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10 Advantages of Partnering With SNC for CPI

There's everyone else — and then there's State National

 

  1. We are end-to-end CPI specialists
  2. CPI claims filing advantage
  3. InsurTrak
  4. Easy access to dedicated service support team
  5. Our unique proactive verification approach
  6. Our impairment-specific email and text communications
  7. Lender-focused path for inbound documentation and communications
  8. Proven core processor compatibility
  9. Filene Research Institute premier partnership
  10. Client Advisory Council

       ... and an extra bonus reason!

  1. We are end-to-end CPI specialists. State National is the only insurance company in the nation solely dedicated to CPI as its core product. We are the agent, tracking company, claims administrator, underwriter, and insurance company, all under one roof. Having end-to-end control of the process means no middlemen and none of the delays that come with companies that merely serve as a broker. We were one of the pioneers of insurance tracking and lender-placed insurance, and have been the leading provider for nearly 50 years.

  2. CPI claims filing advantage. Paperless process, with no documentation required. Some claim types are processed and paid in 6 seconds or less, and 90% of claims are processed in less than 5 days from the date the claim is filed. One single claim filing is processed for all available coverages, and we pay 20% more back on average. As the only provider that is also the insurance company and has in-house underwriting and claims payment, we are the only provider even capable of offering this level of speed and ease.

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  3. InsurTrak. We created the industry’s only proprietary system built from scratch specifically for CPI. This single sign-on, real-time source of truth for insurance tracking, claims, and reporting provides maximum ease, speed, and transparency. All loan portfolio data is at your fingertips, accessible instantly, all in one place. Additionally, you can access member phone call recordings immediately after they happen and check statuses directly on InsurTrak, 24/7.


    “We want a process in place that’s simple, repeatable and easy, and that’s what we found in State National and their technology — it’s just clean and efficient. It makes serving our customers easier, and we can move on to the next thing."
    ~ United Finance


    “State National’s tracking system is better and so much more accurate. From day one, the tracking and automation was just 100% better.”
    ~ CommunityWide Federal Credit Union
  4. Easy access to dedicated service support team. Direct toll-free phone number for all day-to-day contact, weekly account reviews, and loan level management connects your staff to an Account Service team assigned to your program that knows it inside and out — no waiting for return emails or phone calls. A dedicated Client Service Executive is also assigned specifically to your financial institution for strategic in-person meetings and ongoing training and CPI program level management.

    "I appreciate the teamwork that State National provides. I don’t look at them like a third-party vendor, but rather as an extension of us — because I know State National looks out for our best interest.”
    ~ MAX Credit Union
  5. Our unique proactive verification approach and integration with the largest insurance carriers means fewer notices, fewer placements, and a significant reduction in staff time required to manage your program. Exclusive technologies including WRAP (Web-Based Robotic Automated Processing) for AI-based insurance verification and VeriTrak (for strategic queuing of verification phone calls) result in fewer notices sent and less borrower noise.


    "Since the conversion to State National, member complaints and frustration have decreased dramatically — I don’t even remember the last complaint, to be honest.”
    ~CapEd Credit Union


    “Since we began our partnership with State National, we’ve been able to reduce false placements by almost two-thirds, which definitely elevates the customer experience, not having to spend their time or get frustrated trying to get a policy reversed"
    ~ Gate City Bank
  6. Our impairment-specific email and text communications result in 28% fewer notices sent to borrowers. We’re the only CPI provider that sends multiple emails and texts to improve borrower experience and reduce staff time. Borrowers can quickly reply with an image by text or upload their information online, all from their mobile devices. We are also the only provider that sets up and maintains the text program on your behalf, at no cost to you, now or later.
  7. Lender-focused path for inbound documentation and communications. Your own exclusive dedicated P.O. Box for all insurance mail saves significant staff time vs. opening all the mail and forwarding it to a provider, plus it provides faster processing and less chance of lost documentation. In addition, a dedicated toll-free 800 number for borrower calls, answered as your financial institution, provides a more seamless and frictionless borrower experience.
  8. Proven core processor compatibility. Full CPI payment adjustment automation for CPI premium adds and refunds, including partial refunds. Our system is compatible with all major core processors.

