Choosing a Tech Savvy Insurance Vendor

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Choosing a Tech Savvy Insurance Vendor Related Articles Mohamed Elewa’s career at Proctor Financial began in 2001, when he served in the capacity of CFO and COO. Today, he serves in the role of EVP. Through his leadership, Elewa has championed for the investment of millions of dollars in state-of-the-art technology advancements to improve operational efficiencies and develop workflow solutions. Under his direction, Proctor Financial created proprietary technologies, such as IIM (Intelligent Insurance Manager) tracking system and Proctor’s Loss Draft Module. Elewa is committed to ensuring that Proctor continues to invest in technology, infrastructure, IT security, and tracking systems that strengthen client partnerships and improve the borrower experience. Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Choosing a Tech Savvy Insurance Vendor Servicers Navigate the Post-Pandemic World 2 days ago How does the vendor control change management?A healthy balance needs to exist between nimbleness and tight controls established to manage the change process when new industry regulations need to be implemented. A vendor’s technology team should use System Development LifeCycle tenets, processes, and standards which maintain a common code base and facilitate faster installation of common changes across clients. Seek a vendor with a proven record of implementing change requests quickly and smoothly. Responsiveness to the evolving mortgage servicing industry keeps a servicer in compliance and mitigates borrower harm. Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Is the tracking system designed to allow complete transparency?With a click, a servicer should be able to perform independent vendor management to ensure their lender-placed partner is performing. Every borrower touchpoint should be memorialized and accessible at any time–including insurance documents received, recorded borrower phone calls, notifications sent, transaction history, and claims documents such as adjustor’s reports. This transparency and access is especially vital when a servicer is audited. If housing all documents and notices on your own imaging platform is important, seek a vendor who can provide an export of documents in an indexed and usable format.In conclusion, select a lender-placed insurance vendor that has proven its financial investment and commitment to technology, infrastructure, IT security, and intelligent tracking system. A vendor that invests in technology is a partner that invests in its client relationships. Servicing Technology 2017-05-29 Mohamed Elewa May 29, 2017 1,196 Views center_img in Daily Dose, Featured, News, Technology Data Provider Black Knight to Acquire Top of Mind 2 days ago As third-party vendors continue to be an extension of the servicer, it’s imperative that a servicer selects a lender-placed insurance vendor that operates as a partner. There are various elements that should be considered when evaluating a lender-placed insurance partner, one of which is technology. Vendors that can effectively leverage technology can efficiently meet the changing needs and evolving regulations of the mortgage servicing industry. A vendor’s commitment to technology can ensure that servicers remain in compliance. Servicers should ask the following questions to evaluate a lender-placed insurance vendor’s commitment to investing in technology that supports the vendor’s infrastructure, IT security, and tracking system. Can the vendor demonstrate robust infrastructure technology to guarantee system uptime? Servicers need to assess a vendor’s investment in infrastructure technology that supports uptime of systems, networks, data centers, and facilities. Two primary objectives are to protect data and to continue operations without interruption of service. One of a vendor’s primary lines of defense is a firewall that protects for DDOS attacks, Malware, viruses, web filtering, and access lists to limit connectivity. In addition, firewall management includes consistent and timely application upgrades and updates to threat and antivirus signatures.Redundancy should be built into technology to prevent business disruption. This includes redundancy in power, servers, firewall, data storage, and internet service providers. A vendor should invest in an Uninterruptable Power Supply (UPS) with a generator that maintains the building, data center, and system uptime without skipping a beat. A strong disaster recovery program is essential. A vendor touches and updates valuable servicer data daily that in turn should be continually replicated throughout the day to a disaster recovery site. Seek a vendor that institutes a business continuity and disaster recovery plan that is tested annually and verified by an independent third-party auditor. Can a vendor prove its financial commitment to IT security measures? Financial investment is required to build an IT security and governance team that protects information and systems from unauthorized access, use, disclosure, disruption, modification, or destruction in order to preserve confidentiality, integrity, and availability of information systems to servicers.Look for a vendor that demonstrates competency in cyber security at the state and federal level. Competency can be measured by assessing the vendor’s cyber security policies and programs, which should include the following elements:Cyber security risk assessmentDedicated cyber risk governance and management teamIncident response planCyber resilienceFrequent penetration testing and vulnerability assessments contracted by a qualified independent firmStrong independent audits of the organization’s securityOngoing cyber security training for its teammates Seek a partnership where the vendor understands the importance of managing the potential risk that exists when confidential data is entrusted with a third party.  A vendor should approach the partnership with cooperation and a sense of urgency to comply with a servicer’s vendor management requests. Does the tracking system demonstrate investment in technology that prevents borrower harm?A servicer doesn’t need an insurance monitor. A servicer needs a vendor whose system is capable of identifying insurance exposures and intelligently correcting them with compliant lender-placed insurance practices. There are several questions a servicer can ask to identify how technology is leveraged to prevent non-compliance and borrower harm. Does the system include automated warnings, process stops, and control reporting to ensure accuracy and compliant results?  Systems that maintain data integrity and identify illogical data conditions should be incorporated into the technology solution. Even when electronic data interface (EDI) is fully leveraged for insurance invoice processing, human involvement is part of the process. Flags, stops, and integrated controls that help prevent duplicate or incorrect insurance disbursements offer optics and preventative measures against borrower impact.  Robust and timely control reporting is the key to demonstrating that systems and processes are delivering expected results. Controls around timely insurance mail processing and lender-placed insurance refunds are critical to a compliant solution. Servicers should seek partners with systems that can provide intelligent workflow management. Borrower harm is reduced when system rules are set to prioritize inbound insurance documents associated with borrowers currently in the lender-placed letter cycle or who have already been lender placed.Tools designed to prevent lender placement are also important to consider. An intuitive policy procurement system that allows the vendor to optimally manage communication to agents, carriers, and borrowers in order to obtain current insurance policy information should be an integral part of outsourced insurance solution. Preventing unnecessary lender placement is one part of the equation. However, when necessary, lender placement must occur. Lender-placed activities are highly regulated by federal and state laws and regulations. Fannie Mae, Freddie Mac, and other investors also have servicing guidelines that require adherence. The vendor’s technology should include tight controls related to notices, placement, cancellation, and refunds of lender-placed insurance, including the ability to evaluate adequate coverage and respond appropriately to changes in flood zones in order to keep the servicer in compliance. How is technology leveraged to minimize and manage consumer complaints? A consumer complaint tracking system that can produce reporting to the servicer is a minimum requirement that must be met. Servicers should expect their vendor to leverage additional tools designed to provide real-time speech analytics during borrower phone calls that can alert management to potentially escalating situations as they are developing. Post call surveys are another tool for a servicer to utilize for ongoing evaluation of the borrower experience. What technology solution does the vendor offer for monitoring repairs to a borrower’s property after an insurance claim is paid?  Efficient workflow and task tracking systems that keep funds flowing while maintaining required controls will dramatically improve the borrower’s experience throughout the claim process. Seek a vendor that developed a module to manage and monitor claims for preferred policies Servicers Navigate the Post-Pandemic World 2 days ago Previous: Tech Talks: How Technology is Shaping the Industry Next: Inconsistency in the Courts  Print This Post Tagged with: Servicing Technology The Best Markets For Residential Property Investors 2 days ago About Author: Mohamed Elewa Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img read more

