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