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Expanded Use of AI-Based WRAP Delivers Results

Our WRAP (Web-Based Robotic Automated Processing) system is continuing to increase efficiencies. WRAP now proactively searches for new policy information from 7 major carriers, including the country's top 5 auto insurers.

UPDATE! To illustrate how WRAP continues to increase in power and efficiency, in April 2023 the bots reviewed over 140,000 loans, successfully finding and updating insurance on 33% all completely automatically and with no borrower contact needed.

Expanded Use of AI-Based WRAP Delivers Results

Innovations in Robotics Processing Continues to Increase Efficiency

Robot Icon WRAP stands for Web-Based Robotic Automated Processing, and it has delivered incredible results for State National’s clients since it was introduced in 2019. In fact, you could say that our AI-based bot “team” has started a revolution in automated insurance verification.

Before WRAP, our insurance verification staff had to complete all web-based verifications manually, by logging in to insurance companies’ websites to find the data they needed. But with WRAP, thousands of borrower accounts can be automatically updated in our proprietary InsurTrak tracking and reporting system every day, without any human intervention whatsoever. This frees up our human staff members, leaving them even more readily available to help our clients maximize results from their CPI program.

These hard-working software bots are fast, precise, and tireless — reducing bottlenecks, accelerating speed, and increasing accuracy around the clock. They hate inefficiencies and love serving our clients 24/7!

Continual Improvement — WRAP Just Keeps Getting Better!

Since our initial investment in WRAP, we have continually expanded its use to search for, locate, and update our systems with up-to-the-minute, real-time insurance information.

We could see right away that WRAP was delivering remarkable results, so we quickly started looking for other places to put this powerful AI technology to work. Our research showed that 40% of all auto insurance policies canceled with the top 5 carriers (Allstate, Farmers, GEICO, Progressive, and State Farm) were subsequently renewed with one of the other five. We also noticed that many borrowers who canceled with other carriers ended up also choosing one of these 5 leading companies.

So, in September of 2020, we programmed our bots to proactively search for new policy information within these 5 large carriers whenever we are alerted that any borrower’s policy has been canceled. This happens 3 days before a notice would have been sent to a borrower with a canceled policy — which means many notices that previously would have gone out due to lack of available information now just never happen.

Little Bots, Big Results

A month after putting WRAP into action in this new way, we saw about a 30% drop in these types of notices sent to borrowers, and we expect this percentage to increase even further in the months ahead.

To learn more about how our bots work for you, watch the video.

Today, WRAP technology is doing more than ever to increase efficiencies at State National. In fact, we also added some new bots to the team that can search for insurance on new loans as they hit the State National system — searching the same 5 carriers they do for cancellations. Early results show the bots are very busy, looking up over 70,000 new loans each month with a 20% success rate (now it's even more — see 2023 update at the top of the page!) This results in a significant reduction in notices and related customer noise while the borrower is free to enjoy their new vehicle.

Our Investment in WRAP Pays off for Everyone

While it’s too early to accurately measure the overall long-term efficiency of putting insurance cancellations and new loans through WRAP, we have a foundational understanding of what our bots have been able to accomplish since we initially onboarded them as members of our State National team.

Comparing 20 accounts from 2017 to 2020, our team measured paper notices, inbound calls, and uploads to our web-based insurance portal, MyLoanInsurance.com. The results? Impressive! Paper notices went down 16.1% and inbound phone calls down 25%. That means we were able to increase total insurance verifications by 76% without adding personnel — resulting in less friction and less borrower noise.

Not only that, but we’ve also been able to utilize bots to streamline our claims processes with InstaClaim, which automatically settles some types of claims in 10 seconds or less. Claims paid in seconds, with ACH payment initiated overnight, instead of waiting days or weeks? There’s simply nothing else like it in our industry.

The past several years have seen leaps in technology that have helped us optimize how we receive and process data, and we continue to look for more opportunities to speed up and streamline our workflows. In fact, we’ve got another exciting technology launching very soon, and it promises to be a game-changer. Stay tuned!

State National’s commitment to innovation continues to translate to a positive client and borrower experience credit unions, banks, and finance companies just can’t get anywhere else.

David Crawford
David Crawford
David Crawford joined State National in 1998 and was instrumental in the creation and leadership of the centralized Service Operations for Lender Services, overseeing the continued growth of the Document Processing, Contact Center, Account Services, and Product Support groups. In 2018 he assumed the newly created role of Vice President of Strategy & Innovation, where he is the primary interface between IT and business users. He is responsible for researching, selecting, and implementing technology-based solutions to further enhance service delivery both internally and to State National’s clients.

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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 MyLoanInsurance.com 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!