How Critical is Collection System Integration to your CPI Provider?
Not all banks or credit unions leverage Collateral Protection Insurance, and those who do might not immediately draw the connection between best-of-breed collections and recovery software, and managing their CPI program. In truth, neither did we - until we started visiting with existing clients. When speaking with IBS clients who also used a CPI program, many of them shared that the day-to-day management of the CPI program (reviewing borrowers’ insurance status, and filing and tracking claims) fell under the responsibility of the collections team. Diving a bit deeper into their processes, we learned that they were spending significant time bouncing between multiple systems, and wading through piles of insurance paperwork. It was then that we realized how critical it was for collections platforms to offer integration to CPI providers.
Streamline your bank’s collections operations by integrating a collections platform into your CPI provider’s platform.
When a collections platform is integrated to a CPI provider’s platform, collections operations can truly be streamlined. With the ability to view all pertinent insurance status and claim status information within the collections platform, collectors no longer find themselves hopping back-and-forth between systems. IBS focused on building an integration that offers the ability to look up loan insurance status, file claims and check the status of a claim. With simple and intuitive menus and the ability to load and attach documents, all in Real Time, collections staff can more-easily manage their CPI portfolio. While some services and integrated functionality vary between insurance providers, IBS has also leveraged robust integration that brings a full suite of additional Collateral and Risk Management Services into CARM-Pro; these services are available to all IBS clients, regardless of CPI provider (or lack of CPI program altogether).
The fully integrated suite of Collateral and Risk Management Services are designed to provide collections and recovery staff with more efficient workflows, and reduce administrative workload. Through our powerful partner network, CARM-Pro users are able to conveniently access and order specialized services including Repossession, Remarketing and Liquidation, Transportation, Replevin, Door-Knocking and Skip requests. One of our CPI partner providers offers proprietary Pre-Skip Requests in addition to the other services, all of which are accessible directly in CARM-Pro. This time-saving technology allows collections staff to efficiently manage their CPI program and collateral and risk management services all in one place.
Collection platform integration can help keep your institution compliant
Today’s bank and credit union collections and recovery platforms should offer robust integration to an institutions’ Collateral Protection Insurance provider. This integration will not only save time and effort, but can also aid in collections compliance enforcement and tracking. CARM-Pro brings collateral management tools to our users’ fingertips – reducing administrative workload with direct access to CPI provider platforms, and bringing paper-pushing to a minimum.