Canopy Connect Unveils Auto Insurance Policy Servicing Capabilities

Canopy Connect, the leading platform for collecting, verifying, and monitoring insurance information, introduced auto insurance policy servicing capabilities, which enables consumer-permissioned edits to insurance policies initiated by a Canopy Connect customer. 

This transforms a process that can take days or weeks—into minutes. Updates can be made for changing lienholders, adjusting limits, adding a vehicle, or modifying coverages. No need to wait on carriers or agents to make changes.

“If you’re a business that needs a policy updated, it’s like a slow-motion game of telephone,” said Ray Huang, senior director of marketing at Canopy Connect. “A lender tells the insured, the insured tells their agent, their agent fills out a document and emails it to a carrier inbox, then the carrier service representative makes the actual policy edit, and then confirmations are passed back down the line.”

Using Canopy Connect, a business can easily request specific edits to a policy. The insured is notified and prompted to sign in through a secure Canopy Connect link to review and approve ‌the change.

With every improvement and feature we release at Canopy Connect, we’re thinking of our customers. Here’s how our latest capability will benefit your business:

Auto Dealerships: Add Purchased Vehicles

When someone buys a new car, it’s typically a catalyst for the buyer to also start shopping for new insurance policies. While there is typically an insurance grace period on vehicle purchases, dealerships and their financing partners are smart to make sure the vehicle is added to the policy with the correct lienholder.

Canopy Connect’s new insurance policy servicing feature will allow the dealership to help their customer add the vehicle to their current insurance policy. The dealership can also help add or remove a driver from the policy.

By being proactive, dealerships can add to a high-touch experience that better protects their customers, the dealership, and the lender, without needing to wait unnecessary hours for the buyer to talk to their agent or carrier to make the change.

Automotive Finance: Update Lienholders

When a new or used vehicle is financed, lenders can’t rely on the borrowers grace period on their insurance. Lenders need to make sure the purchased vehicle is comprehensively insured and the lienholder is properly listed.

But at the time of sale, you may be waiting around for the borrower’s agent to make the edits and submit it to the carrier. That can take an hour or more.

Take control of the situation and make the necessary changes in minutes using Canopy Connect’s insurance policy servicing feature.

Loan Servicing: Monitor Policies and Update Lienholders

In servicing a loan, Canopy Connect can be used to verify and regularly monitor that an insurance policy is in force with the correct coverages, as well as to verify that a lienholder is correct.

When a loan is bought or sold, it’s critical that the lienholder or mortgagee clause be promptly updated to make sure that the lender’s interests are protected.

Loan servicing organizations can request the necessary lienholder changes directly with borrower authorization in under a minute.

“By empowering Canopy-enabled businesses to request insurance edits directly from the insureds, we can improve the wait time a thousand-fold,” said Tolga Tezel, founder and CEO of Canopy Connect. “Updating insurance typically takes 2-3 days, but we’re able to make that 2-3 minutes.”

There’s many more applications to being able to make changes to policies quickly with Canopy Connect’s consumer-permissioned technology. Explore how this feature can benefit your business »

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