Dodgers’ Rich Hill hopes to start meeting his own expectations

first_img Newsroom GuidelinesNews TipsContact UsReport an Error LOS ANGELES >> Rich Hill is not very happy with himself these days.“It’s just natural. It’s ‘Oh, I stink’ and you just want to crawl into a cave,” said the Dodgers left-hander, who will take his 5.14 ERA and 1.57 WHIP to the mound against the New York Mets on Wednesday looking to turn around a season that has yet to live up to expectations.Hill said he is “absolutely trying not to be frustrated” and the team’s success makes it easier. Still, he can’t help but feel he has yet to do his part for that success.“It’s awesome to see the team doing well,” he said. “We’ve gone 10-1. But I look at that and see that one loss and think, ‘That was me’ (laughs). … You don’t want to walk around with such a poopy diaper all the time. Be optimistic. I’ve caught myself a couple times this year.” “Those three things, to me, go hand in hand. ..  When your routine starts slacking, your success starts going down and without the success your confidence goes down.”The first link in that chain – his routine – has been upset this season, first by shoulder inflammation during spring training and then by his battles with a recurring blister on the middle finger of his pitching hand.“I make zero excuses,” Hill said. “If I’m out there pitching then … find a way.“When you take time off from a craft some of it mysteriously goes somewhere out into space. Trying to find it and repeat it again is the challenge.”Draft signingsThe Dodgers signed their fourth-round draft pick, pitcher James Marinan, the earliest high school player they selected in last week’s amateur draft. Marinan, a left-hander from Lake Worth, Fla., reportedly signed for $825,000 – more than double the recommended slot value for the 130th overall pick.Marinan was not among the 21 signings the Dodgers announced Tuesday.Among the other known signings: Riley Ottesen (fifth round), Wills Montgomerie (sixth), Zach Pop (seventh), Rylan Bannon (eighth), Connor Strain (ninth), Zach Reks (10th), Marshall Kasowski (13th), Marcus Chiu (15th), Zach Willeman (19th), Justin Hoyt (22nd), Connor Heady (23rd), Preston Grand Pre (24th), Devin Hemmerich (26th), Justin Lewis (28th), Chris Roller (30th), Tyler Adkison (32nd), Brett De Geus (33rd), Dan Jagiello (34th), Colby Nealy (35th), Riley Richert (36th) and Corey Merrill (37th round).The deadline for draft picks to sign is July 7.The Dodgers also signed four undrafted free agents: Amaury Telemaco, Jake Roberts, Austin Hamilton and Eric Peterson. Telemaco’s father of the same name pitched in the major leagues from 1996-2005.AlsoDodgers manager Dave Roberts was asked about Clayton Kershaw’s mindset after giving up four home runs and six runs to the New York Mets on Monday.“Clayton is pretty good about turning the page,” Roberts said. “But I wouldn’t want to be the Rockies come Saturday.”Kershaw is scheduled to make his next start in the middle game of this weekend’s Dodgers-Rockies series at Dodger Stadium.Staff writer J.P. Hoornstra contributed to this report.center_img When Hill needs a refresher for that optimism, he can pull a piece of paper out of his locker which shows his player profile from 2016 when he was “one of the best in the game” at inducing swings and misses as well as getting called strikes. That deception has been missing this season, replaced instead with inconsistent command that has resulted in 23 walks and four hit batters in only 35 innings.“So I look at that and go, yeah, I know it’s there. It’s not an unrealistic expectation,” Hill said.“I’ve felt that at times over these past two months. It’s just the mystery of getting that to be repeatable again and again and again.”Hill said he believes he has ironed out some of the mechanical inconsistencies in his delivery that have led to his command issues. Hill said he has been watching a lot of video from last season, trying to restore the “subconscious muscle memory” that will allow him to repeat his delivery and restore the three-part chain in which he believes – routine, success, confidence.“You look at those three things and they all kind of go hand in hand,” Hill said. “You have a routine that you follow. You go out and have success. You have success and you build confidence.last_img read more