what is insurance tracking

What is Insurance Tracking?

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.

Insurance Tracking: What Is It?

Insurance tracking is a solution platform that enables lenders to monitor and minimize auto insurance risks. It is an effective system that reduce lender’s overhead while increasing the number of customers that drive with a proper auto insurance coverage. Verifacto’s insurance tracking also results in better communication with customers that explains to them how to resolve the insurance deficiency. The system will automatically follow up with the customer until the risk is resolved. The lender can offer the customer access to the VeriSurance auto insurance marketplace to purchase insurance online in addition to their CPI program and resolve the insurance deficiency. Verifacto is an excellent risk management system software that provides lenders with efficient solution to reduce their insurance risk and overhead and increase profitability.

Why You Need Insurance Tracking

Insurance tracking is a one-stop solution for your business that uses advanced technology, comprehensive solutions, and process automation to make your business more cost-effective, both for you and for your clients. Risk mitigation is a problem in any industry, and in the insurance industry, there are several market problems that insurance tracking using Verifacto can help with:

  • Billions in annual losses
  • Less-than-perfect existing solutions
  • Limited system capabilities
  • Human errors in compliance
  • Increase overhead
  • Lack of control
  • Better communication with customers
  • Reduce overall risk
  • Increase profitability

How Verifacto Can Help with Insurance Tracking

Verifacto can help track auto insurance for your loans / leases and resolve insurance risks which results in:

  • Mitigation of lien holders’ losses
  • Automated processes that are efficient for risk management like effective communication with customers
  • Increased revenue and less resource expenditures
  • Increased transparency and control in your business

Verifacto tracks insurance from the moment of purchase all the way through an insurance owner’s time with that insurance policy. Tracked information includes:

  • Incorrect or missing beneficiary
  • Cancellation leading to no vehicle coverage
  • Expiration leading to no vehicle coverage
  • Excluded drivers
  • Name based policy
  • Listed drivers
  • Missing information
  • VIN discrepancy
  • Deductibles are too high
  • No collision or comprehensive policy
  • Intent to cancel

All of this is at your fingertips with Verifacto software. Critical issues are highlighted as well, and easily solvable when you know what they are. With Verifacto, you can be sure that you will see marked improvement in your risk management system and risk management overall in as short a time period as 3 months.

Additionally, Verifacto’s Collateral Protection Insurance (CPI) solution uses advanced tracking technology to use automation to enforce compliance in all areas. The easy-to-use dashboard lets you see how your company is handling risk management at a glance. Benefits of using Verifacto include:

  • Immediate client coverage with no waiting period
  • Increased loan profit
  • Fast, efficient claims processing
  • Decreased portfolio losses

If you want better risk management in your business, try Verifacto today and reap the benefits tomorrow. Your business will see increased profits and reduced losses using insurance tracking, the asset recovery management system, and the online insurance marketplace for auto dealers. Contact us to request your free demo.

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