Car Dealers doing in-house financing, Buy-Here-Pay-Here (BHPH), 1 out of every 5 cars in the US is Un-Insured. In many portfolios the risk may rise to 1 out of 2 that are either Un-insured, Under Insured or Improperly Insured. There are many nightmare scenarios that can expose you to an insurance loss. If your customer doesn't carry collision and comprehensive coverage, high deductibles, you are not properly listed as Additional Insured or Lienholder, your customer may be an Excluded Driver or not a Listed Driver on the policy, to name a few. So, are you protected? Do you keep track of your vehicles' and portfolio's insurance coverage? Are the vehicles properly insured to protect your financial interest?
If your answer is "Yes", then you probably know how tedious, time consuming and labor intensive is the process of tracking verifying and communicating with the various parties. Since it also involves manual labor there is a high probability for potential errors. Issues may fall through the cracks or not handled in a timely manner, which can prove to be very costly. Failure to manage your assets and collateral properly could leave you holding the title to a nonexistent vehicle with no recourse.
If your answer is "No", then you are taking high and unnecessary risk. You are gambling and the stakes are high, your business. There is probably a chance that you have already experienced monetary loss from customers not being properly insured. Don't let it happen, with Verifacto you can be in control.
As a finance company you have millions of dollars in your portfolio that are tied to thousands of cars that represent your collateral. You probably receive hundreds of insurance notices on a daily basis and if you are relying on your staff to keep-up with mail notices and follow up on each issue, you maybe subjecting your staff to an almost impossible task, and exposing your company to losses related to uninsured or improperly insured collateral. The Verifacto On-line Management, Tracking, Verification and Communication system provides your employees the tools and empowers them to work effectively, improve your company's operational efficiency and materially reduces your company's risk of loss.
Lessors and owners of a leased vehicle may have additional risk exposure as an additional defendant in legal action. Although the Graves Amendment (49 U.S. Code §30106) provides lessors certain protection in the case of leases, by asserting that the owner of a motor vehicle who leases such vehicle shall not be vicariously liable for harm that results from its use, operation or possession during the period of the lease. Its is critical that lessors alleviate the added exposure by requiring the lessee to carry higher liability insurance coverage, to identify the vehicle as a leased vehicle and to be named as additional insured or additional interest on the policy. Verifacto tracks leased vehicles, coverage amounts and ensures that the lessor is properly listed as additional insured or additional interested party.
Verifacto is the "last mile" solution, and from a revenue perspective the most important mile in the insurance status and notices reporting requirement. We help you convert a regulatory requirement into a sales retention tool by engaging the insurable interested party and their customers (which are your customers) in real time. Automobile insurers spend millions of dollars on an annual basis notifying lienholders and additional insured on policy changes. The current methods of providing notifications are antiquated, inefficient and costly. Mountains of paper are generated, which overwhelm lienholders, claims can result if the lienholder is not properly notified. Keeping up with changes of addresses, loan portfolio transfers and erroneous data entries make this legal requirement an expensive, high risk, time consuming back office operation. Integration with Verifacto can provide insurers effective direct communication with the lienholder and your mutual customers.
Since automobile insurers are required by law to notify the lienholders and additional insured when any change occurs on an automobile insurance policy, they mainly provide the notifications for the purpose of compliance with the law. However, notifications, if used efficiently, can become a significan source of income retention. By integrating with Verifacto via EDI, FTP, FTP with PGP Encryption and VAN, insurers will improve the timeliness, accuracy and reliability of communication via seamless direct connection with lienholders and your mutual customers. As an automobile insurer you will significantly increase operational efficiency and will transform the way lienholders and your mutual customers react and deal with the immediate information they receive. This will result in insurers collecting premium payments faster, lower cancellation/termination rates, lapse in coverage and increase the timely renewal of policies.
|New Policy - Payment Not Verified||No Comprehensive and/or Collision coverage(s)|
|Discrepancy in Policy Deductible Amounts||Discrepancy in Policy Coverage Amounts|
|Discrepancy in Insured Information||Discrepancy in VIN|
|Missing or Erroneous Interested Party (LH, LP, AI)||No Matching Vehicle Under Policy|
|Non-renewal||Discrepancy in Proper Endorsement for Leased Vehicle|
|Excluded Drivers||Customer is Excluded Driver|
|Listed Drivers||Customer is NOT Listed Driver|
|Policy Expiration||Cancellation / Termination|
|Reinstatement||Lapse in Coverage|
|No-Coverage for Vehicle||Discrepancy in Lienholder, Loss Payee, Additional Insured and Additional Interest|
|FEATURES||FULL SUITE||INSURANCE MANAGEMENT ONLY||PayMinders ONLY||CUSTOM|
|Number of Vehicles||Unlimited||Unlimited||Unlimited||Unlimited|
|Unlimited Number of Users|
|On-line Customer Account Portal|
|Comprehensive Dashboard||Limited to Insurance||Limited to Receivable and Collections|
|Insurance Issues and Events Tracking|
|Automatic & Manual SMS Notifications|
|Automatic & Manual Email Notifications|
|Receivable and Collections Module|
|Automatic Generation of e-Invoices|
|Automatic Electronic Delivery of e-Invoices|
|Manual Generation & Edit of e-Invoices|
|Manual Delivery of Electronic e-Invoices|
|Automatic SMS Payment Reminders|
|Automatic Email Payment Reminders|
|Rate and Fees||Lower than your current rateNo Transaction fees||Lower than your current rateNo Transaction fees||Lower than your current rateNo Transaction fees|
|Secure Online Payments|
|Online Payments Button on Your Website|
|Phone and Email Support|
We Change Consumer Behavior. Unlike a late payment mail notice, which is perceived by your customers as a collection notice, and is probably tossed to the side and is never opened. The Verifacto Insurance management, tracking, communication and verification system initiates contact with your customer, via sms and email, from day one. Once your customers become aware that their insurance is being closely monitored by you, the lienholder and/or additional insured, they perceive it as a compliance issue. Your customers will react and take action immediately in order to avoid having a force placed insurance issued on their vehicle, having their vehicle disabled, or having their vehicle repossessed.
You'll gain actionable intelligence with access to relevant data in context. Take immediate action, mitigate risk and achieve meaningful results. Verifacto enterprise cloud application gets you the information you need at a moment's notice. Insurance management, tracking, verification and communication will never be the same. Our software solutions provide a secure, intuitive, automated and cost-efficient communication built around the needs of each one of our stakeholders.
Our team comes from the automotive, financial services, consumer finance, and technolory industries. We understand what your concerns are, and how you want to solve them. With that in mind, we always strive to find the best solution that would work for you.
Our software platform is hosted on the most robust, reliable and secure servers in the cloud throughout the U.S.