Collateral Insurance Management System (CIMS ™)

PRODUCTIVITY, EFFICIENCY, RESULTS!

Automobile Insurance Management Made Easy;

Car Dealers doing in-house financing, Buy-Here-Pay-Here (BHPH), 1 out of every 5 cars in the US is Un-Insured. In many portfolios the risk may rise to 1 out of 2 that are either Un-insured, Under Insured or Improperly Insured. There are many nightmare scenarios that can expose you to an insurance loss. If your customer doesn't carry collision and comprehensive coverage, high deductibles, you are not properly listed as Additional Insured or Lienholder, your customer may be an Excluded Driver or not a Listed Driver on the policy, to name a few. So, are you protected? Do you keep track of your vehicles' and portfolio's insurance coverage? Are the vehicles properly insured to protect your financial interest?

If your answer is "Yes", then you probably know how tedious, time consuming and labor intensive is the process of tracking verifying and communicating with the various parties. Since it also involves manual labor there is a high probability for potential errors. Issues may fall through the cracks or not handled in a timely manner, which can prove to be very costly. Failure to manage your assets and collateral properly could leave you holding the title to a nonexistent vehicle with no recourse.

If your answer is "No", then you are taking high and unnecessary risk. You are gambling and the stakes are high, your business. There is probably a chance that you have already experienced monetary loss from customers not being properly insured. Don't let it happen, with Verifacto you can be in control.

As a finance company you have millions of dollars in your portfolio that are tied to thousands of cars that represent your collateral. You probably receive hundreds of insurance notices on a daily basis and if you are relying on your staff to keep-up with mail notices and follow up on each issue, you maybe subjecting your staff to an almost impossible task, and exposing your company to losses related to uninsured or improperly insured collateral. The Verifacto On-line Management, Tracking, Verification and Communication system provides your employees the tools and empowers them to work effectively, improve your company's operational efficiency and materially reduces your company's risk of loss.

Lessors and owners of a leased vehicle may have additional risk exposure as an additional defendant in legal action. Although the Graves Amendment (49 U.S. Code ยง30106) provides lessors certain protection in the case of leases, by asserting that the owner of a motor vehicle who leases such vehicle shall not be vicariously liable for harm that results from its use, operation or possession during the period of the lease. Its is critical that lessors alleviate the added exposure by requiring the lessee to carry higher liability insurance coverage, to identify the vehicle as a leased vehicle and to be named as additional insured or additional interest on the policy. Verifacto tracks leased vehicles, coverage amounts and ensures that the lessor is properly listed as additional insured or additional interested party.

Verifacto is the "last mile" solution, and from a revenue perspective the most important mile in the insurance status and notices reporting requirement. We help you convert a regulatory requirement into a sales retention tool by engaging the insurable interested party and their customers (which are your customers) in real time. Automobile insurers spend millions of dollars on an annual basis notifying lienholders and additional insured on policy changes. The current methods of providing notifications are antiquated, inefficient and costly. Mountains of paper are generated, which overwhelm lienholders, claims can result if the lienholder is not properly notified. Keeping up with changes of addresses, loan portfolio transfers and erroneous data entries make this legal requirement an expensive, high risk, time consuming back office operation. Integration with Verifacto can provide insurers effective direct communication with the lienholder and your mutual customers.

Since automobile insurers are required by law to notify the lienholders and additional insured when any change occurs on an automobile insurance policy, they mainly provide the notifications for the purpose of compliance with the law. However, notifications, if used efficiently, can become a significan source of income retention. By integrating with Verifacto via EDI, FTP, FTP with PGP Encryption and VAN, insurers will improve the timeliness, accuracy and reliability of communication via seamless direct connection with lienholders and your mutual customers. As an automobile insurer you will significantly increase operational efficiency and will transform the way lienholders and your mutual customers react and deal with the immediate information they receive. This will result in insurers collecting premium payments faster, lower cancellation/termination rates, lapse in coverage and increase the timely renewal of policies.

