Risk management technology provider Verifacto finalized a partnership with Berkshire Risk Services, a collateral protection insurance (CPI) company for dealers and auto finance companies.
Through the partnership with Berkshire Risk Services, Verifacto — one of the new exhibitors coming to Used Car Week — now can enable its clients to place a CPI policy and manage the entire placement and removal process. The companies highlighted an important compliance component is embedded into the software, controlling and enforcing finance companies to follow the compliance requirements for each state.
Verifacto developed an automated software as a service solution to minimize the finance company overhead managing and controlling the CPI process.
Verifacto’s technology is designed to improve the way lienholders track the insurance status and customer’s insurance risks. The platform includes an interactive dashboard with built-in email and SMS functionality, enabling dealers and auto finance companies to send insurance notices to customers in the event that they have insurance deficiencies or cancellation of their existing insurance policy.
“The new CPI Program combined with innovative technology, enables us to improve upon our mission of providing secure solutions for our clients to manage and mitigate their lienholder responsibilities, while maximizing their financial and operational efficiencies and profits,” Verifacto chief executive officer Hezi Moore said. “Providing our clients with the most advanced CPI management and control work-flow solution, will improve upon our overall value propositions in what we can offer automotive dealers and auto finance companies.”
Enrique Castiblanco, vice president of sales of Verifacto, added, “We have first-hand and immediate knowledge when a customer defaults on their insurance, and we’re the perfect partner to help lenders place CPI and minimize risk. This program also helps customers to get back into compliance on their car loans.
“We’re excited to bring to the market a CPI solution that is efficient and embedded with compliance control to protect lenders,” Castiblanco went on to say.
And now that technology is being leveraged by Berkshire Risk Services.
“Berkshire Risk Services CPI solution enables us to improve upon our mission of providing secure solutions for our clients to manage and mitigate their lienholder responsibilities, while maximizing their financial and operational efficiencies and profits,” Moore said.
“By partnering together to provide our clients with this particular CPI management and control work-flow solution, we’ll improve upon our overall value propositions in what we can offer automotive dealers and auto finance companies,” Moore went on to say.