Dealers, financers, and insurance companies are taking a high and unnecessary risk if they don’t have a strong auto insurance tracking software system in place. Accidents from uninsured vehicles happen all the time and if a customer is involved in an accident and the lender is unaware of their insurance status, the company will take a major hit.
Verifacto’s Insurance Tracking Software is designed to take the stress off auto companies and help keep them on top of their borrowers’ insurance status at all times protecting them from unexpected losses. The insurance tracking platform provides better communication with borrowers and explains how they can easily fix their insurance deficiency. The platform also follows up with each borrower until the risk has been resolved ensuring nothing falls through the cracks.
What is Auto Insurance Tracking?
Insurance tracking in the auto industry is the process of monitoring borrowers’ information to ensure the lender’s collateral remains protected and fully insured at all times. If the borrower loses their insurance or is improperly insured and they’re involved in an accident, the lender takes the hit.
This is why it’s important to always stay up to date with insurance tracking. The entire insurance tracking process involves gathering and updating information on borrowers’ insurance, so the lender remains involved and fully aware of every status.
Insurance Tracking Software for Auto Dealers, Financers, and Insurance Companies
Auto dealers, financers, and insurance companies can all take great advantage of the many benefits that come with Verifacto’s insurance tracking software.
Auto dealers know how tedious and time-consuming the process of verifying and communicating with all parties can be. Because it also involves manual labor, there’s a high chance of potential errors. Verifacto’s insurance tracking software handles all the tracking and communication for auto dealers so there’s zero room for error. Verifacto tracks leased vehicles, coverage amounts, and ensures the borrower is properly covered so the dealership is never at risk.
Finance companies can have up to millions of dollars tied to thousands of cars. On a daily basis, they can receive hundreds of insurance notices that their staff has to go through and keep up with while also remembering to follow up with each issue. Verifacto’s Online Management, Tracking, Verification, and Communication system gives companies the tools to work effectively and efficiently reducing their risk of loss and eliminating any insurance notices or follow ups getting lost in the chaos.
Auto insurers spend millions of dollars annually notifying lienholders. These current methods of notifications are both costly and inefficient. Even though auto insurers are required by law to notify lienholders when a change to the insurance policy occurs, using insurance tracking software can become a significant source of income retention and help make the process run more smoothly. By using Verifacto’s insurance tracking software, insurers can improve the accuracy, timeliness, and reliability of communication with direct connection to lienholders and customers. This results in faster payment collection, an increase in the renewal of policies, and lower lapse in coverage.
Try a Free Demo Today
Whether you’re an auto dealer, financer, or insurance company, insurance tracking software can help your company manage risk and run more efficiently and quickly. At Verifacto, our team comes from the automotive, financial services, and technology industries so we understand your concerns and want to help. That’s why we strive to find the best solution possible.
Contact us today to try a free demo and see how we can help you with your lender-placed insurance and tracking needs.