Requesting and verifying proof of insurance from borrowers can be difficult. However, investing in digital tools can help your lending institution establish a more efficient and effective process for requesting insurance verification from your borrowers.
Outbound calls and direct mail, historically, were the main channels for asking borrowers to provide their proof of insurance. While these tactics are still used today, the pandemic increased a need for digital communication channels for sending out insurance notification requests to your borrowers.
Sending a targeted, personalized video engages your borrowers and encourages them to take action.
This communication technology offers:
- Increased ease and speed of implementation
- Perceived as a less intrusive communication medium
- A higher level of interaction and engagement
- Ability to track and see which borrowers have and have not opened the message, viewed the video, and verified their insurance
Short, one-to-one video communications leverage live borrower data – such as borrower name, loan amount, installment payment amount, and due date of the next loan payment – to personalize each video notification to speak more directly to each individual and hold the attention of the borrower.
These notifications also meet a post-pandemic demand for digital accessibility, especially for millennials, who make-up a large portion of the auto loan market, by communicating with them on their device of choice and to capture insurance verification in a user-friendly digital format.
What to look for in a video technology:
- Ability to feature your members’ name and vehicle information
- Multiple digital delivery channels
- Your logo and brand colors configured for brand recognition
Video notifications appeal to borrowers and engage them in ways that paper notices and phone calls cannot. Personalized content helps borrowers feel confident that the message is from your financial institution. Allied Solutions’ SmartVideo insurance tracking notifications, which utilize this type of technology, are quite often opened and viewed several times by each individual recipient. Since communications through this medium tend to draw in a more engaged audience, these notifications offer a great opportunity to attract more attention to the other tools and resources you offer to borrowers, such as a mobile app or automatic loan payments.
Personalized video offers a highly efficient and effective tool for requesting insurance verification from your borrowers, while at the same time offering your business new channels of revenue, added trust in your brand and better protection of financial losses resulting from loan defaults.