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Insurance Industry
Lowering the Cost of Towing Claims
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Faced with higher repair costs, premium regulation and policyholder fraud, insurance companies are driven to find new ways to cut costs and improve profitability without sacrificing service quality.
Unlike lien holders, the law typically does not require towing companies to notify insurance companies when a vehicle belonging to a policyholder is towed. Coupled with limited or no reporting of private property towing and no sharing of information across jurisdictions, insurer’s vehicles are often not found before the typical 30-day auction window lapses or recovery costs exceed the value of the vehicle.
We Change That
C:LOGIC provides a system for locating towed vehicles so that insurance companies can reduce the overall costs of storage and secondary towing. C:LOGIC proactively notifies insurance companies when policyholder vehicles have been towed in a non-consent scenario.
As the honest broker, we are able to negotiate agreements with area towing and storage companies, providing a single contact point and enabling notification and fixed cost recovery in hours, not days. Options for electronic payment and concierge service further expedite getting the vehicle back to the policyholder, reducing rental car expenses and ensuring vehicles are towed to contracted, authorized repair facilities.
C:LOGIC lowers towing claims though:
• Proactive towed vehicle notification
• State, regional and local area visibility
• Negotiated storage rates and fees
• Electronic payment and concierge services
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10/1/2008
7/23/2008
