What is insurance tracking software?

Lenders across industries and loan types frequently need to ensure that borrowers comply with any applicable insurance coverage requirements. Robust insurance tracking software makes monitoring borrowers’ insurance policies easy.

Insurance tracking software automates the process of checking borrowers’ insurance. It’s an efficient way for lenders to make sure borrowers are complying with any coverage requirements.

What lenders should be using an insurance tracking platform?

Most lenders can benefit from the efficiency and timely information that an insurance tracking platform provides. Software may help anytime borrowers are subject to a coverage requirement.

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What types of insurance can tracking software monitor?

Insurance tracking is available for the many different types of insurance that borrowers could be required to have. Software is regularly used to monitor:

  • Property Coverage Requirements: For residential mortgage programs, HELOCs, commercial mortgages, mezzanine loans, etc.
  • Vehicle Coverage Requirements: For personal auto loans, auto leases, commercial vehicle loans, fleet financing, etc.
  • Flood and Earthquake Coverage Requirements: For properties in high-risk flood zones, and sometimes for properties in California or other areas prone to earthquakes.
  • Hurricane and High Wind Coverage Requirements: For properties in areas where hurricanes, tornados, or other severe storms are common.
  • Landlord Coverage Requirements: For loss of rents coverage, rent guarantee coverage, etc.
  • SBA Coverage Requirements: For SBA 7(a) loans, SBA 504 loans, and other specialized SBA loan programs.
  • Industry-Specific Coverage Requirements: For crop insurance, liquor liability insurance, etc.
  • Workers Compensation Requirement: For employers who need to meet their state’s workers compensation requirements.

Tracking is also available for general liability insurance, lenders loss payable, business personal property insurance, HOA association insurance, and many other coverages. 

What benefits does automating insurance tracking have for lenders?

Using software to automate insurance tracking has multiple benefits for lenders. Some of the most important ones are:

  • Current Information: Automating tracking helps ensure that lenders have current information about borrowers’ insurance. Lenders learn of any breaches more quickly than they likely would with a manual system.
  • Reduced Risk: Having the most current information available allows lenders to promptly take action when they need to, minimizing any periods without coverage and thereby reducing risk.
  • Operational Efficiency: Eliminating the need for employees to manually track borrowers’ coverage can reduce labor costs. Alternatively, employees could use the freed-up time to improve customer service or pursue more sales.
  • Regulatory Compliance: Automating processes and setting up timely notifications can help lenders ensure they comply with any regulatory requirements. 

In order to remain in compliance with regulatory requirements, it’s especially important for lenders to work with a lender-specific tracking platform. Regulations can vary by state and loan program. A lender-specific platform will make it easy to set up all applicable regulations for different states and/or loans.

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Do insurance tracking platforms let lenders automatically institute force-placed coverage?

A lender tracking platform normally only provides information about borrowers’ coverage. Tracking software, itself, usually isn’t set up to automatically institute force-placed coverage if borrowers fail to maintain coverage.

Software can easily be paired with more comprehensive services that can include instituting force-placed coverage, however. This more comprehensive approach makes not just monitoring coverage, but also making sure coverage is in place, easy.

Lenders might choose to use just tracking software if they want a more affordable way of monitoring borrowers’ insurance. They might choose to pair software and other services if they want a more comprehensive solution to maintaining coverage.

How can lenders get insurance tracking software?

If you need help monitoring borrowers’ insurance coverage, we at QuieTrack have a proprietary lender-specific insurance tracking software solution. You’re welcome to use it on its own, or to combine it with our other lender insurance tracking services. Get in touch with us, and one of our knowledgeable team members can explain the software in further detail. You’ll likely find that it meets your needs well.

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