mobile-logo

General

Business Featured General Insurance Press Release

SALT LAKE CITY – LenderDock Inc., the leading provider of online Property and Casualty Insurance policy verification and automated lienholder process management services, announced a new partnership with Vermont Mutual Insurance Group.

“Vermont Mutual is extremely excited to employ Lenderdock’s base platform.  It will allow our folks to spend more time providing superior customer service to our partners,” said Jonathan Becker, VP of Underwriting for Vermont Mutual Insurance. 

Through the partnership, LenderDock’s Base Platform will help Vermont Mutual’s service and support teams eliminate time-consuming lender communications. LenderDock Base includes the Verifi™ and Correxion™ services.

“We are honored to support Vermont Mutual in its efforts to streamline its internal business processes and create efficiencies through technology. They are a great example of an insurance provider that has maintained their focus on delivering the best experience for their customers as possible,” said Frank Eubank, LenderDock’s CEO.

About Vermont Mutual Insurance Group

Chartered in 1828, the Vermont Mutual Insurance Group is one of the ten oldest mutual property/casualty insurers in the United States. The company provides coverage to over 300,000 policyholders through 800 independent agency locations in seven states – Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont.

Vermont Mutual has also been rated “A+ Superior” by AM Best and named a Ward’s Top 50 performing property-casualty and insurance carrier for 14 consecutive years.

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

January 18, 2023
Business Featured General Insurance Press Release

SALT LAKE CITY – LenderDock and West Point Insurance Services announced a new partnership that strategically supports the goal of having a comprehensive lienholder process automation solution by fully digitizing lienholder verifications and mortgagee correction requests.

West Point Insurance Services delivers a comprehensive suite of services within their InsurSys suite of products including a customized policy process and management software platform and a complete Business Process Outsourcing solution. Their team of Property and Casualty insurance industry veterans combines expertise in technology and decades of P&C industry knowledge to help carriers and insurance providers scale, rapidly launch new programs, and consistently ensure quality and compliance.

As the company continues to grow, finding a solution that reduces operational cost related to mortgagee communication and lienholder workflows is a top priority. With a commitment to their clients and partners, having an all-digital solution that addresses the multitude of manual tasks and requests from banks and lenders is critically important.

In addition to utilizing LenderDock’s Notifi™ service which facilitates the electronic delivery of loss payee and escrow billing notifications, West Point will look to add LenderDock’s Verifi™ and Correxion™ base platform.

“West Point is an innovator and market leader within the P&C insurance industry, and we couldn’t be more excited to assist them in maximizing the value of the technology and service they deliver to their clients,” said Frank Eubank, LenderDock’s CEO.

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

January 13, 2023
Business Featured General Insurance Press Release

SALT LAKE CITY – LenderDock Inc., a SaaS company offering the only fully digital Property and Casualty Insurance policy verification solution, announced a new partnership with Branch Insurance. LenderDock also specializes in automating lienholder process management services.

Through the partnership, LenderDock’s Base Platform will help Branch’s service and support teams eliminate time-consuming lender communications such as phone calls, emails, and paper mail. LenderDock Base includes the Verifi™ and Correxion™ services. In addition, Branch looks to implement LenderDock’s Notifi™ service, which facilitates the electronic delivery of loss payee, billing notifications, and escrow billing.

“Our partnership with Branch represents a true collaboration in “doubling down” on better ways to cut costs and streamline operational processes that are cumbersome or unnecessary. There is a shared vision of fast-tracking to an environment where technology truly adds value and supports a customer-centric strategy,” said Frank Eubank, LenderDock’s CEO.

Branch is an insurance company that uses data and technology to make insurance easier to buy and less expensive for all. With Home, Auto, Umbrella, Renter’s, and other coverages available, Branch makes it simpler to get great coverage.

Through their instant-bind process, Branch can get most people covered in seconds while bundling home and auto insurance. Branch’s 5-star rated insurance allows for customizable coverage to fit consumers’ needs while saving money.

“Branch’s mission is to lower the cost of insurance so more people can be covered, and by working with LenderDock, we can streamline verification and notification systems, saving our members time and money,” said Joe Emison, Branch Co-Founder, and CTO. “We look forward to enhancing the experiences of our customers and our support staff through this partnership.”

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

About Branch Insurance

Branch is home and auto insurance that’s simple to buy and built for savings. Through its revolutionary instant-bind capability, Branch removes all of the friction associated with getting covered, helping consumers bundle their home and auto insurance with ease. Built as a reciprocal exchange, the Branch Insurance Exchange taps into the power of community to make insurance more accessible and affordable for everyone. Branch is a Public Benefit Corporation and Certified B Corporation committed to meeting high standards of social and environmental performance, and accountability. To learn more, visit Branch.com.

