Auto Insurance Tracking
For an Auto lender it can be a difficult and time-consuming task of tracking the auto insurance policies of each and every borrower. Accidents Outsourcing the tracking of auto insurance policies can drastically reduce a lenders exposure to uninsured losses.
Our partners monitor and report the insurance status of each vehicle within your loan portfolio. If a Borrower’s insurance cancels, expires or is deemed insufficient, notices of the insurance requirement are issued. If proof of insurance is not received, our tracking partner will issue a lender-placed insurance policy insuring the collateral for the Lender.
From tracking insurance and following up on cancellations, to sending out compliant letters and issuing lender-placed insurance policies, an Outsourced Insurance Tracking program can alleviate risk and protect your financial institution from uninsured losses.
- Reduces the risk of uninsured losses
- Eliminates the need to track insurance on residential and commercial loans
- Eliminates the need to track insurance on collateral associated with residential and commercial loans
- Outbound letter cycle is compliant and handled by insurance tracking partner
- Issuing of Lender Placed Insurance policies is made by insurance tracking partner
- SSAE-16 Compliant and data security
- User-friendly online system with Real-Time access
- Access to tracking notes/messages between third party, Borrower and broker/agent