By Steven C. Craig
General Manager of ISO’s A-PLUS unit
Insurers must notify lenders
and other interested parties of
policy changes affecting their collateral. The process can be complex and expensive. For example,
incomplete loss payee information
or out-of-date mailing addresses
often result in significant amounts
of costly returned mail.
How do you efficiently update
the policy information in your
system when the U.S. Postal
Service (USPS) returns a notice
with a forwarding address? How
do you handle misspelled names
or addresses that can prevent mail
delivery? And how do you notify
agents of returned mail and get
updated information?
Finally, how do you control
the volume of calls from lenders?
If your notices have incomplete
information about premium
amounts, coverages, and deductibles, lenders will call to obtain or
verify policy information, increasing your call center workload.
Taken together, these time-consuming, labor-intensive, and
expensive policy service processes
can disrupt your processing workflow, negatively affect your customer service — and hurt your
profitability.
THE SOLUTION:
ELECTRONIC NOTIFICATIONS
AND ESCROW BILLING
If your organization is still
mailing paper notices to third-
party lien holders, now is the time
to consider a move to electronic
delivery. An effective electronic
delivery service requires con-
nections to lenders and their
third-party vendors, knowledge
of industry-standard EDI X12
formats, efficient handling of
returned mail, and processes for
documenting delivery of the
notifications.
LOSS PAYEE AND MORTGAGEE
NOTIFICATIONS
To improve your loss payee
notifications, CV-Exchange
cleanses your policy or transaction data to catch mistakes or
old information in lender names
and addresses. The service adds
new information or forwarding
addresses certified by the USPS. It
also inserts the addresses of tracking agents certified as receivers of
specific loss payee and mortgagee
notifications.
CV-Exchange batches notifications by mortgagee or loss payee
for daily distribution. It sends the
notifications to the appropriate
lender or tracking agent through
NoticeLink® — ISO’s web delivery
tool — or through an electronic
data interchange (EDI) service or
the USPS, assuring the privacy and
security of your data.
To document the notifications,
CV-Exchange archives a USPS
receipt or other proof of mailing.
The next business day, you can
access a secure website containing
details of how and where we sent
the notices.
ESCROW BILLING
CV-Exchange can also handle
your escrow billing. Invoicing
mortgage bankers manually can
be time-consuming and expensive,
especially if you mail separate
invoices to the same banker.
CV-Exchange aggregates the
information by lender and sends
the invoices through EDI. We can
also print and mail the invoices.
The lender is responsible for
returning payment to each listed
insurer.
545 Washington Boulevard
Jersey City, NJ 07310-1686
1-800-888-4476
www.iso.com
FOR MORE INFORMATION
CV-Exchange can smooth your
workflow, improve accuracy, and
reduce cost. To find out how the
service can help you, send e-mail
to sales@cv-suite.com or call
1-866-733-9900.
