Vehicle insurance tracking solutions are uniquely designed to help lenders recover payouts from insurance companies more frequently.
Year after year, lenders leave millions of dollars of lien-holder claims payments on the table because they are unable to recover them from their borrower’s primary insurance companies.
Why? There are a number of factors, but in our decades of experience, we’ve learned it typically comes down to three things:
- Time,
- Tools, and
- Expertise
When a lender receives a repossession condition report with physical damage, it sets a series of steps in motion, and the loan servicing department must take those steps in a timely manner.
Companies in most industries are stretched thinner than ever, but we know bankers feel the squeeze of the employee shortage tighter than most. With fewer loan servicers, there just isn’t time to get the ball rolling within the regulatory window.
Plus, the loan servicers may not have tools in place to complete a first key step: identifying the borrower’s insurance company. Tracking insurance claims has long been a tedious process riddled with missed deadlines.
It takes attention to detail and honed expertise to maximize claims payments. On top of that, diligently working claims even after they’ve been denied is a niche expertise.
Keep in mind that insurance companies tend to “deny first” once they know they are dealing with a banker. They will quote some detail of the borrower’s insurance policy that the lender has neither the time nor the expertise to research.
When millions and millions of dollars are in question, it’s in a lender’s best interest to utilize processes and solutions to their benefit. Without the proper expertise to respond to the denial, a legitimate claim payment may be missed.
How Does Vehicle Insurance Tracking Work?
When we developed our modern insurance tracking system, it was out of need. Our clients were coming to us after losing too much money in missed claims.
Our tracking system, called C3, provides loan servicing with real-time document visibility, secures broker responsiveness, and reduces the burden of your servicing costs.
It solves for missed mailing deadlines, un-opened correspondence, and incorrect data
It allows you to retain control by providing a real-time digital window as we combine insurance information with your core system data.
Most importantly, it improves your bottom line while lessening your organization's workload.
Conclusion
Outsourcing your Lien-Holder Claims to Miniter Group will put our insurance experts to work for you.
Our solution is utilized by hundreds of financial institutions around the country. Learn more here or reach out any time with questions: Ask Us Anything.
SEE ALSO:
Miniter’s Complete Guide to Vendor Single Interest Insurance (VSI)
Understanding VSI Insurance in a Recession
