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
As an auto lender, you need the power to manage insurance risks and reduce your insurance-based losses every day. Current risk management systems (RMSs) allow at least $3.5 billion in losses for companies like yours due to uninsured and improperly insured vehicle accidents every year. Don’t put your business’ assets in jeopardy. Verifacto can help. Let’s take a quick look at insurance tracking services, what they are, how they work, and the benefits of using them for your business. 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.
As an auto finance company or BHPH car dealer, one of your main concerns is risk management in the auto insurance industry. The responsibility of the borrower is not always guaranteed, but with Collateral Protection Insurance, or CPI, we can help mitigate that risk and help borrowers feel more responsible for the amount they are borrowing from a lender. If you’re a lender, you may have had trouble ensuring borrowers, or helping them purchase adequate auto insurance to fulfill their loan agreement insurance requirements. Verifacto™ insurance tracking software can help your business provide adequate control, risk mitigation, and lending management all in one easy-to-use, comprehensive program. Let’s look deeper into CPI and how Verifacto™ works.