January 11, 2023
Featured General Insurance Security

Insurance organizations contain a plethora of sensitive and confidential data. As they evolve their technology and work more closely with others, how can they protect this delicate information?

As the insurance industry stores immense amounts of confidential, personal, and financial details on its policyholders, it’s not difficult to comprehend why they are such a desirable goal for fraudsters.

Recent data from IBM’s Threat Intelligence Index reveals a concerning statistic: finance and insurance are the second most targeted industries for cyber attackers at 22.4% of all known attacks, surpassed only by manufacturing due to vulnerable global supply chains. This is the first time in over five years that finance and insurance have not topped this list, showing just how serious the continuing threat remains to insurers and insurtechs alike.

In a recent interview with InsurTech Magazine, Alan Calder, CEO of GRC International Group–a provider of IT governance, risk management, and compliance solutions–shared that, “Cybercriminals are pros at accessing, exfiltrating, and monetizing personal databases. They’re good at extorting organizations, are being pushed into increasing digitization and automation and, unless cyber security and privacy issues are considered in detail as part of project planning, organizations tend to leave large holes in what should be secure systems. Cybercriminals find and exploit these gaps. As well as these technical vulnerabilities, cybercriminals regularly ‘social engineer’ staff into providing access to systems and data.

“This all means that insurers have to build privacy by design into their systems, and they have to train and keep their staff continuously aware of the ever-changing social engineering attacks that are being focused on them.”

Insurers must be aware of the potential threats posed by mishandling confidential information.

The insurance industry is continually adopting new technology and needs to be vigilant about potential weaknesses. If a fresh platform leaves an insurer exposed to fraudsters, it’s not beneficial – it’s more of a liability. Plus, due to the ever-increasing number of alliances, purchases, and integrations within this sector, insurers must carefully weigh the extent of risk that comes with each choice they make.

“One of the biggest concerns in the insurance sector when it comes to using data is how widespread party sales functions are,” says Caroline Carruthers, the UK’s first ever Chief Data Officer at Network Rail and a highly acclaimed independent data consultant, offers her expertise to both public and private organizations when it comes to managing their data.

“Agents who sell insurance often use third-party data, and they don’t always have a robust process for how data is transferred to each organization. That in itself is a foundation-level issue because if you can’t rely on consistent, quality data coming to you, and you can’t rely on consistent governance and security of that data, you’re approaching data transformation with your hands and feet tied.

“Any transfer of data between two different systems has an element of risk. Thankfully, most insurance companies have moved on from manual data entry, which poses the highest risk, but not enough companies have standardized how they transfer and store data across third parties. If you’ve paid for a lot of data from external sources, you need to be able to use it to drive value instead of being hampered by poor processes.”

Do customers remain confident in sharing their personal information with insurers?

Consumers have proven that they are willing to share their data with insurers, particularly if there is an incentive involved. However, most consumers (80%) remain apprehensive about how their personal details are being used online; a statistic made evident by e-commerce company Motive.co. The consequences associated with these exchanges can be consequential and so it’s no wonder that individuals would like more control over the use of their data in this digital age.

Although there is an upside to this issue: research conducted by McKinsey with 1,000 North American consumers demonstrated that financial services ranked first among sectors in terms of the security and trustworthiness of personal data. It’s essential to establish strong systems and prevent breaches; however, how you engage with customers can be fundamental for gaining public approval – not just as a way of shielding your business from cyber-attacks but also for being viewed as doing the proper thing.

LenderDock keeps sensitive data secure

When it comes to the security of your data, LenderDock is dedicated to maintaining a high level of protection. As a SOC2-certified company, we are far exceeding industry standards for safeguarding customer information and providing an extra layer of assurance that your data is secure with us.

January 10, 2023
Automation Business Featured General Insurance

Through the use of technology, we now have much larger access to behavioral data that provides us with a wealth of insight into risk and exposure.

The insurance sector has a storied history of encouraging development and aiding society during times of transformation. In spite of these successes, the intricate global supply networks and digitalization we have today are proving to be more difficult risk areas for experts to handle.

To keep up with the shifting trends of today, we must embrace a world where economic value is prominently comprised of intangible assets such as intellectual property, data, and digital elements instead of physical possessions like property or machinery. Intangible risk factors are also among the greatest sources of business volatility currently – from reputation harm to cyberattacks and interruptions in operation due to unexpected events like pandemics.

