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Innovation and Client Experience

We define success by more than financial outcomes — we consider the quality of our relationships with our clients to be just as, if not more, important. Our high NPS score is due to State National’s culture, which is built around technological innovation and customer experience.

Innovation and Customer Experience

The Pillars of State National Culture

With 2020, a year like no other, finally behind us, I — like many of you — am excited about what 2021 has in store.

As an eternal optimist, I am expecting great things in the year ahead. However, I’m also a pragmatist, and I know that expecting is only half the task. Looking forward realistically requires reflection on what has come before.

Taking a good hard look at past performance is essential, whether you’re talking about personal success or a company’s success.

At State National, we define success by more than financial outcomes — we consider the quality of our relationships with our clients to be just as, if not more, important. Building lasting, solid relationships has been at the core of our business for almost 50 years.

That’s why it’s essential for us to reflect back on our partnerships each year to assess how successfully we accomplished that mission. We have several metrics we use to do this, and many are built directly into our business model, from our Annual Client Survey of Service Quality to our Net Promoter Score (NPS).

And although those scores have continued to rise year over year, we know that simply patting ourselves on the back and resting on our laurels won’t cut it. As long as there is ANY room for improvement, we want to find those opportunities and capitalize on them.

Drilling Down Into Marketplace Perceptions

To that end, in 2020, we wanted to take a deeper dive into understanding how we are perceived not only by our clients, but also in the greater collateral protection insurance (CPI) market. This goal led us to a partnership with the Mays Business School at Texas A&M University, whose team surveyed a variety of stakeholders in the marketplace — not just our clients, but also those who currently use another provider.

Overall, the results reflected our prominence in the industry and largely validated what we already knew. It was great to see that lenders who are familiar with CPI recognize that State National’s commitment to innovation has led to us having the most advanced technology available — and by quite a large margin. We also ranked higher in the areas of service speed and borrower communication.

To be completely transparent, we are so proud of the superiority of our technology and the continual, substantial investments we’ve made when it comes to innovation that we’ve talked about it a lot! For years, our messaging has highlighted our technological advances and innovations in CPI delivery.

Many of our marketing efforts as a company have revolved around telling the story of how our AI robots, VeriTrak processing system, and other innovative solutions make our programs tops in terms of speed, accuracy, and ease of use. And while that is all true, it means we may have neglected to tell another story that is just as important, and frankly, just as impressive — our service story.

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

More Benefits With Less Effort

Because our technology IS so seamless, our programs don’t require a lot of hand-holding. Our users have a dedicated Client Executive who is always available to provide whatever service and answers they need — but because the overwhelming majority of transactions go very smoothly, they don’t have to contact their CE very often outside of routine visits. In other words, it’s one thing to say that you were able to call up a service provider and they handled your problem for you, and it’s another thing to have things work like clockwork and never have had a problem in the first place.

We, internally, know beyond a shadow of a doubt that we provide better overall service than our competitors. It’s just a fact. We know it because we hear about it from clients who have transferred from other companies — including those who were with us, switched to another provider thinking “they all offer the same thing,” and then switched back after they quickly realized how untrue that really is.

We know that recorded calls immediately on demand in InsurTrak are not the same as having to make a specific request for a call record and then wait weeks to receive it. We know that offering our clients a turnkey text messaging program at no cost to them is not the same as giving them a 3rd party referral and a loan file and letting them handle it themselves. These are just two examples of how State National goes the extra step at every step.

We also know it because of our world-class Net Promoter Score of +86 that ranks us among companies known for their stellar service, like Amazon, Apple, and Tesla. And that score went up again for the fourth year in a row — during a pandemic!

True Sky & State National: Technology Partnership Enhances Member Experience WATCH THE VIDEO

Always Here for You, in Both Good Times and Difficult Times

Speaking of COVID-19, I am happy to say that our business partners gave their Client Executives an overall score of 4.9 out of 5 for how accessible and helpful they were in guiding their institutions through what was a difficult year by any standard. Our clients told us directly that our flexibility and expertise helped to provide them with a proven, stable, and reliable program in a time of uncertainty.

I know this may all sound like a lot of braggy self-promotion. But based on what we know to be true about actual service delivery, we deserve to be braggadocious! In the words of our boisterous and exuberant Executive VP of Sales, John Pearson, “I just don’t understand how we don’t have ALL the business!” In 2021 we are determined to shatter the myth that all CPI providers are the same, and will work to highlight our many distinct differentiators and exclusive benefits. When it comes to portfolio protection, State National is simply the best in the business.

That’s our commitment to ourselves, to our clients — and to our future clients. Thank you, and I wish all of you the best in 2021 and beyond.

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