When to Outsource Insurance Tracking
What is Insurance Tracking?
Insurance tracking is the process of monitoring insurance information on a finance or lease portfolio. Auto and Equipment finance customers are charged with maintaining insurance that protects the creditor’s lienholder interest in the finance collateral or leased property for the term of the contract. Although it would be nice if customers never let their insurance lapse, that’s not how the world works. Insurance does lapse, and insurance tracking is the only reliable way to recognize and remediate it. Of course, this is easier said than done. Insurance companies and agents produce a torrent of cancellation and reinstatement notices. Effective tracking requires prompt and accurate response to all of it. Done in-house, insurance tracking can be a time-consuming resource hog.
Outsourcing Your Tracking Efforts
Done in-house, insurance tracking can be a time-consuming resource hog. The good news is that outsource tracking solutions are readily available and affordable. Outsource insurance trackers leverage purpose-built software and trained staff to monitor insurance more efficiently and with better accuracy than most creditors could hope to accomplish. Sourcing insurance tracking to a professional service frees up valuable internal resources that can be redirected to the creditor’s core business.
Most insurance trackers offer a range of services. The most basic tracking may be limited to the passive collection and reporting of insurance notifications - such as cancellations, reinstatements and renewals – provided by insurers. Active tracking services often include direct follow up contacts with insurers and customers, and may be integrated with a Creditor Placed Insurance program as well.
How We Track Insurance
Berkshire Risk Services offers multi-tiered tracking options to develop a solution that fits each creditor’s specific needs. We can provide basic “Track and Report” insurance options, which simply provide weekly insurance status updates, to “Full Service” packages that include outbound calls to agents and fielding incoming calls from your customers. We can also seamlessly integrate with your Creditor Placed Insurance program as well. Allow us to do what we do best so you can deploy your staff to do what they do best. Call us to find out more.
