VeriSurance, Inc.

Verisurance: Not Your Average Auto Insurance Tracking Company In the automotive industry, it’s crucial lenders, dealers and finance companies effectively track their customers’ auto insurance status. This allows lenders to stay on top of every update and keep their company safe from potential liability or monetary loss. Nearly every auto insurance tracking company claims to help you save money, but verisurance stands apart from the competition with its unique technology to put you, the lender, in control so you’re never in the dark when it comes to your customers’ insurance status. What We Do verisurance is an innovative technology company focused on improving the way auto lenders and borrowers connect. We do this by organizing the information we obtain from lenders, borrowers, and insurers to make it useful and easy to access for our clients and their customers. Our goal is to take common complex problems facing the auto industry and create products that mitigate insurance, compliance and financial risk. The idea for verisurance’s insurance tracking solution came as an attempt to solve a complex problem plaguing lenders daily. The current system of collateral insurance management is expensive and inefficient, and we knew something had to be done to help lenders and dealers avoid risk as much as possible. This led to the creation of our technology that lets lenders stay on top of their customers’ insurance status while also remaining cost effective. Current methods used in insurance tracking are inefficient and costly. Keeping up with mountains of paperwork, address changes, loan transfers, and large amounts of data entries make insurance tracking time consuming and expensive – not to mention the high-risk potential of information falling through the cracks. At Verisurance, we’ve simplified the insurance tracking process so both lenders and customers are on the same page in communication at all times. Effective Auto Insurance Tracking Our insurance tracking technology uses a customizable online dashboard that allows users to quickly and easily access data, pull real-time reports with the click of a button, and fully communicate with customers to resolve any insurance red flags. Our insurance tracking works by initiating contact with customers via text and email from day one. Once your customers are aware their insurance is now closely monitored, they react by taking immediate action. Customers want to avoid having their vehicle repossessed or having force-placed insurance, also known as Collateral Protection Insurance (CPI), issued on their vehicle. Our system automatically follows up with customers until all risks are resolved. https://lnkd.in/dYD3MJcK

Revolutionizing Risk Management: Exploring Verisurance’s Cutting-Edge Insurance Tracking Technology In an era marked by technological advancements, industries continually seek innovative solutions to enhance efficiency and mitigate risks. Auto finance companies, in particular, face the challenges of regulatory compliance, fraud detection, and ensuring comprehensive risk management. Enter Verisurance, a trailblazer in the field, offering a state-of-the-art Insurance tracking technology that is reshaping the landscape of risk management for auto lenders. Verisurance: The Pinnacle of Insurance Tracking: Verisurance stands out as a beacon of excellence, providing a comprehensive insurance tracking system designed to address the unique needs of auto finance companies. At its core, Verisurance leverages cutting-edge technology to automate and streamline the insurance verification process, bringing a myriad of benefits to the forefront. 1. Efficient Risk Assessment: Verisurance’s insurance tracking technology employs advanced algorithms and analytics to assess risk efficiently. By analyzing vast amounts of data, the system can identify potential warning signs that might be overlooked in traditional risk assessment methods. This results in instant, data-driven risk analysis, enhancing the overall accuracy and reliability of risk management processes. 2. Seamless Compliance Tracking: Regulatory compliance is a constant concern for auto lenders. Verisurance simplifies compliance tracking by automating the monitoring of insurance statuses. The system ensures that lenders stay in line with regulatory requirements, reducing the risk of penalties and ensuring a smooth and compliant operation. 3. Enhanced Customer Experiences: Verisurance doesn’t just focus on risk management; it also contributes to a more positive customer experience. By automating insurance tracking, the system reduces the need for manual verifications, saving time for both lenders and borrowers. This, in turn, allows lending professionals to concentrate on providing better customer service and addressing specific borrower needs. 4. Future-Ready Technology: As technology continues to evolve, Verisurance remains at the forefront of innovation. The system is designed to adapt to emerging trends and challenges in the auto finance industry, ensuring that auto lenders using Verisurance are well-positioned to navigate future complexities. Conclusion: Verisurance’s insurance tracking technology emerges as a game-changer. By seamlessly integrating advanced analytics, automation, and compliance tracking, Verisurance empowers auto lenders to not only manage risks effectively but also elevate customer experiences. As the industry evolves, Verisurance stands as a reliable partner, offering a technological edge for those keen on staying ahead in the competitive market https://lnkd.in/dRPib2yc

