This article was originally published on CUInsight.
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
Read the full article here.
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