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Key Considerations for a Successful Insurance Tracking Implementation

Tracking Progress: An Implementation with BBVA Insurance

An implementation with a new lender-placed insurance and insurance tracking partner can seem like a daunting task.

Yes, an implementation can be an impactful project that requires servicer resources and poses potential risk. But an implementation done right creates a positive impact and reward, with streamlined servicer operations and enhanced borrower experience.

When considering a lender-placed insurance provider and insurance tracking partner, seek a solution that leverages technology best practices balanced with a team of experts who can ease the apprehension and burden of the implementation. The transition can be smoother than expected with an experienced insurance tracking partner, such as BBVA Insurance, that provides a collaborative and thorough approach with an interface that is tried and tested prior to going live.

Expertise and Experience

The inception of a new partnership requires the establishment of a dedicated and experienced implementation team to support the servicer from initiation through normalization. The team will provide comprehensive counsel and guidance throughout the transition, while considering regulatory requirements, operational improvements, and borrower impact.

The dedicated project team should include an impressive range of talent and tenure that fully understands the mortgage servicing industry. They should have knowledge and experience working with the servicing system, and showcase a track record of successful implementations.

The implementation process is streamlined when the insurance tracking partner has developed strong relationships as a skilled integration partner with servicing platforms. This experience working with multiple servicing platforms provides seamless integration for servicers. As specialists, the team will become intimately familiar with a servicer’s business uses for data and custom code needed to develop business solutions that tightly interface with a servicer’s system of record.

A Thorough, Collaborative Approach

Experience has revealed no two implementations are the same. While project plans often follow consistent benchmarks and best practices, implementation experts know that one size does not fit all.

Each servicer has a unique culture that is important for an insurance tracking partner to understand and support. Expect the implementation team to proactively maintain transparent communication throughout the process.

The best technical project management methodology is guided by best practices and a standard system development lifecycle framework, based on extensive experience in the field of insurance tracking, monitoring, and lender-placement.

While respecting the project plan and expected conversion deadline, it’s most important for the implementation to be completed correctly. When an implementation is rushed or pressured to be completed by a specific date and not thoroughly strategized with a thoughtful, individualized project plan, mistakes can later be discovered.

While conversions appear to require an exorbitant amount of time or resources from the servicer, it’s the servicer’s discretion that determines the level of involvement in the implementation. Of course there are pivotal instances where a servicer’s input and involvement are required, such as project initiation, functional specification, data mapping, and communication touchpoints. However, for the remainder of the implementation process, the servicer should have full confidence that the conversion is in the hands of experts. This trust is earned when the implementation is approached thoroughly and collaboratively.

Tried and Tested

Equally as important as a thorough initiation, is a thorough testing of the integration prior to going live. This mitigates negative borrower impact. A standard practice in BBVA Insurance’s IT Development Lifecycle includes development and unit testing, quality assurance testing, and user acceptance testing prior to deployment. These strict testing protocols ensure data integrity that leads to a smooth normalization.

This crucial step in the implementation process identifies outliers and oddities that need to be rectified prior to deployment. Testing ensures that coding and processes function as expected. Real world scenarios are used to test the implementation, such as verifying that all properties have a valid flood zone. This deployment strategy focuses strongly on cause and effect, particularly as it pertains to the borrower experience. Only when a servicer is comfortable with the test results, is it time to move to production.

With these key considerations, BBVA Insurance has achieved many successful implementations for servicers looking to improve their operations and provide best-in-class borrower experience.