NuGen IT expands total loss workbook to include commercial vehicle settlement calculations for all 50 states

Feb. 26, 2019
NuGen IT has announced the expansion of its Total Loss Workbook to include commercial vehicle calculations for total loss settlements.

NuGen IT has announced the expansion of its Total Loss Workbook to include commercial vehicle calculations for total loss settlements. The calculations are state-specific for the 50 states and Washington D.C. to meet all of the statutes and regulatory requirements for the Department of Insurance (DOI) and Department of Motor Vehicles (DMV).

The Total Loss Workbook has offered detailed calculations for private passenger vehicles, motorcycles and mopeds for the last three years.

“NuGen IT developed the cloud-based application to help insurance companies easily calculate the correct regulatory fees and taxes associated with all total loss settlements specific to each state or jurisdiction,” said Pete Tagliapietra, business development leader of NuGen IT. “Based on requests from existing and prospective clients, we recently added commercial vehicle calculations to provide adjusters and other users factual information and automated calculations in a systematic way; up until now that has not been made available to the industry.”

Because insurance company total loss settlement procedures can often differ, Wil Peck, NuGen  IT software development leader, said the company allows its clients to configure each state profile to their individual needs for unique insurance policy provisions and/or endorsements. The calculations are then automated, so the settlement calculation is accurate, consistent and uniform.

The geocoding functionality pinpoints the vehicle owner location to the exact address in order to ensure the correct tax rate in any location. In states that allow for the vehicle registration fees to be prorated, Total Loss Workbook will automatically calculate that information.

Once the calculation process is complete, a report is generated that itemizes the fees and taxes associated with the total loss settlement as well as the regulatory and DMV reference materials used in building the calculation. These are regularly monitored and updated and then stored for future reference and reporting. 

“This information is extremely helpful if previous claim files need to be reviewed or in the event of an audit by an insurance commissioner, commonly referred to as a Market Conduct Survey,” said Peck. “In this case, the information used in the calculation is readily available for the auditor to verify.”

“Some of the total loss calculations are so complex that it’s nearly impossible for adjusters to calculate them consistently and accurately. As a result, insurance companies can be at risk when insurance commissioners perform Market Conduct Surveys and can be heavily fined,” said Tagliapietra. “We’ve been very successful in helping our clients get through these Market Conduct Surveys and avoiding needless fines because the information provided through the Total Loss Workbook is current and accurate.”

NuGen IT closely monitors the regulatory requirements in each state and the Total Loss Workbook is updated weekly to ensure compliance. Clients are also provided with periodic letters that include relevant information about regulatory updates.

“We work closely with our clients to ensure that their regulatory compliance and individual needs are met, and the final calculation is correct and verifiable,” said Tagliapietra. “Our existing clients tell us that they have not experienced a negative outcome from a Market Conduct Survey since licensing the Total Loss Workbook application.”

For more information about the Total Loss Workbook and to request a demonstration, contact [email protected]. Follow NuGen IT on LinkedIn and Twitter.

Sponsored Recommendations

ZEUS+: The Cutting-Edge Diagnostic Solution for Smart, Fast, and Efficient Auto Repairs

The new ZEUS+ simplifies your diagnostic process and guides you through the right repair, avoiding unnecessary steps along the way. It gives you the software coverage, processing...

Diagnostic Pre- and Post-scan Reports are Solid Gold for Profitability

The following article highlights the significance of pre-scans and post-scans, particularly with Snap-on scan tools, showcasing their efficiency in diagnosing issues and preventing...

Unlock Precision and Certainty: TRITON-D10 Webinar Training for Advanced Vehicle Diagnostics

The TRITON-D10 lets you dig deep into the systems of a vehicle and evaluate performance with comparative data, systematically eliminating the unnecessary to provide you with only...

APOLLO-D9: Trustworthy Diagnostics for Precision Repairs

The APOLLO-D9 provides the diagnostic information and resources you need to get the job done. No more hunting through forums or endlessly searching to find the right answers. ...

Voice Your Opinion!

To join the conversation, and become an exclusive member of Vehicle Service Pros, create an account today!