Brazilian clearing house Cetip and local insurance and private pension association CNSeg have partnered to launch this week Brazil's first online claims payment platform for the auto insurance segment, Cetip said in a press release.
The platform, called Silag, and is expected to reduce by half the time needed to pay claims to policyholders who have suffered a total loss event, according to the partners.
The service is for people who have purchased their vehicle with a loan from a financial institution. The platform will allow banks and insurers to process total loss claims jointly, instead of by separate procedures.
More than half of all total loss claims in Brazil come from vehicles that have been purchased via a loan, according to CNSeg.