4 reasons to consider comprehensive insurance tracking in 2019
As times change due to lending trends, technology growth, and the state of the economy, lenders need to be more creative when it comes to building a risk strategy that keeps both them and their borrowers protected. Insurance tracking is one data component that plays an important role in developing that comprehensive plan. Today, we’re breaking down four reasons to consider investing in an insurance tracking program as part of a larger risk strategy.
But first, what is insurance tracking?
Insurance tracking allows lenders to monitor borrowers’ insurance data to ensure their collateral remains protected by understanding the insurance status (or any deficiencies) of a borrower’s policy. An effective tracking system includes gathering information, maintaining and updating information, and interacting with borrowers if necessary.
Many lenders are turning to data to determine the best risk strategy approach for their organization. Lenders want a complete set of data that gives insight on how to protect their portfolio, and active tracking provides an important piece of that picture. Successful programs help lenders stay protected from both expected—and unexpected— risks.
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