How Insurance Tracking Services Help Reduce Risk
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.
What Are Insurance Tracking Services?
Current RMSs do not provide needed control, management, or mitigation of uninsured drivers and vehicles. Thus companies lose billions annually. Verifacto’s solution is an insurance tracking service that checks your customers’ insurance status and checks for any deficiencies or issues that might leave you in the uninsured lurch. By tracking customers and vehicle purchasers throughout the life of the loan, Verifacto insurance tracking services reduce losses on your investments, now and in the future.
How Do Insurance Tracking Services Work?
Insurance tracking services work by tracking and managing your customers on a consistent basis, automatically alerting lienholders internally in the software systems as well as their customers. Customers are alerted through email and SMS if permitted, calling them to perform necessary functions in order to insure their vehicles, or handle any outstanding issues that are preventing insurance. Since all parties are automatically engaged from the lienholder to the insurance company, more effective communication leads to immediate action. Customer email alerts notify customers of competitive auto insurance quotes to enable them to choose the best option for their lifestyles.
How Can Insurance Tracking Services Help My Business?
Businesses like yours often take the hit for uninsured or underinsured vehicles and motorists, leading to decreased bottom lines and loss of revenue across the board. This negative impact on your business isn’t necessary, however, with efficient insurance tracking services like Verifacto. Verifacto will increase loan revenue and manage collateral protection insurance, reducing overall lender risk. Verifacto controls and manages all aspects of customer vehicle insurance compliance by tracking customers’ insurance selections and issues, providing an efficient communication system, placing and removing CPI at the dealership’s or lender’s discretion.
Which Insurance Tracking Services Does Verifacto Provide?
When you choose Verifacto for insurance tracking services you also get the following benefits:
- Auto recovery
- Collateral protection insurance (CPI)
- Portfolio risk management
- Events and issues tracking
- Customer insurance progress, details, and workflow
- Insurance communication and documentation
- Payment status
- Data integrity
The loss of earnings due to uninsured drivers and vehicles can be substantial for lenders, lienholders, and BHPHs. Don’t let unprepared and duplicitous customers prevent your business from providing the best services it can. Use an insurance tracking service like Verifacto to keep your drivers and vehicle purchasers insured at the proper level as soon as they make their purchases, and help them stay insured through all of life’s little ups and downs. You’ll benefit your vehicle purchasers and loan recipients throughout the lifetime of their vehicle ownership, and take charge of your business’ bottom line. If you’d like to see how it works, contact us today for a free demo.
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