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The Building Blocks of State National

Reliability, Credibility, Assurance & Integrity...the Building Blocks of State National

Our commitment to reliability truly speaks volumes about our company culture and desire to always do right as a service provider.

Having partners you can trust is more important now than ever before. Not only is State National the industry leader in portfolio protection, we have also maintained an “A” (Excellent) rating from A.M. Best since 1993. Maintaining this reputation for over 27 years is not an easy task. For a better understanding of this achievement, we asked State National’s VP of Compliance Kelly Brown and her team to provide insight.

Why is compliance important to State National?

Compliance is essential to maintain good standing with states by ensuring adherence to all applicable state laws and regulations. Maintaining compliance in all areas ensures State National can remain licensed in all 50 states, uphold its leading reputation in the industry, and keep the interests of its clients and partners at the forefront.

How does the department ensure State National is compliant with regulatory rules?

There are several ways in which the Compliance Department ensures proper compliance. We track and monitor regulations prior to enactment and communicate pertinent information to our business partners. We review audit findings to ensure activities remain compliant. When process change needs are identified in response to a compliance issue, the team coordinates with appropriate parties to implement the necessary change(s). We also stay organized and up to date on all relevant obligations and reporting requirements to ensure the successful submission of over 50,000 time-sensitive reports annually.

What are the consequences for State National and our clients if compliance isn’t handled correctly?

If compliance requirements are not properly implemented and maintained, State National or its clients could be subject to lawsuits, risk reputational damage, face heightened regulatory scrutiny, and/or incur monetary fines. In severe instances, compliance failures could also prevent the company from maintaining the appropriate licensing and authority required to do business.

What is the key motivator for the department to successfully meet all compliance goals?

The Compliance Department is highly committed to maintaining State National’s premier reputation in the industry and its obligations to its clients.

By staying on top of all compliance-related issues, the department’s efforts and dedication enable the company to avoid costly assessments and fees, which translates to savings for our clients.

State regulators have specifically commended the work performed by members of the Compliance Department — it is rare to receive such praise, and the team works hard to earn such acknowledgments and to maintain our good standing and reputation.

What makes the team successful?

We have wonderful employees who work well together and are efficient. The Compliance Department has a culture of empowerment, opportunities for career growth and success, and a focus on adding value. This has translated into a high-functioning team that is motivated and dedicated and maintains a heightened culture of employee team spirit.

Consuelo Rosani
Consuelo Rosani
Consuelo Rosani is an experienced administrative professional with over 9 years of experience in the insurance industry. Driven by integrity and ethics, she takes pride in providing the best customer experience possible and has been recognized for her commitment to exemplary service.

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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! 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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!