    “You have to be savvy with technology to be effective with this kind of insurance product. We were looking for a company that could help, that had the right technology. We looked at 3 or 4 other companies and State National was far above everybody else.”
    ~ Pronto Finance
  9. Filene Research Institute premier partnership exclusive to State National. Filene is a credit union and consumer finance think tank headquartered in Madison, Wisconsin. As an Inner Circle member and sponsor of their Centers of Excellence, we provide support for their mission to connect credit unions with insights and innovations to change people’s lives. This partnership also gives us access to original research to better focus future advancements & technology innovations into CPI program improvements for our credit union partners.
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  10. Client Advisory Council. Founded in 2018, the council convenes a group of top clients to discuss issues critically important to them and us. The State National CAC is a forum to share information, gain consensus on key topics, and collaborate with peers and partners to creatively pursue problem-solving strategies for their institutions. It also generates feedback and guidance that helps us continually improve and enhance our products and services to better meet the needs of ALL our clients.
    SN CAC 2020 logo"State National is a great partner. I'm glad they asked me to join the CAC because it gives me an opportunity to keep that partnership active and very vibrant. And I enjoy the fact that I get to see what State National is doing and what’s on their horizon and how it’s going to benefit not only my credit union, but the credit union industry.”
    ~ My Credit Union 

    Bonus Item! State National Companies is a subsidiary of Markel Corporation, a $33 billion insurance and investment organization currently ranked at 289 within the Fortune 500!

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Jeff Batker
Jeff Batker
Jeff Batker is a Regional Vice President for State National Companies. He lives in Minnesota and covers the creation of new business partnerships in Minnesota, Wisconsin, Iowa, and Nebraska. With over 20 years of experience, Jeff is passionate about connecting financial institutions with our best-in-class portfolio protection insurance programs.

Related Posts

How to Explain Collateral Protection Insurance to a Borrower

Equipping Your Staff At State National, we recognize that collateral protection insurance (CPI) is not a term every borrower knows. Here, CPI expert and Sr. Client Executive Kathy St. Clair shares her insights on how to educate borrowers about CPI and what to say if a borrower has questions about a CPI certificate placed on their loan. If you do not know what CPI is, we recommend first reading What Is Collateral Protection Insurance (CPI)?. Topics Covered in This Article Why your Client Executive is your expert navigator when it comes to CPI Being proactive and letting your borrower know about CPI when they sign up for a loan What to do when you don’t know how to answer a borrower’s CPI-related question Understanding InsurTrak Your Client Executive Is Your Expert Navigator When it Comes to CPI As a long-time client service provider for State National, I know that borrower satisfaction is vitally important to you, and to us. My mission in sharing this blog post is to help further inform you and your staff about how and when we recommend talking about CPI with your borrowers. When you communicate with State National, you are likely doing so through your Client Executive. You can think of us as your expert navigator, teammate, and guide for all of your collateral protection insurance program needs. Your Client Executive is always available to help you understand what your financial institution needs to do to ensure a successful CPI program. We understand that specific protocols will differ depending on your unique business needs, because no two financial institutions are the same. Your Client Executive is there to consult and collaborate with you as a partner. So while my explanation in this blog post can provide general tactics and strategies to strengthen your staff’s knowledge, the best methods to maximize your program benefits will come from working closely with your Client Executive and reporting any questions or concerns. Chances are, we already have a solution in our toolkit! Be Proactive and Let Your Borrower Know About CPI When They Sign Up for a Loan. When you communicate with your borrowers, it is best to be upfront, transparent, and informative. Some surprises can be great, but not all surprises are welcome! We always try to share with any staff members who work with loans how important it is to make borrowers fully aware that they are required to have insurance — and that they will see notices from you if they do not. By accepting a car loan, a borrower acknowledges that they will provide full-coverage insurance on the vehicle. Because of that, they need to ensure their insurance policy always remains active and up to date, and their agent or insurance company needs to list you as the lienholder. If that process works smoothly, they should never see any notifications regarding insurance. Your staff should also let borrowers know that if they receive a notice there are several ways to quickly and easily show proof of insurance. They should stress that notices regarding an insurance coverage lapse should never be ignored, but should be read immediately as they will give the borrower instructions on how to update their insurance to avoid having a certificate placed on their loan. Don’t Know How to Answer a Borrower's CPI-Related Question? We Have You Covered. Many of our partners have a hot button on their work phones. This button transfers a borrower’s call directly to our insurance verification department using your own custom 1-800 number that allows us to answer the call using your financial institution's name. You, or any member of your team who receives a CPI call, can let the borrower know they are being transferred to the insurance department for your CPI program. As an additional option, you can add a MyLoanInsurance link on your webpage so staff can direct borrowers to provide proof of insurance online. We want to take as much of the program administration off of you and your teammates as possible. If your team does not currently have a hot button that directs to our contact center or needs assistance with the MyLoanInsurance link, please let your Client Executive know. Your 24/7 Loan Insurance Status Assistant — InsurTrak! InsurTrak is the industry's only system built from scratch specifically for CPI. It is your real-time source of truth for insurance tracking, claims, and reporting, resulting in maximum ease, speed, and transparency. Your loan portfolio data is at your fingertips, accessible instantly, all in one place. Plus, your staff can access useful videos with quick and helpful tips in the InsurTrak Knowledge Center. We assign InsurTrak access to as many individual users as needed at your financial institution. This powerful, one-of-a-kind tool is your transparent and bird's-eye view into everything going on with your CPI program. With InsurTrak, you can quickly view a borrower's loan status and look at the transaction history to better understand why they are receiving notices or why a certificate placement has occurred. If InsurTrak shows that it is because of cancellation on their current insurance, you can ask the borrower if they still have insurance with that carrier or if they have changed. If the borrower has insurance, we need a copy of their current policy. You can let your borrower know that after they provide that proof, the notices they are receiving will stop. And if a certificate has been placed on their loan, they will receive a CPI refund once they provide valid insurance information.   How do you answer specific questions a borrower may ask? Next week, look for Part 2 of How to Explain Collateral Protection Insurance to a Borrower for simple answers to common questions you and your staff may encounter regarding CPI.  

