Concern: We are too busy with other initiatives to devote resources to an insurance partner transition.
Partnered engagement allows the transition to be efficient, collaborative and well-executed. With the right insurance partner, the servicer’s efforts can be reduced to a defined number of resources. For a well-run transition, the servicer should plan to allocate resources for the team functions below:
- Project Sponsor – decision maker(s) responsible for final approval of all project artifacts and business decisions relating to insurance processing
- Project Manager – oversees the servicer’s activities, help coordinate meetings and resolve issues
- Subject Matter Experts – participate in the compliance process review and business requirements design
- Technical Lead – provides information on data definitions, layouts, processing schedules and connectivity
The insurance partner should create and manage the project schedule and maintain deliverables for the servicer and the insurance partner to minimize the workload for the servicer. The transition process should be collaborative – driven by the servicer’s needs and informed by the insurance partner’s expertise.
Being told “this is the way we’ve always done it” or “this is the way everyone else does it” is not a valid response from the insurance partner. The program to be implemented should meet the servicer’s current needs while being easily scalable to accommodate future growth.
Using this proven methodology, National General Lender Services has successfully implemented numerous servicers over their 40 years in the LPI industry. Company President Art Castner stated, “Creating and delivering a compliant, customer-centric insurance program that effectively mitigates risk for our servicer clients is a core competency for our organization. We pride ourselves on establishing a collaborative relationship with our clients and using our tools and expertise to create an effective transition and implementation process.”
By choosing an insurance partner with the appropriate experience, methodology and controls to support a smooth transition, servicers can obtain the best experience for their customers, their investors and their own operations.