New feature provides a checklist view of whether an insurance policy meets requirements.
Canopy Connect, the leading insurance verification solution, announced the launch of its new Policy Check feature, available on select automotive plans. This powerful tool provides an at-a-glance view of whether an insurance policy meets specific requirements, empowering car rental businesses, automotive finance companies, and third-party delivery businesses to make faster, more informed decisions and mitigate risk.
Policy Check simplifies insurance verification by clearly indicating policy compliance with a simple yes or no for key configurations, including:
* Is the policy active?
* Does the policy contain collision coverage?
* Does the policy contain comprehensive coverage?
* Check if the policy contains X lienholder names
* Was a driver removed from a policy?
* Was a vehicle removed from a policy?
Catch more Fintech Insights : What’s Shaping the Future of Digital Lending? Key Trends to Watch
This new feature directly addresses critical needs across the automotive landscape:
For Car Rental Businesses: Policy Check transforms the process of upselling protection plans. By routinely verifying if a renter has comprehensive and collision coverage, rental agents gain a clear understanding of potential coverage gaps. This enables them to confidently offer and sell protection plans to customers who truly need them, boosting revenue and improving customer service. Furthermore, having verified insurance details upfront significantly streamlines the subrogation process in the event of an incident.
For Automotive Finance Companies: Maintaining the integrity of vehicle insurance throughout the loan lifecycle is paramount. Policy Check provides continuous monitoring, alerting lenders to critical changes such as the removal or modification of lienholders or the cancellation of comprehensive and collision coverage. This proactive approach safeguards the lender’s financial interests and ensures the collateral remains adequately protected.
For Third-Party Delivery Businesses: Ensuring drivers maintain the required insurance coverage is crucial for compliance and risk management. Policy Check allows these businesses to easily verify and continuously monitor if a driver’s policy remains active and unchanged, mitigating potential liabilities associated with underinsured or uninsured drivers.
“While Canopy Connect can retrieve more than 250 data points from a policy, for some of our customers, like car rental businesses and auto lenders, they usually just need a few important details,” says Tolga Tezel, founder and CEO of Canopy Connect. “We’re excited to deliver Policy Check because it makes it very easy to see if a policy does or does not meet certain requirements.”
Policy Check is seamlessly integrated into Canopy Connect’s automotive solutions plan, providing these essential verification capabilities alongside the platform’s robust suite of insurance data retrieval tools.
Read More on Fintech : What to Expect from Modern Spend Management: Finance Leaders Speak Out
[To share your insights with us, please write to psen@itechseries.com ]
