GAP contracts are often financed through dealerships. These debt cancellation insurance policies protect the borrower and lender from losing money in the event of a total loss.
Therefore, recovering the forgiven debt of a vehicle that has been totaled requires lenders to work with GAP insurance providers.
Loan servicers spend valuable time processing claims - Miniter Group happens to process hundreds of GAP claims every month.
We all know tracking is an important part of any lender’s risk management plan, and GAP claims are especially reliant on expertise.
Maximizing the recoveries from these claims is key. Reaching recovery targets is our specialty, and exceeding them is our goal.
Benefits of Outsourcing GAP Claim Settlements
GAP Debt Cancellation Policies are one piece of a larger coverage portfolio for most lenders. Loan servicing personnel often spend tedious amounts of time working on claims processing when their efforts would generate more ROI elsewhere.
Additionally, loan servicers have many responsibilities and many skills. Honing an expertise in GAP claims is not something they need to do, because it’s something we do.
Here are four proven benefits of outsourcing your GAP Claim Processing:
- Faster Payments: Put simply, we shorten the claim payment cycle and get our clients their reimbursements faster. We do this via accuracy, expertise and efficiency.
- Improved Accuracy: We have a standard process for collecting all legitimate claims proceeds per policy/waiver parameters enabling us to move through this stage quicker than most.
- Country-Wide Expertise: We have notable experience in all dealer-based GAP contracts across every state in America.
- Ongoing Efficiency and Improvement: We have a comprehensive understanding of practices and procedures in all 50 states, enabling us to regularly improve our own processes.
In addition to taking the burden of GAP Claims off loan servicers’ plates while increasing your bottom line, we boast an additional service that sets us apart.
We offer visibility by dealer. In other words, we provide dealer performance reporting relating to their recovery results. Plus, we monitor historically challenging GAP carriers and/or administrators across dealerships. This is a crucial piece of context for loss recovery parameters.
Conclusion
Improve every aspect of your recovery process by outsourcing your GAP claims to the experts. Learn more about the services Miniter Group provides to improve your revenue and reduce your workload here.
Questions about compliance and regulations? Ask Us Anything! Drop us a line anytime and we’ll get back to you within 48 hours, no matter how detailed your question is.
