Specialty insurance claims management provider Dimont has officially entered the powersports finance market, Powersports Finance has learned.
The Dallas-based company signed its first powersports client in August, Steve Garcia, Dimont’s director of auto claims, told Powersports Finance.
While Garcia declined to offer the client’s name, he said it is a mid-size company that finances powersports vehicles like ATVs and jet-skis.
Founded in 1996, Dimont provides insurance claims management and adjustment services for mortgage and auto lenders, servicers, and investors across the U.S. More specifically, Dimont assists loan servicers and investors mitigate losses on collateral through a suite of technology-enabled services, including flood insurance valuations, borrower insurance claims management, and more.
And following the recent hurricanes in the South, Dimont has been “pretty busy,” added Denis Brosnan, the company’s president and chief executive.
Dimont, which has been in the mortgage space for more than 20 years, entered the auto finance market a couple years ago, Brosnan said.
“Typically we look at image reports on repossessed collateral — whether it is a house, car, ATV, etc. — and when we find claimable damage we will file a claim on whatever insurance policy may be out there,” he said. “Our licensed public adjusters will then go through claim, get on phone with insurance company, and they will work out settlement of the claim. We do that in a very high volume, so we will look at 100,000 to 150,000 damage reports in a month.”
Now, the insurance claims company has joined the powersports space, and is scouting for new clients. “It’s really a space we haven’t had a lot of exposure to, and as part of marketing efforts in the car space we ended up meeting with a powersports lender and started that [partnership],” Brosnan added.
The partnership materialized just in time for what many consider to he the “peak season for repossessions” in powersports, Garcia said.
“In the summer, everybody is paying for their ATVs and Sea-Doos, but in the winter is when they decide they don’t want to pay anymore — probably because they are not using it,” he said. “The condition report is different; it requires a lot more detail and other stuff we have to comb through because there is a lot of pieces and parts that are so small they have to be documented and noted, so it’s a little more tedious as far as work goes. But we are definitely able to recover a lot of dollars for that client.”
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