Insurance Tracking Program:
Fiserv Lending Solutions offers a turn-key insurance tracking solution which seamlessly connects to all Fiserv and non-Fiserv core loan/lease servicing platforms.
 
Insurance Tracking Program In Depth:
Our unique integration strategies push and pull data to ensure immediate access to the critical information necessary to accurately determine insurance statuses. Regulatory compliance and comprehensive collateral protection are the cornerstones to our custom built insurance tracking programs. Key components to an overall solution include:

Document management (all insurance documents are scanned and images are vaulted) creating an inception to date chronological history of all insurance transactions. Each insurance related event is returned throughout the entire lifecycle of a loan to support Turn Time analysis and research scenarios. This flexibility allows our operating units to allocate resources based on fluctuating volumes and deliver on Service Level commitments. Access to this documentation is provided to you through our Web-Portal protected by Secure Access technology (see Portal description below).

Data Capture is used generically to represent all processes, automated and manual, utilized to associated insurance transactions with the appropriate vehicle to determine compliance with insurance requirements. Insurance updates are received via paper documents, fax, and EDI data exchanges. Once received, the information contained is evaluated to determine the appropriate course of action ultimately delivering status changes.

Borrower / Lessee / Agent communication is managed through matrixes established to respond to insurance exceptions identified in the tracking processes. Customized tracks are established to follow-up on cancellations, expirations, and deficiencies driving communication with agents, insurance companies, and your client (the borrower). Notice text, contact intervals, and frequency are all key variables in constructing resolution strategies.

Our call center handles all inbound call activity created through follow-up activities. Borrowers and agents have immediate access to professional customer service representatives who are empowered and motivated to resolve insurance related issues. Outbound call initiatives are activated through triggers set in the communication matrix discussed above. Call recording is utilized to ensure quality and efficiency standards are maintained. Playback features exist for each call to research specific follow-up efforts or client dissatisfaction / complaints.

Extensive program reporting covering insurance tracking activities, the outsourcing relationship, and policy placement are delivered at pre-defined intervals based on lender preferences. Reports are distributed via hardcopy or softcopy (e-mail) methodologies. Sorts, summaries, and portfolio segmentation within reports are developed as part of the implementation planning and configured through client specific system options. Changing requirements are easily accommodated via the report options menu’s contained in the system.

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