what is vehicle insurance tracking

What is Vehicle Insurance Tracking?

When you are in the auto finance, banking, credit union and BHPH industries, you need a vehicle insurance tracking solution to help optimize your business operations because when you run efficiently, you will yield greater returns. Review your current system to see if it stacks up when it comes to insurance tracking and risk assessment. Does it have payment reminders, payments processing or an asset recovery management system? If not, consider investing in our vehicle insurance tracking software to protect your assets and improve your business.

At Verifacto, we provide premium risk management solutions so that you do not lose profits on your investment.

Vehicle Insurance Tracking: What Is It?

Vehicle insurance tracking is a solution platform that enables lenders to monitor and minimize auto insurance risks. It is an effective system that reduces overhead costs for lenders while increasing the numbers of customers that have proper auto insurance coverage. Vehicle insurance tracking software also communicates with clients to help them better understand the importance of auto insurance and how to resolve their insurance deficiencies.

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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