If an auto lender is not using insurance tracking with their customers, the company is taking a high and unnecessary risk which results in monetary loss from their customers that are not properly insured. When it comes to insurance tracking, lenders want to make sure they’re asking the right questions so they can get a better understanding of how to mitigate insurance and risk exposure to make a positive impact on their business.
Auto dealers, lenders, and finance companies need to effectively track their customers’ auto insurance status so they can stay on top of every update and keep their company safe from any unexpected loss.
Accidents from uninsured vehicles happen all the time and if a customer is involved, and the lender is unaware of their insurance status, the company can take a hit leading to loss of revenue across the board.
Verifacto’s insurance tracking allows lenders to efficiently monitor and minimize insurance risks. The platform also provides better communication with customers and explains how to fix their insurance deficiency. To ensure an increase in customers that drive with proper insurance coverage, the system automatically follows up with each customer until the risk has been resolved.
If you’re an auto lender considering adopting insurance tracking, here are 5 important questions to help you make the right decision.