Lender-Placed Insurance Programs | SWBC

Lender-Placed Insurance Programs

Most financial institutions are seeking a partner to supplement their lender-placed insurance capabilities. Adaptability and scalability are critical when deploying mortgage protection services.     

Because every financial institution's requirements are unique, we offer web-based self-service for smaller portfolios and full outsourcing. 

MULTIPLE OPTIONS ForLender-Placed Insurance Programs

Managing General Agent 

Our managing general agent structure leverages multiple "A" rated carriers to obtain best market rates without being locked into a single carrier. In addition, we can provide an array of insurance solutions from many sources to meet any unique requirements. 

Customized Approach

Whether you need web-based, or fully outsourced services, our teams can quickly scale the program to meet your growth.  

Compliance and Regulations

We understand the importance of meeting all regulatory and compliance requirements by CFPB, GSE, FDIC, NFIP, Biggert-Waters, and any other regulatory body. SWBC's dedicated in-house compliance team proactively monitors for new and updated requirements. 

Convenience for Clients and Borrowers

SWBC's commitment to the lender-placed insurance market includes significant recent investments in infrastructure and technology. Our self-serve channels were created to meet your borrowers' expectations and provide efficiencies during the lender-placed insurance process. Borrowers can provide insurance information, monitor entire claim(s) process, or make a payment with the convenience of any connected device.

Trusted Partner

SWBC has been providing lender-placed insurance services for more than 30 years and full outsourcing services for nearly two decades. Our best-in-class risk management programs are backed by years of experience serving financial institutions and mortgage servicers.  

Reduce Borrower NoiseWith Proof of Insurance Requests through EDI and RPA

We can eliminate the need to directly contact 95% of your portfolio for proof of insurance requests—reducing borrower noise to your institution.

Electronic Data Interchange (EDI)

More than 65% of your portfolio’s mortgage insurance information is expedited and processed through our system via EDI penetration.

Robotic Process Automation (RPA)

Of the remaining, 86% that have not been processed through EDI are updated through RPA that consists of 142+ RPA bots across 12 different business processes.

Callouts to Agents/Carriers

Of the remaining loan records that haven’t been verified up to this point, more than 50% are updated through our team proactively reaching out to insurance agents and carriers to obtain insurance verification, eliminating the need to contact your borrowers.

Borrower-Friendly Communication Campaign

Finally, if we cannot verify insurance without borrower contact, we’ll launch a borrower-friendly communication campaign that features verification reminders via text, email, IVR, and traditional mail.

Meet Your Portfolio Needs WithInsurance Outsourcing Solutions

The web-based option allows you to manually order policies from our exclusive AutoPilot® client portal. AutoPilot gives your institution the ability to monitor your lender-placed program in real-time. Claims submissions can be easily completed within a single, online form via the AutoPilot portal.  

SWBC's fully outsourced lender-placed insurance program offers a compliant solution executed by our skilled risk management team. 

We'll handle the entire process by receiving electronic data from hundreds of insurance carriers and aggregators, to receiving and processing mail, handling calls, lettering, flood, escrow payments, and customer care.  

Your borrowers benefit from self-service features including:

  • IMCovered.com—a co-branded insurance status verification website
  • Ask Emily—a virtual agent who can answer thousands of your customer's questions
  • Interactive Voice Response (IVR)—allowing customers to easily check their insurance status
  • LossTrak®—web-based and mobile friendly tool customers can use to understand, process, and check claim or disbursement status without talking to a customer service representative. 

With full outsourced lender-placed insurance, you manage your program with our AutoPilot client portal. Through quick-glance graphs and in-depth reporting, you can easily monitor performance.   

When partnering with SWBC, you benefit by working with a financial services provider whose products and experience in payments and collections offers you the complete loan servicing package. SWBC offers payment solutions to assist your customers in making convenient payments through multiple channels. Through collection services, we are available to help you with overflow collection needs. 

With automated placement, lenders provided a data file of properties requiring placement. Then, our team will then send out compliant letters where exposures are identified and places the policies on each property.

Over 300 financial institutions, including some of the largest banks and mortgage servicers in the country, trust SWBC with their lender placement needs.

Contact us to learn more about our lender-placed insurance programs.

Our exclusive web-based client portal gives your financial institution direct access to a whole suite of products within a single, user-friendly program.

Click here to learn more about our AutoPilot Risk Management Platform. Or watch the video.

 
 

IMCovered.com allows your borrowers to conveniently provide proof of insurance in just a few simple steps. The process can be completed on any connected desktop, tablet, or mobile device. 

Watch our video demo to learn more about all its features.  

LossTrak®

Our commitment to self-serve channels for borrower convenience includes a web-based loss draft management application. The application is available to help customers complete and simplify the claims process. 

Through this one application, borrowers can understand claims process requirements, check claim or disbursements status, and review or request inspections. And, of course, it's mobile- and tablet- friendly.

Contact us today and put SWBC's Lender-Placed Insurance Programs to work for you.

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