San Diego, CA (Oct. 14, 2020) – Mitchell, a leading provider of technology, connectivity and information solutions to the Property & Casualty (P&C) claims and Collision Repair industries, is pleased to announce its collaboration with Claim Toolkit, a leading provider of knowledge management and decision support tools to the P&C market for the past 20 years. The two companies have joined forces to offer an integrated system to streamline and automate the complex process of correctly calculating taxes and fees for total loss payments given jurisdictional specifics—helping insurers reduce settlement time, increase customer satisfaction and maintain compliance with governmental regulations.
The joint offering will be featured at this week’s Mitchell mPower Conference and availability is expected in early 2021 for U.S. customers.
“Constant statutory and regulatory changes and complex government back office procedures make it difficult for insurers to definitively know what taxes and fees they should pay on total losses,” said T. Mark Fay, President and Founder of Claim Toolkit. “Through Mitchell’s WorkCenter® Total Loss solution and Claim Toolkit’s Total Loss Taxes and Fees, we can provide carriers with the information needed to help them determine fair and accurate market value for total loss vehicles, inclusive of the taxes and fees.”
The new solution integrates the Claim Toolkit platform with Mitchell WorkCenter Total Loss, a comprehensive cloud-based vehicle valuation system that combines data analysis and vehicle valuation with Mitchell’s leading physical damage claims handling solutions. For insurers that subscribe to the value-added joint offering, any taxes and fees that are associated with the total loss settlement will be automatically calculated based on state-specific requirements. Carriers can then use Mitchell WorkCenter Total Loss to seamlessly export a summary report or more detailed breakdown of the charges.
“Mitchell is committed to helping insurers successfully navigate the complexities of total loss vehicle valuations,” said Mike Lawlor, Vice President of Editorial and Total Loss at Mitchell. “Joining forces with Claim Toolkit—a leader in total loss tax and fee compliance—is yet another example of how we’re streamlining the claims workflow and helping carriers deliver better, more accurate outcomes for their customers.”
More information about Mitchell’s total loss valuation solution can be found online along with recent mPower Conference announcements including the company’s introduction of the first-ever Extended Reality (XR) hands-free solution integrated into the collision repair workflow and a new all-in-one system for diagnostic scanning, calibration and estimating. Customers interested in attending mPower Conference sessions should contact their Mitchell representative.
For more information about Claim Toolkit, please visit www.claimtoolkit.com.
About Mitchell International
Headquartered in San Diego, California, Mitchell International, Inc. delivers smart technology solutions that simplify and accelerate claims handling and repair processes, driving more accurate, consistent and cost-effective resolutions. Mitchell integrates deep industry expertise into its workflow solutions, providing unparalleled access to data, advanced analytics and decision support tools. Mitchell’s comprehensive solution portfolio and robust SaaS infrastructure connects its customers in ways that enable tens of millions of electronic transactions to be processed each month for more than 300 insurance companies, over 30,000 collision repair facilities and countless other Property & Casualty industry supply partners across the Americas and Europe.
Mitchell, Genex and Coventry have recently combined their joint industry expertise and advanced technology solutions into one organization to simplify and optimize property, casualty and disability claims processes and services. For more information, please visit www.mitchell.com.
Source: Mitchell InternationalTags: auto insurance, claims, compliance, Mitchell, partnership, regulation, United States (USA)