1d.- BRS services & Dept Involved

Types of services our company provides and the departments involved in the process

Berkshire Risk Services Insurance Tracking:

• Monitors loans/accounts for compliance with the lender’s minimum insurance requirements.

• Notifies borrowers or purchasers of missing or inadequate coverage.

• Issues collateral protection insurance CPI (Collateral Protection Insurance) on loans that remain uninsured.

In most cases, financial institutions that use our insurance tracking services have reached a point in sales volume and growth where they cannot keep up with insurance paperwork and tracking demands. Whereas before, insurance tracking for their customers would have been done “in-house”, now they choose one or more of our tracking services to assist them in that process.

These services are:

• INSURANCE TRACKING: We receive, analyze and input insurance policy documents into borrower’s account.

• CPI (Collateral Protection Insurance) PLACEMENT: This is the process of force placing CPI coverage to specific loans to protect collateral while loan is in effect but do not track insurance activity (receive insurance policies)

• INSURANCE TRACKING WITH CPI PLACEMET: A combination of both services with CPI PLACEMENT as a direct result of deficient or insufficient PHYSICAL DAMAGE coverage verified through our insurance tracking process for policy documents received in our insurance center.

Multiple departments within our company come together on a weekly basis to make this happen.  Today we will focus on the three that make up the Insurance Tracking Center.

• Mail Department

  • Mail Department is in charge of handling ALL documents received in our office by mail, fax or emails.  They sort documents by lender then by customer; documents then get scanned into our track collateral system for further processing by the data entry team.

• Data Entry

  • Data Entry analyzes and inputs insurance policies into our track collateral database for our lenders; if policy is not sufficient it gets sent over for a call to verify insurance coverages by call center team.

• Call Center

  • Call Center makes outbound calls to agents and insurance carriers to verify insurance coverages.  The team also receives incoming calls from customers that received our letters, lenders and insurance agents returning calls or replying to voice messages.