SNC Spotlight

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How State National's Unique Service Model Offers More Benefits to You

The Difference Is in the Details: State National’s Dedicated & Proactive Relationship Service Model

 

There is no question that at State National we offer more than just a solution to protect your portfolio — we strive to build lasting, long-term relationships based on trust, transparency, and dedicated service. Here are just a few of the reasons why we are able to deliver more for our partners.

Dedicated Teams, Dedicated Service

Delivering an effective program from day one is what builds the strong foundation of partnership. Service is at the core of everything State National does, and one of the ways we reiterate this core value is by separating our sales and service staff into separate teams. Why is this important? We have found that it is the best way to guarantee best-in-class service before, during, and long after implementation. Through this one-of-a-kind industry model, both sales and service can complement each other’s skills to act in the best interests of our partners.

COMMITMENT, AGREEMENT, INTEGRITY, SUPPORT and TRUSTA Better Build Based on Collaboration

Understanding the sales process and carrying out a seamless implementation strategy is paramount in starting your program off on the right foot. As with other providers, you work with the sales team during the selection process. We rigorously train our sales staff to understand your needs and ensure you’re choosing a product that best suits your specific situation.

Unlike other providers in our industry, however, before implementation you’ll be assigned a dedicated State National service team that specializes in seamless integration of your program into your business. They know every in-and-out of the implementation process, and work tirelessly to understand each client’s particular needs and assist in providing a custom solution.

Your Client Executive and Account Team

State National is the only provider with dedicated Client Executives who work only on portfolio tracking and protection. As the highly trained and experienced implementation team works to get your program up and running seamlessly, you’ll also work closely with your Client Executive as they get to know you and your organization’s unique needs.

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After implementation is complete, your Client Executive will offer continuous monitoring, personalized support, and consistent stewardship of your program. Their job and sole focus is to ensure you are fully satisfied and that your program is delivering results based on your objectives.

Your Client Executive is backed up by a dedicated Account Team assigned to your program. You never have to worry about emails that take days to return or questions that go unanswered — your Account Team is knowledgeable about the details of your specific program and is always available to assist with monitoring, tracking, and support.

This kind of dedicated and committed support provides a better experience for you and your staff — which ultimately translates into a better experience for your borrowers. (How? Stay tuned to this blog for a future update on why this is so!)

Transparency, Transparency, Transparency

State National Offers Transparent Colateral Protection InsuranceOne of the ways we measure our performance and success as a company is by the quality of the relationships our Client Executives have with the credit unions, banks, and finance companies they serve. For example, in addition to regular program updates, each year every client receives a personalized and personally delivered Annual Impact Report (AIR). This detailed executive review shows your institution exactly what the value of your State National program is to your organization. It includes intricate details, benchmarks, and recommendations. Clients can see the fluctuations and movements between loan volume, premium production, claims, and much more.

We believe that the information we have, you should also have, and that you should never be in the dark about how your program is performing. We can’t say it enough: Transparency and trust are key to building lasting, mutually beneficial relationships.

“Always Inspect What You Expect”

We conduct multiple client surveys on different aspects of service delivery:

  • During implementation
  • Post-implementation
  • Ongoing contact center KPIs
  • Borrower experience
  • Annual overall satisfaction

Collecting these metrics helps us to test the success of program implementation, maintenance, and performance. We want to make sure we are consistently improving and living up to the high standards we have set for ourselves. You cannot deliver consistent superior results year after year and decade after decade if you're skimping in any of these areas.

“Always inspect what you expect,” as the saying goes, and we live by it. Our focus as your partner is to be an extension of your organization, and we cannot do that if we are not aligned, which is why we invest significantly in measuring what you want and need and how we can continually improve to deliver that and more.

Portfolio Protection Is Our Singular Obsession

 

State National was one of the pioneers of collateral protection insurance and we’ve been the experts on it for nearly 50 years. Our focus is always to provide the absolute best in portfolio protection and is never diverted by trying to persuade you to add additional products or services. It’s not that these ancillary products are not available, it’s that CPI is a risk mitigation product, and shouldn’t be viewed a fee or revenue generating product. It’s about mitigating risk from lending and reducing charge-offs to protect net income.

When services are bundled together, it can be easy to play a shell game among products, seemingly offsetting the costs of one element by shifting it to another. State National’s goal is always to ensure that your CPI program is successful and cost-effective on its own merits and is delivering consistent loss ratios and dependable long-term value to your organization.

We Are the Insurer (and Yes, That Matters a Lot)

Because State National is not just the tracking and insurance provider but also the insurance company, we can offer a level of underwriting flexibility and customization unmatched by anyone else in the industry. We look at each of our business partners individually, and base program details and pricing specifically for each institution. When performance is pooled in a CPI program, some lenders have to subsidize the results of non-performers, and that is not an effective way to build relationships for the long haul.

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We Learn With Our Partners to Help Us All Grow

With service as a core value, State National not only puts maximum effort into providing the best portfolio protection anywhere, 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, forward-thinking ideas. Our partnerships with thought leaders such as Filene Research Institute (including being part of Filene's "Inner Circle" by sponsoring Filene’s Center of Excellence for Emerging Technologies and Center of Excellence for Innovation & Incubation), CUES, and others are added resources that can provide support to our clients and the industry overall.

And we don’t just stop at data introduction and access. The State National Client Advisory Council (CAC) provides a forum for credit union and other financial executives, along with leaders from State National, to collaborate, share ideas on important industry topics, and conduct real-world problem solving for current challenges. We want these leaders to engage with us and one another while we all search for viable industry solutions and opportunities. Our CAC members meet quarterly and work to develop and produce solutions that are then made available to our council members and to our other clients across the country.

The Proof Is in the Results

Best in ClassWe are always looking for ways to invest in and maximize the use of resources for our partners. State National has a corporate culture of unparalleled service and commitment, and that’s not just something we say — we see proof of this in our stellar Net Promoter Score (NPS), which has consistently scored at more than double the industry average and is higher than some of the best-known service companies out there, such as USAA, Apple, and American Express.

View Our Latest NPS Score!

Is this the kind of service and dedication your organization is looking for from your portfolio protection provider? We look forward to starting a conversation with you and answering why you and your organization should be partnering with State National.

Stay tuned to our blog for a future update about how your provider’s service delivery model and expectations can have a big impact on your borrowers’ experience.

 

Jeremy Clark
Jeremy Clark
State National Sr. Director of Client Service Jeremy Clark leads our Client Executive Group to facilitate client support, satisfaction, and retention.

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