How Insurance Tracking Benefits Auto Finance Companies
Lenders have thousands of dollars tied up in their auto portfolios. These banks and auto finance companies need insurance tracking that will protect their assets and mitigate any risk of loss. Insurance tracking is essential to providing lenders with security, compliance, and ultimately peace of mind. Verifacto’s insurance tracking services give financial institutions an edge in managing auto insurance.
Verifacto’s Insurance Tracking Services Provide Peace of Mind to Auto Finance Companies
Verifacto offers insurance tracking services to financial institutions and lenders looking to reduce administrative costs and alleviate risk. Insurance tracking service providers are an optional alternative for any size financial institution looking to out-source the process of tracking insurance policies on their automotive loans.
Verifacto is different from other insurance tracking companies because we communicate directly through text and email to notify car owners if their insurance has expired or is under insured. The timeliness of these communications will help to mitigate risk and prevent loss to financial institutions.
Verifacto’s Insurance Tracking services provides a compliant and secure solution to confirming all of your institutions auto collateral has sufficient insurance coverage. With a borrower-focused approach, our Insurance Tracking platform 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.
From tracking insurance and following up on cancellations, to sending out compliant SMS Text and Email communications, our insurance tracking services alleviate risk and protect your institution from unnecessary 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 effectively
- 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.
