State National Companies (SNC), the national leader in Collateral Protection Insurance (CPI) solutions, announced it has launched a smartphone-driven enhancement to its CPI program.
State National has added QR (Quick Response) codes to New Loan/Welcome, Cancellation, and Renewal notices. By scanning the code with a QR reader on a smartphone or other enabled device, borrowers are automatically directed to a new page on State National's myloaninsurance.com site. The codes link to 30-second videos explaining essential details about CPI and the notice received.
"As the leader in CPI, using this technology will advance our goal of making CPI programs easier to administer and most effective and help lenders maintain positive relationships with their customers," said Trace Ledbetter, Senior Vice President, State National Companies. "I'm encouraged that the early feedback from lenders on QR code notices shows that this initiative is already achieving those results and demonstrating that State National is very proactive in keeping borrowers informed about insurance issues."
Using QR codes will promote faster responses to notices. The linked videos also encourage borrowers to comply with insurance requirements of their loan contract by explaining the requirements in an easy to understand, straight-talk format.
"We're already hearing from lenders that this initiative is encouraging them to look for other ways they can utilize technology to improve borrower relationships," Ledbetter said. "Our videos put a human face on the insurance tracking and CPI processes. Also, by providing content tailored to the type of notice the borrower is holding, State National further encourages interaction between borrowers, lenders, and us."