Answer Financial formed a partnership with Verifacto this week in an effort to help buy-here, pay-here dealers monitor whether their contract holders are keeping vehicle insurance policies current.

The companies highlighted Verifacto’s technology is designed to improve the way lienholders can track insurance compliance for its customers. The platform includes an interactive dashboard with built-in email and SMS functionality, enabling dealers and their related finance companies to send payment reminders and insurance notices to customers in the event that they have a lapse in payment or cancel an existing insurance policy without selecting a replacement.

Through the partnership, Verifacto can now introduce an insurance comparison shopping and buying solution with its notifications, to help customers find a new policy quickly and for a competitive price. The insurance platform is branded VeriSurance, a subsidiary of Verifacto, and is powered by Answer Financial’s comparison platform.

“Answer Financial 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,” Verifacto chief executive officer Hezi Moore said.

“By partnering together to provide our clients with this particular work flow solution, we’ll improve upon our overall value propositions in what we can offer automotive dealers and auto finance companies,” Moore continued.

In addition to tracking customers’ insurance compliance for dealers and finance companies, Verifacto can enable BHPH dealers to help vehicle buyers obtain immediate quoting and binding of coverage at the point of sale.

Customers can call at any time in the buying process to speak with one of Answer Financial’s expert and U.S.-based insurance agents. The easy-to-use platform allows customers to speed through the insurance purchase and get them into the F&I process.

On his experience as a Verifacto client, Ronnie Ranes, director of sales and marketing for M&S Auto Sales, said: “VeriSurance is a great addition to the Verifacto platform because it enables our customer to purchase insurance when they purchase a car, expediting the sales process. By matching them with the best car insurance companies based on their needs, our customers are sometimes able to qualify for a larger vehicle purchase by reducing their monthly insurance payment.”

Tom Capp, senior vice president of business development for Answer Financial, added, “Verifacto has first-hand and immediate knowledge when a customer defaults on their insurance, and we’re the perfect partner to help these customers find a new policy and get back into compliance on their car loans. We’re excited to team up with lienholders and to protect drivers.”