Regulatory requirements and loss avoidance drive the trend, but customer experience is still king.
Eden Prairie, MN, April 8, 2015 (Newswire.com) - Finance Companies, Credit Unions & Banks continue to implement and grow insurance tracking programs on auto and mortgage loan portfolios. Regulatory requirements and bottom line protection drive this continued trend, but customer experience is still king.
In 2014 alone, van Wagenen added more than 1.16 million accounts to its tracking programs signifying continued strength in the insurance tracking market. Lenders of all types and sizes are using outsourced insurance tracking services to ensure an exceptional borrower experience.
“Our tracking programs are designed to minimize the need to ever contact a borrower,” says Jonathan Solseth, van Wagenen Vice President of Operations. He goes on to share; “We focus first on research with the insurance companies and agents and have systems unlike any other to accomplish that. With that in place, we are able to resolve the majority of deficiencies without ever having to involve the borrower.”
In today’s competitive market lenders need every customer experience advantage they can get. “We understand that challenge and the lenders need to safely grow revenue,” adds van Wagenen President, Randall Rempp. “Compliance matters, but customer experience is equally important, so we focus on both. The quality of service we provide ultimately helps the lenders retain customers and grow market share.”
van Wagenen expects continued growth in the insurance tracking business through 2015 and beyond. “With ongoing regulatory changes and costs associated with compliance failures, many lenders – regardless of their size - are finding it easier to wash their hands of the process and turn it over to a partner who focuses on it exclusively,” notes Rempp.