Features

  • Access to Real Time Insurance Status - We have direct access to many of the largest insurance companies and can provide real time information on your customers insurance status, representing approximately 50% of your portfolio.
  • User Friendly and Intuitive - If you can use facebook then you can use our system. Our software is hosted in the cloud, so you'll never have to install or update anything on your end, it is handled seamlessly. Once you're in it everything becomes evident and self-explanatory. Intuitive workflow and easy to navigate through.
  • Unlimited Number of Users - The system has various role settings based on responsibilities and approval authority (i.e. Administrator, Supervisor, User). You will have one person assigned with Administrator rights and may add as many Supervisor and User accounts as you need.
  • Multi-Location Capability - The Verifacto system allows you to segregate your portfolio by locations. So if you have multiple locations and each location is responsible for their customers insurance compliance, you will be able to manage each location separately.
  • DMS, ERP Upload and Sync - Upload and sync Customers, Vehicles and Policies information from your Dealer Management Systems (DMS) or your ERP. Our system will perform data validation and check your information's data integrity. Verifacto system uses proprietary business logic to determine which vehicles, customers and policies should be managed and tracked and which should be deactivated.
  • Automatic and Manual Triggering of Insurance Events and Issues - For all vehicles, customers and policies that are being monitored or updated in the Verifacto System, when an insurance related event is detected, the system will automatically open an Issue, which will trigger System Alerts. Issues and Alerts have 4 levels of severity Low, Medium, High and Critical. Verifacto will automatically notify the appropriate persons via email and/or SMS.
  • Automatic and Manual Outbound Notifications and System Alerts - When an event is detected by the system, automatic alerts and notifications are sent to preconfigured recipients via the preconfigured media types (including, but not limited to Internal System Alerts, SMS, Email, fax and IVR). Recipients may be internal by roles within the organization, or external (e.g. Customers, Vendors, Insurers, Agents, Brokers, etc.). Users may also send notifications through the system.
  • Automatic and Manual Escalation of Insurance Events and Issues - All events being monitored by the system can be easily configured to escalate automatically based on your business needs and practices. Issue escalation will automatically trigger system alerts and follow-up notifications via email and SMS, as well as, update customer, vehicle and policy information accordingly.
  • Automatic and Manual Issue(s) Assignment(s) and Reassignment(s) - Issues may be automatically assigned by region, location, number of open issues (i.e. automatic distribution and allocation of issues based on the number of open issues per user), by issue type, or alphabetically. Issues may also be assigned manually and reassigned. Assignments and reassignments trigger alerts and notifications to the appropriate internal users.
  • Customizable Templates for Outbound Notifications and System Alerts - The system comes with pre-configured notification & alert templates. You may customize and add new templates as you need.
  • Insurance Documents Upload and Storage - No need for filing and searching for documents. Upload and store all insurance policy related documents, access and view them instantaneously.
  • Monitored and Reportable Events - (Partial list)
New Policy - Payment Not Verified No Comprehensive and/or Collision coverage(s)
Discrepancy in Policy Deductible Amounts Discrepancy in Policy Coverage Amounts
Discrepancy in Insured Information Discrepancy in VIN
Missing or Erroneous Interested Party (LH, LP, AI) No Matching Vehicle Under Policy
Non-renewal Discrepancy in Proper Endorsement for Leased Vehicle
Excluded Drivers Customer is Excluded Driver
Listed Drivers Customer is NOT Listed Driver
Policy Expiration Cancellation / Termination
Reinstatement Lapse in Coverage
No-Coverage for Vehicle Discrepancy in Lienholder, Loss Payee, Additional Insured and Additional Interest

Options and Features

FEATURES FULL SUITE INSURANCE MANAGEMENT ONLY PayMinders ONLY CUSTOM
Number of Vehicles Unlimited Unlimited Unlimited Unlimited
Email Unlimited-FREE Unlimited-FREE Unlimited-FREE Unlimited-FREE
SMS Unlimited-FREE Unlimited-FREE Unlimited-FREE Unlimited-FREE
Unlimited Number of Users
Multi-Location Capability
On-line Customer Account Portal
Comprehensive Dashboard Limited to Insurance Limited to Receivable and Collections
Insurance Issues and Events Tracking
Automatic & Manual SMS Notifications
Automatic & Manual Email Notifications
Receivable and Collections Module
Automatic Generation of e-Invoices
Automatic Electronic Delivery of e-Invoices
Manual Generation & Edit of e-Invoices
Manual Delivery of Electronic e-Invoices
Automatic SMS Payment Reminders
Automatic Email Payment Reminders
Payment Processing
Rate and Fees Lower than your current rate
No Transaction fees
Lower than your current rate
No Transaction fees
Lower than your current rate
No Transaction fees
Secure Online Payments
Online Payments Button on Your Website
Training
Phone and Email Support

Game Changing Software

We Change Consumer Behavior.™ Unlike a late payment mail notice, which is perceived by your customers as a collection notice, and is probably tossed to the side and is never opened. The Verifacto Insurance management, tracking, communication and verification system initiates contact with your customer, via sms and email, from day one. Once your customers become aware that their insurance is being closely monitored by you, the lienholder and/or additional insured, they perceive it as a compliance issue. Your customers will react and take action immediately in order to avoid having a force placed insurance issued on their vehicle, having their vehicle disabled, or having their vehicle repossessed.


You'll gain actionable intelligence with access to relevant data in context. Take immediate action, mitigate risk and achieve meaningful results. Verifacto™ enterprise cloud application gets you the information you need at a moment's notice. Insurance management, tracking, verification and communication will never be the same. Our software solutions provide a secure, intuitive, automated and cost-efficient communication built around the needs of each one of our stakeholders.

Designed with You in mind

Our team comes from the automotive, financial services, consumer finance, and technolory industries. We understand what your concerns are, and how you want to solve them. With that in mind, we always strive to find the best solution that would work for you.

  • Great User Experience - Our platform is simple and intuitive. We let you take care of business wherever you are, whenever, day and night.
  • We are Passionate about Innovation - We love finding simple solutions to complex problems using the latest available technology.
  • Agile - Verifacto's platform is highly configurable and flexible. You can tailor it to match the unique needs of your organization. Our Business Process Framework gives you the ability to configure and reconfigure settings whenever and wherever you need.

Real Cloud

Our software platform is hosted on the most robust, reliable and secure servers in the cloud throughout the U.S.

  • Multi-Tenancy - All our customers are working on the same version of software.
  • Deployment and Updates - There is no need for expensive hardware and IT personnel. With new releases and updates, your configurations are preserved and seamlessly updated. You never have to worry about expensive maintenance costs or damage to your system.
  • Security - Verifacto uses time tested secure protocols like HTTPS, the same protocol used by banks and other financial institutions. In other words, each user session is encrypted to prevent unauthorized access to data. We host our servers in SAS70 Type II data centers around the country. The technology stack we have chosen to use in the browser has inherent protections against vulnerabilities.