LoanPro.io, a loan management software firm located in Farmington, Utah, is providing a solution to many insurance companies affected by the new insurance regulation in New York and New Jersey.
Recent legislation in New York and New Jersey mandates that insurance companies allow policyholders affected by COVID-19 to forgo monthly premium payments for ninety days. Thereafter policyholders are allowed to make these premium payments over twelve months. This policy, handed down by the Governors of both States is expected to be adopted by several other States in the near future.
The effect is that any insurance company with policyholders in New York and New Jersey will be forced to give twelve-month interest-free loans to all policyholders affected by COVID-19. Some insurance companies expect well over a million participants.
Rhett Roberts, Co-Founder and CEO of LoanPro.io, stated, “While some of these insurers already use our software for other lending businesses, we have been inundated with calls from insurance companies seeking a solution to this new legislation. Insurers in New York and New Jersey are basically being forced to become consumer and business lenders overnight. Since everyone is expecting this legislation to roll out across the Nation, we are getting calls from everyone.”
LoanPro.io provides a cloud-based loan management solution that allows traditional and digital lenders to scale a lending business of any size, providing end to end support for every facet of the lending life cycle.
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