Today, rapid technological progress and complex global networks are making it challenging to identify and measure some of the more traditional insurance risks. But that’s only the beginning; with clean energy, AI, and shared economies all becoming ubiquitous, revolutionary changes in our industry could be just around the corner. To keep up with this influx of developments—and remain relevant players economically and socially—insurers must modify their business models or face becoming obsolete.

Time is of the essence

The insurance industry’s secret to success is its unique perspective on time. It’s time for us to invest in long-term strategies for managing our risks and capital: Insurers are exceptional at digging into historical data to uncover patterns, as well as comfortable taking care of tail risks. After all, who else really prepares for events that happen once every four centuries?

This recipe has been successful historically, as change usually took place gradually even when disruptive innovations drove it. This timeline enabled insurers to be present for society in the explosion of international trade during the 18th century, industrialization and modern finance in the 19th century, and internal combustion engine and electronic communications within the 20th century.

Innovation in the 21st century moves at lightning speed; not only is technology advancing rapidly, but new disruptions are adopted with unprecedented haste. Facebook was just launched in 2004 and has since reached nearly three billion users worldwide. Similarly, Apple’s iPhone debuted to the public in 2007 – now over 4 billion people have smartphones! Last year marked an impressive 16.5 million electric cars on the roads across the world – a figure that has almost tripled within three years alone: many of these car manufacturers plan to transition completely to electric vehicles by 2030!

Competing to stay significant

Entrepreneurs, scientists, and investors are all confronted with the dangers related to pioneering endeavors. However, it is the insurance industry that provides a structured way of helping society counterbalance these perils while dealing with the volatility connected to widespread adoption. Just think about digitalization – when utilized on a large scale, this technology can become incredibly risky as there will be greater dependence on critical communications infrastructure.

To successfully adopt innovation, insurers must be able to respond and adapt swiftly to the disruptive nature that comes with new ideas. Currently, a battle is taking place within the industry as organizations race against each other to resolve this problem. Technology firms have access to plentiful data about hazards and are not restricted by any existing business strategies; additionally, customers can now use technology and data for self-insurance purposes or even exchange risks with others – creating more competition for insurers.

The insurance industry stands at a pivotal moment – remain as we are, avoiding risks that cannot be easily quantified and understood or up our investment in finding better ways to measure risk. Continuing with the traditional approach of assessing danger is a surefire way to become obsolete. It’s time to choose wisely and make the right decision if we want to stay competitive.

A blank slate

For businesses seeking innovative solutions to risk management, data is the answer. Although industry trends have traditionally relied on descriptive metrics such as location and type of business, technology now enables us access to behavioral information that provides a more comprehensive understanding of potential risks – from individuals’ shopping habits to their cybersecurity posture. This allows an insight into risk levels that were previously inaccessible using only surface-level descriptors.

If a new insurance provider were to begin, would it rely solely on traditional descriptive data, or seek out the advantages of modern behavioral data? Would an underwriter be content asking questions such as age and gender, or looking for information about driving skills and habits? Behavioral data has long been regarded as a complementing tool alongside its predecessor. In today’s industry, however, using only traditional methods may soon become obsolete; instead opting for more reliable contemporary alternatives that offer richer insights into customer behavior.

Looking to stay relevant

Insurance companies are just beginning to acknowledge the possible benefits of utilizing data aside from what is traditionally used as a measure of risk. To expedite this process, it is vital to invest in innovative ways to collect behavioral information and deploy nimble tools that will provide us with insight into potential risks. It’s time for insurance providers to reclaim their essential part within our innovation system — being at the forefront of enabling society to gain access to new innovations and successfully confronting any issues caused by sources of uncertainty.

December 28, 2022
Business Featured General Insurance

Today, people are used to getting whatever they want within a few hours or less. This is not limited to physical objects: people also want immediate cost estimates for services, fast access to digital media, and quick responses from qualified experts when they have questions.

Speed has become such an important aspect to customers that they are now willing to spend more money for a speedy service. If your company doesn’t provide a fast customer experience, you can be positive that other businesses do – which will then lead to your company losing prospective and current customers.

Speed equals satisfaction in insurance

Quick issue resolution is a significant part of customer satisfaction and retention when it comes to insurance companies. People generally don’t like waiting, not even for a few minutes on hold, which can consequently lead to a negative Customer Satisfaction Score (CSAT).

The insurance industry SMS messaging provider “Hi Marley” found that the quickest time to first contact (TTFC) led to higher success rates for claims adjusters. Out of all their performers, those who reached out to clients within three minutes had an 80 percent chance of making initial contact within three and a half hours. However, it was noted that those at the bottom of the performance scale took up to two days before contacting customers- severely hurting any chances or relations with them.

