Business Problem:
Servicing a portfolio of more than $18 billion in commercial loans, the bank was spending significant resources in terms of people, money and time tracking and verifying insurance. Additionally, tracking for insurance requirements on commercial portfolios is very complex and the bank did not have the resources internally to ensure the portfolio was secure. To be the most effective and efficient, the bank determined it was necessary to outsource the tracking and verifying function of its servicing operation.

Selection Process:
Once it was determined that outsourcing this function was the best option for the bank, the research and selection process began. The bank’s internal procurement department conducted a lengthy analysis of four vendors’ tracking program including quality of processes, sophistication of technology and overall customer service. Loan Protector’s proprietary tracking software, EasyTrackSM, distinguished the company from the competition. EasyTrack’s sophisticated design allows Loan Protector to track multiple collaterals and insurance policies per loan.

Results/Benefits:
The bank experienced tremendous results after outsourcing the tracking function to Loan Protector. In addition to streamlining the tracking and verification process, the bank’s staff is now able to dedicate more of its time to its core competencies, leaving the tracking function to the experts. The bank was able to see an immediate return-on-investment after creating a partnership with Loan Protector. Some of the value-add benefits include: