Problem:
State Employees Credit Union in Atlanta knows how critical a reliable
and proactive CPI partner can be. In 2008, Ken Merritt, CEO of SECU,
was struggling with his existing CPI program’s inability to
properly track and update the insurance for his entire loan portfolio.
As a result, his staff was spending more time with the program than
he felt was justified. The process was creating operational issues
which the credit union needed to address. He needed a more reliable,
automated, and full-service approach to his loss mitigation program.
Solution:
On selecting a best-in-class provider, Merritt notes, “SWBC
has a good reputation in the collateral protection marketplace [and]
we felt we could trust [them] to help us choose the right program
for our needs.” To help them minimize the impact of their existing
program’s limitations, SWBC was able to start their CPI conversion
immediately. Within 90 days, SECU’s entire loan portfolio was
automatically being tracked, updated, protected, and measured. Through
a secure web-based portal, Ken’s staff now has real-time access
to a complete history of their loan activity as it relates to insurance
verification, claims, and collections. The new system also allows
them to view, listen, or research information that SWBC has captured
on a particular borrower.
Results:
For SECU, the results have been invaluable. The accuracy of the new
tracking system has reduced unnecessary borrower communication, which
has dramatically improved member satisfaction. To encourage self-service,
borrowers can update their own insurance information 24x7, via a private-labeled
website. In addition, the SWBC service center accepts verbal verification
from the credit union’s staff, eliminating the need to fax and
send paper copies of policies. Ken’s leadership team was especially
pleased with the system’s automation of the entire CPI premium
accounting process, including premium add-ons, payment increases,
refunds, and claim payments. This allowed more time for other tasks,
including weekly reviews of their Service Level Objectives through
a real-time, web-based dashboard to ensure SWBC’s transparency
and accountability. “Their technology, combined with their tracking
program, is superior to what’s in the market,” commented
Merritt.
Contact:
Julie Ring
Vice President, Marketing
P: 866-438-7922
E: jring@swbc.com
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