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)?
There's everyone else — and then there's State National
Credit Unions Then and Now When I joined my first credit union almost thirty years ago, the member experience looked a lot different than it does today. Member service was limited to business hours — with the exception of Thursdays, when the credit union was open until 8:00 p.m. so members could deposit their paychecks. Online banking, mobile deposits, digital signatures, online loan applications with automated decisioning, and any number of other technological advancements were still many years away. As I enter my 32nd year as a member of a credit union, and my 21st year working in the credit union space, it is truly amazing to look at how technology has enhanced the member experience as well as the expectations of the individual member. As it has in credit unions and in every industry, technology has certainly had a big impact at State National. As we approach our 50th anniversary as a company and take a look back at our beginnings, it’s funny to think that we used to transcribe insurance information onto 4” x 6” notecards and store them in filing cabinets. Or that each notice had to be typed out before it was mailed to the borrower. Or that the only way to get a borrower’s insurance information was via postal mail from the insurance carrier or client. Today, almost every task we perform for our business partners and their borrowers is completed with the help of technology, and every new innovation we come up with is created with one goal in mind: to enhance the member experience. Utilizing Today’s Technology to Enhance the Member Experience At State National, we understand how our products can be viewed as detracting from the member experience as opposed to safeguarding the collateral and protecting the institution. This is why, as the industry leader in collateral protection, we are constantly looking for ways to prove that belief wrong by minimizing borrower impact and enhancing the borrower experience. In the last few years, we have introduced some truly game-changing technological innovations, like WRAP, our Web-Based Robotic Automated Processing.
Tracking Alone Is Not Enough
The Difference Is in the Details: Timely Automated Insurance Verification for Borrowers “Why am I getting these notifications? I sent in my insurance information already — twice!” Depending on the company and system you’re using for insurance tracking, this kind of noise may be an all-too-familiar sound. It’s never a good feeling to hear that an upset borrower has called to complain that they’ve received an insurance notification — or even worse, had a policy placed — in error. That’s why it’s so important that the partner you choose for portfolio protection has done everything they can to ensure those calls don’t happen. Collateral protection has come a long way since State National pioneered it back in 1973. In those days, when notifications and insurance submission was all done by mail or phone, even the best-run programs had to cope with a certain level of borrower noise because of unavoidable delays. But, fast forward to today and cutting-edge proprietary advanced technology and tools are available to solve these problems — in many cases, before they ever happen. We’ll let you in on a secret, though — not every provider has them at the same level, although they may tell you they do. Because of State National’s exclusive technology solutions, and service that’s entirely focused on portfolio protection, all you’ll notice is the peaceful sound of silence — which is good for your borrowers, your staff, and your bottom line. Watch the short video below to see how State National can help you reduce friction and borrower noise in your collateral protection program.