Industry’s First Full Integration of Total Loss Claims Processing and Salvage Management Technology
CHICAGO and WESTCHESTER, Ill. – March 03, 2020 – IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, and Snapsheet, a leading provider of claims management technology and virtual appraisal solutions for insurance carriers, risk managers and TPAs, announce an integrated partnership. Combining IAA’s industry-leading total loss claims and salvage solutions with Snapsheet’s state-of-the-art, configurable claims management platform will create one seamless solution, from first notice of loss to sale at auction.
The combined capabilities will greatly reduce the time it takes insurance carriers to process claims for total loss vehicles. By automating the exchange of information and control of activities across all parties—including customers, repairers, tow yards and salvage companies—IAA and Snapsheet’s integrated solution enables insurers to move through the total loss claim end-to-end with little, to no, manual process.
“IAA’s integration with Snapsheet’s industry-leading platform aligns perfectly with our focus on leading the industry in innovation that streamlines the total loss claims process for our sellers,” said John Kett, CEO and president of IAA. “Snapsheet’s cloud-based technology intelligently automates workflows in one end-to-end platform, greatly reducing total loss claims processing time.”
“We are thrilled to partner with IAA, a leader in salvage auctions, to provide faster claims processing to the industry,” said Brad Weisberg, CEO and co-founder of Snapsheet. “Partnering with IAA advances our commitment to delivering the best claims experience and results to our growing client base.”
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes approximately 2.5 million total-loss, damaged and low-value vehicles annually. Headquartered near Chicago in Westchester, Illinois, IAA has over 3,600 talented employees and more than 200 facilities throughout the U.S., Canada and the United Kingdom. IAA serves a global buyer base located throughout more than 130 countries and a full spectrum of sellers, including insurers, dealerships, fleet lease and rental car companies, and charitable organizations. IAA offers sellers a comprehensive suite of services aimed at maximizing vehicle value, reducing administrative costs, shortening selling cycle time and delivering the highest economic returns. Buyers have access to industry leading, innovative vehicle evaluation and digital bidding tools, enhancing the overall purchasing experience.
Snapsheet is the pioneering leader of virtual claims management processing technology, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on digitization and intelligent automation, Snapsheet provides unmatched technology and processes that improve customer engagement, provide organizational agility and deliver transformational benefits through a range of cloud-native solutions in claims management, virtual appraisals, digital payments, and rental and fleet management. As a trusted innovation partner, Snapsheet has processed millions of claims and completed nearly $6 billion in appraisals for nearly 100 clients, including many of the largest insurance carriers in North America, third-party administrators and insurance and sharing economy disruptors. For more information visit www.snapsheetclaims.com.
Uncertainties Affecting Forward-Looking Statements
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements in this release include the statements, plans and expectations regarding the digital transformation of IAA and our industry. We disclaim any obligation or undertaking to update any forward-looking statements. For further discussion of such risks and uncertainties, see “Information Statement Summary,” “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the information statement filed as an exhibit to IAA’s Registration Statement on Form 10, as amended.
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