Xchanging has launched a service that provides end-to-end management of salvage sales for the insurance market.

Xchanging Recovery Marketplace, or XRM, aims at improving efficiency by actively targeting and matching buyers and sellers through the delivery of a fully managed service covering all associated logistics of storage delivery transportation and payment.

The service is available through X-presso, Xchanging’s mobile app for insurance professionals, and uses an established online, real time auction management system. The service provides access to a unique global network of over 100,000 specialist buyers in order to maximise the value of salvage sales.

Each XRM auction is bespoke and individually managed, with the seller retaining full control up to the acceptance of the highest bid. The XRM team then act as a liaison between parties, providing a transparent, standardised process for the sale of salvage and encouraging the speedy completion of each sale. The service guarantees rapid fund distribution and extensive post sale management information.

Geoff Kennard, electronic services director at Xchanging said: “By extending our partnership with an established US salvage system provider, Xchanging is now able to offer a global salvage market to London and UK composite insurers. The extended system is based on a widely used resource, which is proven to improve efficiency dramatically and facilitate speedy buyer/vendor sourcing and transaction completion.

“The XRM service can be accessed from either a desktop or on the move via iPad, demonstrating Xchanging’s commitment to expanding the X-presso platform to give customers choice and flexibility in the way they access services.”

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