Verifacto is a technology company focused on improving the ways auto lenders and borrowers connect with information, by organizing the information we obtain from lenders, borrowers and insurers and make it accessible and useful to our clients and their customers. We aspire to become the leader in building innovative products that mitigate insurance, compliance and financing risk.
Our system and processes were built by lienholders for lienholders. It all came about from trying to solve a complex problem to an important issue that we were faced with on a daily basis, knowing that thousands of other lien holders and additional-insured are faced with the same problem on a daily basis. Being involved in the auto industry, knowing how vital, expensive and inefficient the current system of collateral insurance management is, we decided to take on the challenge and build a cost effective, technology based solutions that will provide lienholders and additional-insured the ability to be on top of their collaterals’ insurance status and in control of their risk exposure at all times.
On the flip side, the Insurance industry spends over $1B annually on notifying loss payee, lien holders and additional insured of policy changes affecting their collateral. By integrating with a system reporting provider that is integrated with Verifacto Collateral Insurance Management System (CIMS™), insurers can significantly reduce their cost of such compliance requirement. Our direct connection with producers, lienholders and the lienholder’s customers, benefits insurers by providing quick, fully documented, communication with agents, lienholders and the insured individuals, and empowering them to take timely action, resulting in lower cancellation rates, non-renewals and lapse in coverage.