What is Collateral Protection Insurance? As an auto finance company or BHPH car dealer, one of your main concerns is risk management in the auto insurance industry. The responsibility of the borrower is not always guaranteed. But with Collateral Protection Insurance, or CPI, we can help mitigate that risk and help borrowers feel more responsible for the amount they are borrowing from a lender. If you’re a lender, you may have had trouble ensuring borrowers, or helping them purchase adequate auto insurance to fulfill their loan agreement insurance requirements. Verisurance insurance tracking software can help your business provide adequate control, risk mitigation, and lending management all in one easy-to-use, comprehensive program. Let’s look deeper into CPI and how Verisurance works. Who is Verisurance? Verisurance is the leading provider of cloud-based software that enables auto finance companies and BHPH car dealers to track customers’ auto insurance status. Allowing instant and thorough management mitigation, and reduction of driver insurance risk through consistent electronic communication with drivers. Verisurance essentially increases properly insured drivers on the road, protecting your portfolio and finances by enabling the lenders to place CPI when it’s needed and comply with CPI regulations. Verisurance’s insurance tracking solution is very effective, easy to manage, and prevents human errors. What Is Collateral Protection Insurance? Also known as lender-placed insurance, collateral protection insurance requires your customer to maintain auto insurance throughout the life of the loan. If they are not able to provide evidence of insurance within seven days of signing the loan, you can enforce the CPI addendum for your protection. Collateral protection insurance works well in an auto loan situation, but how does it work, exactly? A borrower signs the loan agreement and an insurance addendum. The addendum provides the initial CPI disclosures regarding the debtor’s obligation to maintain insurance during the term of the loan and also requires the debtor to acknowledge the following: The debtor does have and will be providing evidence of physical damage insurance before taking possession of the collateral The debtor will not be providing evidence of insurance and understands that CPI will be added in seven days at a disclosed cost to the debtor if he does not provide evidence of insurance. With collateral protection insurance, only uninsured borrowers of lender-owned collaterals are affected. In addition, CPI insurance policies can protect borrowers as well by repairing a damaged vehicle. CPI is a win-win for lenders and borrowers, reducing the instability caused by uninsured drivers. Borrowers may, however, have to pay the premium charge for CPI.

What is Vehicle Insurance Tracking? When you are in the auto finance, banking, credit union, and BHPH industries, you need a vehicle insurance tracking solution to help optimize your business operations because when you run efficiently, you will yield greater returns. Review your current system to see if it stacks up when it comes to insurance tracking and risk assessment. At Verisurance, we provide premium risk management solutions so that you do not lose profits on your investment. Vehicle Insurance Tracking: What Is It? Vehicle insurance tracking is a solution platform that enables lenders to monitor and minimize auto insurance risks. It is an effective system that reduces overhead costs for lenders while increasing the number of customers that have proper auto insurance coverage. Vehicle insurance tracking software also communicates with clients to help them better understand the importance of auto insurance and how to resolve their insurance deficiencies. Why You Need Insurance Tracking Insurance tracking is a one-stop solution for your business that uses advanced technology, comprehensive solutions, and process automation to make your business more cost-effective, both for you and for your clients. Risk mitigation is a problem in any industry, and in the insurance industry, there are several All of this is at your fingertips with Verisurance software. Critical issues are highlighted as well, and easily solvable when you know what they are. With Verisurance, you can be sure that you will see marked improvement in your risk management system and risk management overall in as short a time period as 3 months. Additionally, Verisurance’s Collateral Protection Insurance (CPI) solution uses advanced tracking technology to use automation to enforce compliance in all areas. The easy-to-use dashboard lets you see how your company is handling risk management at a glance. Benefits of using Verisurance include: Immediate client coverage with no waiting period Increased loan profit Fast, efficient claims processing Decreased portfolio losses If you want better risk management in your business, try Verisurance today and reap the benefits tomorrow. Your business will see increased profits and reduced losses using insurance tracking, the asset recovery management system, and the online insurance marketplace for auto dealers. Contact us to request your free demo. https://lnkd.in/dtF7KA3Z

We're thrilled to share a testimonial from the General Manager at George's Elite Auto Sales and Direct Source Funding, about their experience with Verifacto! 🚗 As leaders in the auto industry, Verifacto is dedicated to providing innovative solutions to streamline operations and maximize profitability for our clients. 🔍 In this testimonial video, Jim highlights how Verifacto's insurance monitoring and payment reminder services have revolutionized their business, saving them money and reducing losses. 💼 If you're in the auto sales or financing industry, don't miss out on the opportunity to enhance your operations with Verifacto's cutting-edge technology. 📽️ Watch the full testimonial video attached below to learn more about how Verifacto can transform your business! #Verifacto #AutoIndustry #Testimonial #Innovation #Efficiency #Profitability https://lnkd.in/dKiSXt8b

How technology can speed up your auto finance business

Verisurance: Not Your Average Auto Insurance Tracking Company #finance #autofinance #riskmanagement #Verisurance