Celebrating Our Partnership With Filene!

Innovative Research From Renowned “Think and Do” Tank Drives Real-World Results for Credit Unions With service as a core value, State National not only puts maximum effort into providing the best portfolio protection anywhere, but we also actively look for ways to help move the industry needle and be a part of a larger mission. This includes actively seeking to expose our clients to opportunities with leading organizations that explore innovative, growth-oriented ideas. What Matters to You Matters to Us The renowned research firm Filene is a credit union and consumer finance think tank headquartered in Madison, Wisconsin. As an Inner Circle member and research sponsor, we provide support for their mission to connect credit unions with insights and innovations to change people’s lives. Their research ventures connect credit unions with the most impactful technology and drive forward-thinking business decisions. Through investing in organizations like Filene, State National further supports the credit union mission and helps our partners benefit from the latest insights into solutions to their industry's unique challenges. This partnership also gives us access to original research to better focus future advancements and technology innovations on collateral protection insurance (CPI) program improvements for our credit union partners. Keep Good Company At the start of 2020, State National joined forces with Filene by sponsoring their Center of Excellence for Emerging Technology, working with their industry experts to explore the future of digital financial services. This year, we are proud to also provide support for Filene’s new CoE, the Center of Excellence for Innovation & Incubation, which helps credit unions explore solutions to assist them in remaining adaptive and nimble as member and community needs continue to shift. Filene’s Centers of Excellence are identified based on the needs shared by hundreds of credit unions and created to empower them with the data they need to make decisions that will best serve their missions now and in the future. Filene's Center of Excellence of Innovation & Incubation — A Milestone Worth Celebrating All of Filene's Centers of Excellence are doing life-changing work to help credit unions — and their members — thrive. As a sponsor of the Center of Excellence for Innovation & Incubation and the Center of Excellence for Emerging Technology, we could not be prouder to support the amazing work Filene is doing to help credit unions succeed and to advance the credit union mission. We look forward to seeing these dedicated scholars and credit union advocates as they move into their second year of investigating ways to create, implement, and measure innovation in credit unions, identifying opportunities for credit unions to differentiate with innovation, and building a playbook of effective and consumer-friendly social innovation approaches for the future of all financial services! Check Out These Guest Posts From Filene Experts: Relationship Banking in a Digital Age Credit Union Digital Transformation in the Age of COVID – 19

10 Advantages of Partnering With SNC for CPI

There's everyone else — and then there's State National