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Looking Back, Looking Forward

Trace Ledbetter reflects on the lessons learned from this turbulent and unexpected year.

2020 Was All About Finding Opportunities Within the Challenges

The end of the year is typically a time to look back and reflect. Given the year 2020 has been, it’s tempting to skip that part! However, before looking ahead to 2021 it’s important to consider the lessons learned from this turbulent and unexpected year. By fully understanding what we did when faced with circumstances that were anything but normal, we can implement what we’ve learned to make our future even better and brighter than it would have been if the challenges of 2020 had never happened.

Rising to the Occasion

A highlight of this year has been witnessing our team’s ability to transition to a work-from-home environment incredibly quickly, maintain all service level standards, and with the business, our clients, and one another. Even with 93% of staff working remotely, we were still able to deliver quality scores greater than 95% in our Contact Center and in Document Processing. And when our clients needed it most, our best-in-class claims payment processes continued to deliver with by far the fastest payment times in the industry.

Working from home didn’t stifle creativity — it fueled ingenuity and allowed us to grow, excel, adapt, and achieve what we never thought would be possible if it had not been for necessity. The longer-term benefit of the shift in how we work will prove to be an expansion of remote work capabilities, a refinement of how our office space can serve as a centralized hub for collaboration and efficiency, and the value of a decentralized staffing model.

What Gets Measured Gets Improved

In addition to our regular departmental quality surveys, our Annual Survey of Service Quality has always been a strong point of pride for State National. We are the only portfolio protection provider to conduct this kind of regular quantitative analysis, and we use the results to refine our product offerings and continually improve service delivery to our clients. It takes extra investment and time to calculate performance, but these efforts pay dividends — year over year we have seen our scores rise, and in 2019 we achieved a stellar NPS score of +77.

Then, of course, the world turned upside down. We didn’t know what to expect from our 2020 survey results, but we did know that what our business partners think is more important now than ever before. How would our clients feel about how State National served them this year? Did we adapt quickly enough to meet their expectations? Did our service relationships continue to support their needs? Or would they even answer this year, given how much everyone has on their plate just trying to run their own businesses and serve their own customers?

State National’s Service Standards Remained Strong

We are still collecting and tabulating survey responses, and so far we are delighted that more than 70% of our customer base has taken the time to respond and provide feedback. Happily, early results indicate that our NPS performance is tracking ahead of past years. It is a clear indication that our team remains dedicated to understanding the needs of our clients, even if those needs are changing, and that we will do what it takes to meet those needs in every way possible.

Bill Gates once said, “In business, the idea of measuring what you are doing, picking the measurements that count like customer satisfaction and performance … you thrive on that.” I couldn’t agree more. Putting the customer first has always been a hallmark of our business, and it’s a core value that helped State National thrive in 2020.

I am continually impressed by the resilience and strength of the people around me. I have long believed that State National’s greatest assets are the people that make up this organization. Watching them address new, unexpected, unpredictable situations both personally and professionally — and choosing to meet and tackle those challenges head-on with strength creativity, and positivity — has reinforced my belief. I have never been prouder of our company and our people.

Continued Growth on the Horizon

With the delivery of multiple vaccines and a well laid out vaccination plan, there is much optimism for 2021. While the year to come will doubtless have its own challenges, they will be nothing like what we saw in 2020, and certainly nothing that can’t be overcome. When our core values remain our anchor, we are able to stay the course even when our way of life becomes unsettled and unpredictable.

It has been said that the best way to predict the future is to create it. To everyone reading this message, I wish you a new year of creation, possibilities, and growth. Here’s to smoother sailing in the days ahead as we look forward to a great and prosperous 2021!

Trace Ledbetter
Trace Ledbetter
Trace Ledbetter is executive vice president at State National Companies, Bedford, Texas, where he directs and oversees delivery of all services and products for lender services, including customer relationship management, underwriting and claims.

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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!