When a member’s credit union-financed car is totaled in an accident, one of three things will happen: The member will pay off the loan, insurance will pay off the loan, or there will be a collection action.
There’s also opportunity in this unfortunate situation. At no cost to the cooperative, credit unions can use leading-edge technology to initiate and integrate communications between all the stakeholders, putting the lender in the driver’s seat for keeping that valuable member’s current and future business in-house.
CCC’s Total Loss Care — Lienholder Portal connects lenders with a network of participating national and regional insurers to ensure earlier notice of loss exchange documents needed to settle loans and minimize the likelihood of missed payments.
Here, Craig Leuschen of CCC Intelligent Solutions explains more.
Who is CCC Intelligent Solutions?
Craig Leuschen:We’re the leading cloud platform for digitizing the property and casualty insurance economy. Our applications connect more than 30,000 carriers, lenders, automakers, and other original equipment manufacturers and parts suppliers to drive commerce and optimize the policyholder experience.
The Total Loss Care — Lienholder Portal is one of the ways we combine those verticals with our artificial intelligence technology and deep network integration to streamline insurance workflow and lower cycle worktimes.
Bottom line is that we reduce phone calls, faxes, and emails to improve member service at a time quite critical to the member relationship.
What challenges and opportunities do the CCC Total Loss Care — Lienholder Portal address for credit unions? How does the portal help overcome those challenges?
CL: Credit unions are often unaware that their members have been in a total loss event involving a vehicle on which the cooperative holds a lien. Insurers who contract with us to use the portal avoid the all-too-frequent situation of not being able to find the right person at a credit union through traditional means.
Because our process bypasses dependence on phone calls, faxes, and emails, we facilitate the exchange of critical documents to obtain the letter of guarantee, a lien payoff, and title release in days instead of weeks. The portal also provides visibility throughout the process that benefits everyone involved.
How does the portal improve member service?
CL: Members often have expenses after an accident that can affect their ability to make loan payments. If the credit union knows insurance will be covering the lien, they can avoid collections calls, and the member can comfortably go ahead and shop for a new car.
That gives you as the lender the ability to be proactive, to reach out to the member to provide support. That's a whole new story compared to what often happens instead.
Our lienholder portal brings a high level of AI-driven efficiency and transparency to that process. The member sees their credit union and insurer are on the same page, they’re not getting collection calls or encountering avoidable obstacles, and they go on social media and post a pic of their new car that they love and they thank their credit union!
What’s involved in setting up and using the CCC Total Loss Care — Lienholder Portal?
CL: Credit unions connect us with the users they would like trained on the technology and we take it from there. It's quick and easy.
This is low-hanging fruit for credit unions to bring a new level of digitization to the back end of your portfolio as far as total loss goes, allowing you to focus on business generation and retention through direct member service on the front end.
How can my credit union find out more about CCC and the CCC Total Loss Care — Lienholder Portal?
CL: For more information about CCC Intelligent Solutions and the CCC Total Loss Care - Lienholder Portal, please visit cccis.com/lenders. To contact Craig Leuschen directly, email CLeuschen@cccis.com or call 916-712-0006.