SNC Spotlight

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To Improve Is To Change

Using Change To Accelerate Innovation and Drive Success

The great leader Winston Churchill summarized it best: “To improve is to change; to be perfect is to change often.”

 

Helping people and businesses deal with change has become an entire industry in itself. Sticking with what is familiar is a natural human tendency, and individuals at all levels of an organization can be inclined to resist change. In fact, most of us truly only accept change when we are ready for it! However, since change is a constant in life and in business, learning to accept it sooner, navigate it deftly, and even seek it out and use it to grow is one of the most valuable skills of them all.


Holding on to the status quo and reflexively resisting change, or waiting until the majority are ready for change, can be highly detrimental to a business and even cause it to fail. From a competition and evolution standpoint, waiting to change until it feels comfortable is like waiting for a ship that has already sailed. At State National, we realize what Winston Churchill was trying to say — and for the past 50 years we have challenged ourselves every day to be better than the day prior.State National Values Women in Leadership
Continuous Improvement at Every Level

 

A portfolio protection program is complex, which makes program changes often feel like they’re going to be challenging. But at State National we put a great deal of effort into ensuring that changes happen with as little disruption as possible and that no stone goes unturned when it comes to optimizing the benefits our clients realize from our partnership. The rewards gained by pushing through with better and more effective ways of doing things is what moves us all forward. We do not rush into disruptive change — we strategize to create seamless, easy, and successful organizational shifts.

 

Change for Your Financial Institution

 

For our partners, implementation can feel like a daunting change, and that’s why we build each of our onboarding clients a customized road map to implement their new program. We also provide abundant resources to ensure all of their questions are answered promptly along the way. We don’t start a program until our partners are comfortable and certain that all the bases are covered. We know that when you have control of the change process it tends to move most smoothly — and ultimately results in an effective new program with less hassle and less work for your organization.

COMMITMENT, AGREEMENT, INTEGRITY, SUPPORT and TRUST

"I appreciate the teamwork that State National provides. I don’t look at them as a third-party vendor, but rather as an extension of us — because I know State National looks out for our best interest.”

~ John Grimes, AVP of Collections at MAX Credit Union

 

Change as an Innovation Accelerant: How State National Has Engaged Change To Be the Best in the Business

 

Making implementation shifts seamless for our partners is just the tip of the iceberg. As technology and innovations change and grow, so do we.

Best in Class

A few of our most recent innovations include:

  • Our Comprehensive Text Messaging Program – It’s not just text notifications — it’s a full-service platform to make things easy for your borrowers. While other CPI providers offer limited text solutions, we are the only provider in the industry who sets up the program on your behalf and handles all the details for you — at no cost to you, now or later. Your borrowers not only receive notifications and have the ability to click through to MyLoanInsurance.com to submit insurance, we take it a step further — borrowers can even reply instantly via text from their mobile devices.
  • Continual Innovations to InsurTrak – InsurTrak is the industry’s only system built from scratch specifically for CPI. It’s your single sign-on, 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. And we are constantly making improvements and enhancements to make it better, easier, and more convenient.
  • Further Innovations to WRAP (Web-Based Robotic Automated Processing) – WRAP saves you money and your employees time. Custom-programmed software bots use machine learning to automatically extract borrowers’ insurance information from insurers’ websites and update it in InsurTrak — without any human effort or intervention. All uninsured new loans and policy cancellations also go through WRAP to find valid insurance before any notifications are ever sent to a borrower. This revolutionary AI automation means increased speed and accuracy and a dramatic reduction in borrower noise.

 

How Can We Help You? 

 

We are no strangers to seeking out opportunities for change. After all, “to improve is to change; to be perfect is to change often.” What is your financial institution doing to embrace change today?

Need a hand? State National has an entire department dedicated to Strategy and Innovation! Additionally, we partner with organizations like Filene to produce relevant data for financial institutions to help make implementing strategic change easy for your organization.

To further discuss how State National can help your organization change to improve, contact JMalinosky@statenational.com.

 

Josh Malinosky
Josh Malinosky
Josh Malinosky is a Regional Vice President for State National Companies. He lives in Southern California and covers the creation of new business partnerships in Colorado, Wyoming, and parts of Montana and New Mexico. He has over 10 years of strategic business-to-business relationship development and insurance industry experience. Outside of work, Josh has been a strong advocate for athletics and has coached in many parts of the U.S. and Canada.

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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!