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Statistics bear out the fact that a sizeable population of loan accounts that cancel
as a result of a payment default will cure that default shortly after the cancellation
is issued. Knowing this, agents have developed a practice of asking finance companies
to hold an imminent cancellation from being processed if the agent either has the
money in their possession or believes that the insured will cure the default within
a pre-specified period of time.
In an effort to assist in the curbing of cancellations, preserving revenues for
all parties and reducing operational costs related to phone traffic to handle cancellation
holds, Input 1 has created a Hold-by-Web feature whereby an agent can hold a cancellation
for up to X days (where “X” is defined by the finance company) when
a payment is expected.
Our online cancellation hold feature will help your insureds avoid potential cancellation
and you costly rewrites. Agents can use this option to put a specific account on
hold to prevent a cancellation from occurring. This feature is especially helpful
in cases where the account is due to cancel soon, however the insured might have
simply forgot to make a payment on time or maybe they misplaced their coupons or
bills. We give you the convenient option to hold the cancellation for up to 5 days
without having to ever pick up the phone to call us or to have the insured pay overnight
charges for mailing their check.
As with all functionality in AIV, we strive to make the process simple. Holding
a cancellation involves these 3 easy steps:
- Click “Hold Cancellation” from the account summary screen
- Choose the date that the hold should expire and save the hold request.
- User can print the Hold Cancellation Receipt for future reference
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