Where insurance and lending intersect, complex processes keep interested parties informed about changes affecting their insured asset. But obsolete workflows can make it a struggle to keep those processes orderly and efficient.
Lienholder and additional interest notifications, returned mail, producer notifications, and escrow invoices can drain resources and create unnecessary noise. Companies can pour vast amounts of staff time and postage into these functions.
In the normal course of business, insurers may contend with returned mail caused by input errors, lienholder phone calls and e-mails, archiving returned notifications, and labor-intensive invoicing. The result can be a lot of noise: ringing phones, cluttered inboxes, and expensive infrastructure.
All of this effort achieves the important goal of compliance, but little more. The increasing expenditure of time and money scores no competitive points with consumers, and the bandwidth these functions tie up might be put to better use in growing the business.
Proven technology married with an insurer’s own processes can help tame these workflows. CV-Exchange® from Verisk is built to turn down the noise.
Through a secure connection, insurers can contribute policy data into the Coverage VerifierSM database. Advanced technology then evaluates policy changes to identify transactions containing reportable events. Based on the insurer’s preferences, CV-Exchange reports specific transactions to interested parties listed on the policy. The system feeds the data into CV-Exchange for distribution to loss payees, mortgagees, and additional insureds or interests.
CV-Exchange works across a range of operations:
- For lienholder and additional interest notifications, multiple databases and advanced matching technology facilitate both electronic and mail notifications going to the latest address.
- For producer notifications, information about returned mail goes directly to agents, reducing time spent to engage the agent for lienholder address updates.
- For escrow billing, the system invoices lenders for premium payments on the insurer’s behalf, using aggregated information to distribute the invoice to the latest address and expedite remittance.
- For return mail, each item is logged, and an image of the item is archived. Then, a daily file of all return mail is returned to the customer for processing.