What many don’t know is how much of an impact speed can have on not only customer satisfaction but also profitability. The Hi Marley study discovered that, generally, the best-performing claims adjusters were able to close out claims 10 percent faster than the lowest performers. This meant completing each claim three days sooner, on average.

If you want to improve your business in various ways, then get rid of any processes that frequently cause problems. This may involve employees being able to do more in a shorter amount of time or expanding their volume of work without needing extra staff members. By taking out these delays in your processes, everyone will likely be happier with their job and customers will enjoy the service they receive.

Insurance has a speed issue

According to a PwC 2018 study, nearly 80% of global survey participants said that “speed, convenience, knowledgeable help, and friendly service” were vital for an excellent customer experience. Customers think the insurance industry should prioritize these traits 18 points higher than where they currently stand.

The insurance industry is notoriously slow and Hi Marley’s data on claims satisfaction supports this conclusion. Part of the poor customer experience that insurance consumers have is due to the slowness of the industry.

Altogether, it is clear that the insurance industry’s lagging customer experience is evidently due to its inability to keep pace with customer expectations.

Increasing speed with modern insurance technology

By using SMS technology, insurance companies were able to dramatically increase customer satisfaction rates. This same concept can be applied to other areas of the business in order to speed up processes and maximize efficiency.

LenderDock takes speed and efficiency seriously and works to automate all processes for minimal human intervention.  While “old school” workflows included the manual tasks of phone calls and fax machines, there’s no need for this type of insurance communication in the 21st century.  LenderDock believes that the resources freed up from these kinds of tasks can be better allocated for meaningful provider or client tasks.

December 5, 2022
Featured General Insurance Press Release

SALT LAKE CITY, December 1, 2022 – LenderDock Inc., a SaaS company offering the only truly digital Property and Casualty Insurance policy verification solution, announced a new partnership with Farm Bureau Insurance Company of Idaho. LenderDock also specializes in automating lienholder process management services.

“LenderDock is proud to be partnered with Idaho Farm Bureau given their laser focus on their customers and a strategic commitment to managing internal resources, optimizing business processes, and mitigating costs. Their thoughtful approach to technology solutions and partnerships is exemplary,” said Frank Eubank, LenderDock’s CEO.

Through the partnership, the use of LenderDock’s Base Platform will help Idaho Farm Bureau’s service and support teams eliminate time-consuming lender communications. LenderDock Base includes the Verifi™ and Correxion™ services. In addition, Idaho Farm looks to implement LenderDock’s Notifi™ service, which facilitates the electronic delivery of loss payee, billing notifications, and escrow billing.

Founded as Idaho Farm Insurance Company in 1947, the company began by offering only auto insurance. Today, Idaho Farm Bureau is one of the Gem State’s leading auto insurers, as well as the state’s largest writer of farm and ranch insurance. It is the largest insurance company wholly based in Idaho.

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real time.

December 1, 2022
Featured General Insurance

Florida’s insurance market is nearing complete failure. This man-made calamity is putting financial strain on consumers as the average homeowner’s insurance policy is nearly three times the national average in 2022.

While hurricanes have undoubtedly caused some of the issues – three major ones have made landfall in the state in the last six years – the natural disasters in the state of Florida aren’t the major reason for the failure of the insurance market.

The real cause

According to the Florida governor’s office, the state is home to 79 percent of all homeowners insurance lawsuits over filed claims across the nation. Yet, the state’s insurers receive just 9 percent of the U.S.’s homeowners insurance claims.

The numerous lawsuits have no doubt made an impact on insurer operating costs. In the last 10 years, the Florida Office of Insurance Regulation (OIR) reported that $51 billion was paid out by the state’s insurers, with 71 percent of that sum going to attorneys’ fees and public adjusters. In the last two years (2020-21), net underwriting losses for Florida’s homeowners’ insurers totaled more than $1 billion per year.

Citizens Property Insurance Corp., the state-backed property insurer of last resort in the state, has seen its policy count climb rapidly. In a report published late last year, the company estimated that its policy count would reach 1.1-1.3 million by the end of 2022, up from just 420,000 three years ago. The company provides insurance coverage to homeowners who cannot secure a homeowners insurance policy from a private-sector insurer.

Third-party rating bureaus have even downgraded the financial ratings of some of the insurers operating in Florida, making homeowners insurance even more unaffordable and unavailable in the state.

According to figures from Triple-I, compiled using data and analysis from the National Association of Insurance Commissioners (NAIC), Florida’s OIR, and their own estimates of home replacement cost, the typical homeowners’ insurance policyholder paid $2,505 for coverage in 2020. Just one year later, the figure rose to $3,181, an over $600 annual increase.

