Tracking & Creditor-Placed Insurance (CPI)

continuous monitoring and customer service

Continuous database monitoring of borrower’s insurance, placing collateral protection insurance when the borrower fails to provide coverage.

Features

Full Outsourcing of insurance monitoring to an outside tracking facility.

  1. Tracking facility handles all insurance mail, matching insurance policies with the loan records.
  1. System identifies borrowers whose insurance has lapsed or been cancelled.
  1. Notices are sent to uninsured borrowers encouraging them to purchase insurance.
  1. Only after a borrower fails to act to protect your loan collateral, is a policy placed and charged to the borrower’s loan balance.

Letter Cycle and Premium Charge customized to meet the lender’s needs

Optional blanket coverage for Skip and Security Interest Non-Filing losses

 

Every available effort is made to avoid unnecessary placement of insurance

Coverage of Autos, Vans, Trucks, RVs, Watercraft and Mobile Homes

Deductible amount matching the borrower’s requirement under the loan agreement

Dual Interest Coverage allows the borrower to repair a damaged vehicle, thus avoiding repossession

Automatic Coverage of all loan collateral against uninsured physical damage or theft

Active monitoring of the amount of premium added to a loan balance minimizes write-offs of uncollectible premium amounts

Benefits

Full outsourcing of insurance follow-up process reduces internal costs

Low ‘customer noise’ with ‘peace-of-mind’ knowing the collateral risk is fully covered.

Complete compliance with loan agreement terms

Costs are borne only by those borrowers who have failed to provide insurance

Speedy claim settlements via online claims website

Pro-active risk management keeps more vehicles insured and dual-interest coverage lowers repossessions by repair of partially-damaged vehicles.

Designed to protect lender’s bottom line yet with full compliance in mind

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