SNC Spotlight

Insurance can be complex. Turn to our blog for up-to-date, relevant content to help you make the best decisions for your financial institution. With expert knowledge from seasoned industry professionals, we simplify insurance topics so you can get back to business.
All Posts

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.

    Subscribe to Our Blog!
  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.
  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!

    Gold Gradient
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

Warning Lights on the Financial Dashboard: Navigating Risk in Auto Finance

In the financial world, uncertainty often casts a shadow of doubt over the future. As economic experts and analysts scrutinize current data and trends, it seems likely that the path ahead is likely to be one with its share of obstacles.

Roadblocks and Solutions: Understanding Auto Repossession Delays

From Moratoriums to Market Fluctuations to Disappearing Agents — a Lender’s Conundrum Auto repossession, the process of reclaiming a vehicle from a borrower who has defaulted on their loan payments, has become a more challenging and time-consuming process in the current environment than ever before. Why?

How Much Money Can We Save You? 4 Questions to Find Out

Protecting your auto loan portfolio doesn’t need to cost your credit union, bank, or finance company as much money, time, and resources as it does today. With seamless implementation and a multitude of unique advantages in our service model, State National saves lenders money. Just how much? Let’s find out! 1. How many auto loans do you have in your portfolio and how much time per week does your staff spend on managing collateral protection in your current portfolio? Our program is built to free up your staff’s capacity and provide you with FTE savings. Our exclusive lender platform, InsurTrak, has every tool you need, including: Real-time data on borrower insurance status, notifications sent, account history, insurance documentation, and all borrower interactions Instant, on-demand access to all recorded borrower phone calls. Fast, automated payment change and refund information On-demand management reports and customized, transparent reporting of all aspects of your program Created in-house and customized for CPI programs specifically, InsurTrak is the industry powerhouse in tracking, claims filing, reporting, and program management, all in one user-friendly, easy-to-use platform. “Efficient? I’d estimate State National’s system saved us 6 figures and 1 FTE!” ~ Steve McIntire, VP of Administration and General Counsel, SELCO Community Credit Union 2. What is your 12-month claim benefit? State National returns, on average, 20% more in claim dollars than other providers. Because we are the carrier, underwriter, and claims payer, there is no middleman and almost no paperwork required. Many claims are processed in 10 seconds with AI and those that need further review are paid within 5 days of their submission date. That’s 5 days start to finish. Additionally, filing a claims payment has never been easier for your team. Our claims form comes pre-populated with data from InsurTrak. You don’t even have to decide which claim type you want to file — we automatically process each claim for ALL available coverages, regularly returning more dollars to you. Did I mention we have broader coverages that provide more value to the financial institution? Not only that, but we offer a borrower-centric coverage that allows your borrower to file a claim even if they are uninsured! “State National has saved us a truly significant amount of money.” ~ John Grimes, AVP of Collections, MAX Credit Union 3. If you have a CPI provider, what is your current CPI penetration? We reduce CPI penetration by 20-30% because of our proprietary AI tracking software, proactive verification methods, and our email and text programs. Our Web-Based Robotic Automated Processing (WRAP) software automatically extracts insurance information from insurer websites and updates it in InsurTrak — without any human effort or intervention. WRAP uses AI and machine learning to proactively search for new policy information from seven different carriers, including the country’s top five auto insurers, before ever notifying a borrower. Only if we can’t verify insurance through WRAP or our other proactive and behind-the-scenes verification methods do we reach out to the borrower via multiple channels, including email and text. Borrowers can easily respond through the channel they prefer — email, phone, or our borrower-facing portal. They can even send an image of their insurance information by text! All this combines to create a more seamless, frictionless experience that results in lower penetration rates and greater client and borrower satisfaction. “Even though State National provides the insurance, I know their goal in the end is to NOT have forced placements. It's an active partnership that hits from all angles.” ~ Lora Stebleton, Vice President of Payments & Customer Service, Gate City Bank 4. What core processor do you use? InsurTrak is engineered to work seamlessly with all major core processors. Because innovation is our mindset, we have multiple automation options available to accommodate your systems and processes. When designing InsurTrak, we kept software compatibility a top priority. This means seamless real-time premium adds, refunds (including partial refunds), and payment syncing. With minimal steps to set up, you can link Symitar Episys, Temenos, and AKUVO directly to InsurTrak. For those who use Symitar Episys, State National has set up two-click direct connectivity, allowing all InsurTrak data to be accessed through your Episys system. Temenos and AKUVO users can easily connect to InsurTrak within their frameworks using the State National connector. “I just don’t think anybody else out there can compete with what State National has as far as the product, the technology and innovation, and how many things are automated.” ~ Corey Rupp, Chief Retail Officer, Affinity Plus Credit Union Switch Without a Glitch Once you decide to partner with State National, our dedicated Program Implementation Team is there to guide you all along the way and answer any questions you may have during any step as you onboard. “It was the best implementation I have done with any company. It was flawless.” ~ Joy Dominguez-Mota, Department Manager, Nationwide Acceptance Want to determine the actual savings your financial institution can achieve with these advantages? Let us know your answers to these questions and see how you can take advantage of these and other exclusive benefits. Sign up for an in-depth, customized consultation and program review today to see how much time and money we can save you!