SWBC’s Collateral Protection Insurance (CPI) program gives you more. We track your borrowers’ vehicle insurance, communicate with your borrowers and their insurance companies to verify insurance status, and place insurance, if necessary.
We also work with multiple carriers to give you choices on rates and plans, and use the most advanced technology to improve cash flow and operational efficiency.
Let us demonstrate the SWBC difference.
- If you are making changes to your existing CPI program, all it takes is a copy of your current declarations page to get started.
- If you currently self-insure your portfolio, we can help you analyze the benefits of implementing a CPI program.
- We use the most innovative predictive insurance model to pinpoint true exposures with an up to 85 to 90% confidence rate. Letter and refund activity, false placement concerns, and the time from impairment to resolution are dramatically reduced.
- We let you pay the annual premium in monthly installments to increase your cash flow, eliminate the burden of partial refunds, and reduce borrower complaints and loan deficiency balances.
- We provide alternative communication channels, such as email, text, and automated messaging, to reach borrowers in a convenient and effective way.
- We accept verbal verifications from your staff and insurance agents or online from borrowers to speed the resolution process without the need to provide hard-copy copies of policies.
- We include Service Level Guarantees for handling your calls and correspondence and give you a Service Metrics dashboard offering real-time view and analysis capability for key performance indicators.
- We have integrated premium accounting and loan file set up with primary core processing systems. This allows us to accurately and consistently calculate premium debits and credits, and to quickly notify borrowers of related payment changes.
- Our single-source claims process ensures the fastest claims turnaround, with 80% being paid in less than 72 hours and average resolution timeframes of fewer than seven days.
- We allow you to leverage the technology of your choice to manage your CPI program – your core processor, SWBC’s FocusNet portal, and the Akcelerant™ collections platform.
We’ve offered CPI for more than 33 years. Currently managing more than 4 million loans at hundreds of institutions nationwide, we’ve taken what we learned over time to create the best CPI program in the industry:
- One that understands your borrowers don’t like to receive letters when they really have coverage, and that your portfolio managers don’t have time to handle inefficient administrative tasks.
- One that leverages our experience, exclusive technology, state-of-the-art service center, and carrier relationships to deliver a comprehensive program that benefits both your service teams and your risk managers.