How Insurance Tracking Benefits Financial Institutions

When it comes to thousands of dollars tied up in their auto portfolio banks and other financial institutions need insurance tracking. They will protect their assets and mitigate any risk of loss. Insurance tracking services are essential to providing financial institutions with security, compliance, and ultimately peace of mind. It is critical to financial institutions in understanding auto uninsured collateral. Verifacto’s insurance tracking services give financial institutions an edge in managing auto insurance.

Verifacto’s Insurance Tracking Services Provide Peace of Mind to Financial Institutions

Verifacto offers insurance tracking services to financial institutions and lenders looking to reduce administrative costs and alleviate risk. Insurance tracking is an optional alternative for any size financial institution looking to out-source the process of tracking insurance policies on their automotive loans.

We are different from any insurance tracking because we communicate directly through text to notify car owners if their insurance has expired or is underinsured. Our timeliness helps mitigate risk and prevent loss to financial institutions. one.

Our Insurance Tracking services provides a compliant and secure solution to confirming all of your institutions auto collateral has sufficient insurance coverage. From tracking insurance on residential mortgage loans and multi-collateral commercial loans to tracking the insurance policies on auto and consumer loans, Verifacto has a solution for your institution’s specific needs.

With a borrower-focused approach, our Insurance Tracking partner provides best-in-class customer service to you and your borrowers. We understand that as your partner, we are a reflection of your institution, and that is why we strive to uphold the highest level of customer satisfaction.

Furthermore, Verifacto has developed an online payment system to make sure borrowers can pay back their loans. Our software reminds borrowers when they to pay their loans. It also provides them with easy access to pay online from their computer or mobile phones.

Insurance Program Performance Review

If a Borrower’s insurance cancels, expires or is deemed insufficient, notices of the insurance requirement are issued in accordance with the CFPB. If proof of insurance is not received, the third-party tracking partner will issue a lender-placed insurance policy insuring the collateral for the Lender.

From tracking insurance and following up on cancellations, to sending out CFPB compliant SMS and issuing lender-placed insurance policies, our insurance tracking services alleviate risk and protect your institution from uninsured losses.

Benefits of Verifacto Insurance Tracking Services:

• Track insurance coverages on your existing loans
• Verify insurance coverage on new loans
• Save time and money on staff expenditures
• Mitigate insurance losses cost-effectiveness
• Document management for insurance notices
• Detail insurance history for recovery and compliance
• Automate customer communications to resolve insurance issues
• The industry’s most reliable and secure technology
• Gain more control and visibility into your portfolio
• Quickly pull internal reports with one-click
• Store customer communications for easy reference
• Increase overall profitability and portfolio value

If you’re interested in learning more about our services request a demo today. Our demo will provide insight into how best you can utilize our insurance tracking services, as well as an assortment of other solutions to maximize compliance.

In the United States, many drivers on the road do not have auto insurance. They may come into your dealership or financial lending institution with insurance, but then let it lapse due to difficulties paying or because they never intended to carry insurance on the vehicle in the first place. In the last 5 years auto insurance prices have increased rapidly to a point where drivers with bad credit and one ticket will not be able to afford auto insurance coverage. In five U.S. states, 20% or more of drivers have no insurance; countrywide that rate is even higher. Read more

If you’re in the auto finance or banking industries, or if you’re a credit union or BHPH dealer, you need an insurance tracking solution to run your business better, more efficiently, and with greater returns and risk management. Take a look at your current risk management system and decide whether it tracks insurance and solves your insurance risks, has an asset recovery management system, or has automatic payment reminders and payment processing for your clients and your business. If it doesn’t, you may need to get a new risk management system. Let’s take a look at insurance tracking and why you need it.

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