In a special legislative session in May 2022, Florida lawmakers passed Senate Bill 2B, which Gov. Ron DeSantis subsequently signed into law. The measure is meant to ease homeowners’ premium increases and reduce excessive litigation.

What can you do?

All things considered, what can Florida property owners do?  Experts have provided a couple of options to explore:

  1. Shop around for better rates from another carrier.  Most likely you won’t find a significantly cheaper alternative to what you are currently paying but it might be wise to simply check and see.
  2. Look into adding additional surplus lines of insurance offered by non-Florida-based insurance companies.  The problem with this is that they won’t be covered by any backup fund provided by the state of Florida if they happen to fail.

Insurance specialists also recommend if you are unable to find an alternative plan then it might be best to remain with your current carrier.  Even if they drop you for some reason, you will most likely be placed with Citizens of Florida Insurance Company.  They are the state-run insurance program used as a backup plan should another Florida company fail.  Bear in mind, you’ll probably be paying more for your policy but at least your property will remain insured.

Finally, it is recommended that you check your current policy’s replacement cost coverage.  With spiraling inflation on housing materials, you may have to adjust your limits higher in order to cover the uptick in costs.   The last thing you would want after a disaster is to have to pay extraordinarily large out-of-pocket expenses in order to rebuild or repair your damaged home.

November 16, 2022
Featured General Insurance Press Release

SALT LAKE CITY, Nov. 2, 2022 – LenderDock Inc., the leading provider of online Property and Casualty Insurance policy verification and automated lienholder process management services, today announced a new partnership with Goosehead Insurance Inc. (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, to automate their lender-servicer interactions such as lienholder verifications and mortgage correction requests. Through the partnership, LenderDock’s Base Platform, which includes the Verifi™ and Correxion ™ services, will help Goosehead’s service and support teams eliminate thousands of time-consuming lender-originated communications. 

With this launch, lenders now have access to a shared portal specifically built for loan originators, trackers, and financial third parties that need to interact with policy information but don’t want to call, email, or fax it over. The shared portal facilitates verifications, corrections, and documents while streamlining request volume intake where necessary for efficient processing.

“We’re excited to partner with LenderDock, not just because of their industry expertise, platform simplicity, and track record of success, but also because it means our teams can spend less time speaking with lenders, and more time speaking with customers,” said Marisa Wagner, Managing Director at Goosehead. “Our service teams can spend up to a third of their day on lender-related e-mails and faxes, and LenderDock’s cloud-based technology will free up that time so they can focus on what they do best- delivering world-class customer experiences.”

Goosehead Insurance is reinventing the traditional approach to distributing personal lines products and services throughout the United States. As the agency continues to scale, this partnership will also help Goosehead reduce overhead costs and eliminate antiquated business processes.

“We are honored to be collaborating with a great insurance provider who has committed to driving operational efficiencies through process and data automation technology. Goosehead is a brand that continues to represent initiative and innovation when it comes to serving their customers,” said Frank Eubank, LenderDock’s CEO.

About LenderDock Inc.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lienholder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

About Goosehead

Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of 12 corporate sales offices and 2,287 operating and contracted franchise locations. For more information, please visit gooseheadinsurance.com.

November 2, 2022
Featured General Insurance Press Release

SALT LAKE CITY – Oct. 21, 2022 – LenderDock Inc. (LenderDock) and IMT Insurance have recently formed a new partnership.

As the business landscape has become increasingly more competitive, IMT was looking for ways to enhance the level of service and value to their customers while reducing operational costs. 

LenderDock’s Notifi™ service provides the solution with its all-digital solution that ensures electronic delivery of all third-party notifications and escrow bills.  The cloud-based platform helps mitigate the expense of traditional print and postage and leverages real-time analytics and reporting.  

“We are very excited to be partnering with IMT as they remain laser-focused on delivering the best customer experience as possible to their clients.  It’s an honor for us to contribute to their goal of sourcing digital solutions to meet their needs”, says Frank Eubank, LenderDock’s CEO.      

IMT is a Midwest US company founded in 1884. Today, IMT continues to offer strong lines of personal and commercial insurance products along with providing exceptional service for a competitive price. IMT serves companies through Independent Agency locations in six states – Iowa, Illinois, Minnesota, Nebraska, South Dakota, and Wisconsin.

Headquartered in Salt Lake City, Utah, LenderDock Inc. is the leading provider of online Property and Casualty Insurance policy verification and automated lien holder process management services. The policy verification-as-a-service (VaaS) platform offers banks, lenders, and all financial third parties the ability to digitally verify and correct home and auto policy-related data in real-time.

October 21, 2022
« Previous Page — Next Page »