Collateral Protection Insurance Programs | SWBC
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Collateral Protection Insurance (CPI) Programs

Your auto loan portfolio can be your biggest liability. With a loan portfolio of any size, verifying and tracking insurance can be burdensome. That’s where collateral protection insurance (CPI) can help reduce your financial institution’s portfolio risk. 

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"When somebody force places insurance on your loan, you're not happy. Nobody is. But the way in which they do it, doesn't increase your payment. And if you prove that you had insurance, that monthly fee just goes away.From a member's vantage point, there's not that inconvenience. We're able to work through it quickly."

Kevin Ryan, Former President and CEO of Financial Center First CU, discusses the benefits of working with SWBC.

Program options toPROTECT YOUR INSTITUTION

Compliance Focused

Meeting regulatory requirements is of the utmost importance. Our CPI programs are tailored to meet compliance specifications from start to finish.

Gain Access to AutoPilot® Suite of Software

Your institution will have the advantage of accessing AutoPilot–our all-in-one software platform where you can initiate and track claims.

Holistic Risk Management Approach

Our CPI programs are built to integrate seamlessly with all your risk management needs–collections, asset recovery, and payment processing–through a single platform.

Mobile-Focused Convenience

Your borrowers can update their insurance status through a safe and secure mobile-friendly website.
Our CPI programs address a variety of lending risk strategies for financial institutions of all sizes. We have more than 30 years of CPI experience which includes handling borrower communication for approximately 5 million loans and protecting more than 700 institutions nationwide.

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Hybrid CPI Solution

Our team was the first to offer the now-popular, Hybrid CPI Program. We built Hybrid CPI from the ground up to meet your institution’s needs while serving borrowers a program that is less intrusive than Traditional CPI. One of the biggest advantages Hybrid CPI offers is its placed coverages. Policies often cost borrowers as little as $50 - $90 per month. We created Hybrid CPI to address several concerns we heard from financial institutions: 


Improving Lender Cash Flow

“Fronting” the cost of CPI insurance premium on behalf of the borrower that cannot afford coverage in the first place is risky business. The Hybrid solution potentially eliminates that unknown.

Reducing Borrower Tipping Point

Traditional CPI premiums can increase collection and repossession activity. Hybrid CPI can help to reduce delinquencies, saving you money.

Decrease Program “Noise”

With Traditional, institutions often received borrower complaints due to the high cost of placed insurance.  Our Hybrid CPI clients report a significant reduction of member noise after implementing the program.

CPI Ancillary ProductsStrengthen your risk profile with these products

When all other efforts to help locate a borrower and bring their loan out of arrears fails, a vehicle must be located, repossessed, and remarketed. As a stand-alone offering, we have third-party asset recovery partners ready to work on identified accounts. All of the activity is viewable on our AutoPilot platform, giving you full transparency into the recovery and remarketing process. In addition, online auctions are available to remarket the repossessed vehicle to reduce loan loss.
Recovery1 provides a comprehensive claims recovery solution that ensures maximum recoveries by using public adjusters and processing claims in a compliant and expedited manner. It also helps lenders save money and reduce losses on collateral through insurance adjusting.
With Asset Recovery and Remarketing services, your staff can efficiently consign, track, and communicate directly with service providers to assign field contacts, repossessions, skip tracing, and remarketing with the option of online and live auctions, to maximize the return on your assets.
Outsourcing your refund quote procurement saves you a significant amount of time through providing a better platform to manage the communication and settlement process when a borrower has an early loan to pay off, total loss, repossession, or bankruptcy.
When an institution is unable to make contact with a delinquent borrower, our team will help find and recover the collateral – handling everything from initial investigation to disposition.
Contact us today to schedule your consultation and discover how our CPI programs will benefit your financial institution.
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AutoPilot Suite of Software

Both CPI programs are powered by our AutoPilot software, which helps to streamline your processes in a single, user-friendly platform. The mobile-friendly AutoPilot web portal is a powerful tool that allows you to modify borrower information, generate quotes, and review letters. 


AutoPilot can generate institution-wide reporting, giving your financial institution’s leaders opportunities to spot trends and optimize your program throughout execution.

Learn more about our AutoPilot Risk Management Platform.

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Our team built Imcovered.com—a safe and secure, mobile-friendly, self-serve website for your borrowers to update their insurance status. To help borrowers navigate the website and answer commonly asked questions, we created Ask Emily–our artificial intelligence (AI)-powered virtual assistant. Watch the video to learn about all the features of Imcovered.com. 
 

ClientTestimonials

“Having a program that will automatically pick up on the drop of the policy, starts notifying right away, and starts covering the credit union right away– those are things that allow me to sleep better at night.”
Arick Williams
Columbine FCU
“The Hybrid CPI program with SWBC is the best way to protect collaterals. Switching to the hybrid option from the traditional CPI has saved countless man hours. All of their loan protection coverages are top notch as is their entire team.”
Melissa Harrald
PARDA FCU

We combine everything you need to manage your CPI program into one, user-friendly system. Want to see the program in action?

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Additional Resources

Related Services

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