Auto Risk Mitigation

Get Comprehensive Risk Mitigation from the Industry Leader

Turn to Balboa for effective, compliant auto insurance tracking and collateral protection insurance (CPI). While other insurers and market participants have exited and returned to the CPI market over the years, Balboa has remained committed to the needs of auto lenders for decades, with millions of loans under management.

Today, our innovative auto risk mitigation program represents our total focus on compliance and best-in-class solutions, delivering powerful protection for auto lenders to help manage their collateral risk.

You Could Recover Millions of Dollars

If you don’t have the systems to track and recover insurance on damaged and repossessed vehicles, you may be writing off millions of dollars to your bottom line. By leveraging our auto risk mitigation program, you’ll:

•Know if your customers are maintaining their insurance coverage.
•Be able to recover claims with maximum speed and efficiency.

Our comprehensive auto risk mitigation program includes:

•Advanced Insurance Tracking System – state-of-the-art tracking ensures you will know which borrowers are maintaining insurance, as required by their loan agreements. With Balboa’s tracking services and letters to borrowers reminding them of the requirement to maintain insurance, your uninsured accounts will be minimized. And, you can easily access a complete history of all insurance records. Key benefits of our tracking program also include:

-  Superior insurance data capture via Electronic Data Interchange (EDI), paper documents and faxes.
-  Highly accurate data matching uses our paperless, rules-based matching process.
-  Proactive outbound calls to agents, insurance carriers or customers to obtain insurance information prior to CPI placement.
-  Customized proof-of-insurance website. Customers and agents can submit proof of insurance at ihaveinsurance.com, securely and conveniently.

•Collateral Protection Insurance – CPI provides comprehensive and collision coverage in the event that no other insurance is in force at the time of loss. We have flexible premium rates, including risk-based pricing which takes into consideration factors such as vehicle type, age and location.

•RepoSource^SM Total Repossession Management System - RepoSource, the industry’s first fully integrated and comprehensive outside insurance recovery program, helps you collect a significant amount of recoveries from insurance carriers on your repossessed vehicles. Our highly advanced RepoSource system is integrated directly into our claims system to expedite the filing and payment of these types of claims.

RepoSource is fully integrated with your auction lots and the Balboa claims system. This allows us to manage the claims process more timely and efficiently so you can sell your vehicles immediately following inspection. Vehicle status information is available 24/7 via our secure, online client portal.

How RepoSource Works

Balboa manages the insurance recovery process for you beginning the day the vehicle is transported to one of your auction sites.

•Once we receive notice of repossession, and possible damage to the vehicle, a licensed appraiser is assigned to inspect the vehicle for damage.
•At the same time, the vehicle information is matched against our tracking system to validate existing insurance or Balboa CPI coverage.
•Photos and damage estimates for vehicles not covered by CPI are uploaded as needed to our RepoSource system right from the auction lot.
•We immediately prepare an insurance claim, leaving you free to sell the vehicle.  

One Program – Many Advantages

Our comprehensive auto risk mitigation program offers you and your customers many advantages:

•Flexible policy – We provide comprehensive and collision coverage with multiple deductible options and pro-rata refunds.

•Risk-based pricing – This produces a better match of risk-to-rate which takes into consideration factors such as vehicle type, age and location.

•Superior loss mitigation – Our fully integrated RepoSource insurance recovery program helps you collect a significant amount of recoveries from insurance carriers on your repossessed vehicles.

•Advanced monitoring capabilities – Sophisticated web-based systems allow you to monitor your portfolio’s performance by providing management reports and up-to-date information.

•Compliance focus – Balboa’s dedicated compliance department proactively monitors insurance regulatory changes.

•Financial strength – We have an “A” rating from A.M. Best Company®.

Unmatched Customer Care and Support

Every product we offer is backed by best-in-class service and support. Our customer service focus is unmatched in the industry. We offer consistent, measurable support and take great pride in our professionalism when assisting your customers.

Your customers’ calls are handled using the latest telecommunications technology to route and answer calls, ensuring the highest level of performance.

•To ensure prompt responses to every customer care call and adhere to your SLAs, we operate call centers in Tempe, AZ, and Pittsburgh, PA, as one virtual unit.
•Your customers get automated follow-up calls letting them know when proof of insurance has been received and when their insurance has been paid.
•Working with you, we will give your premier customers premier treatment.
•Our bilingual customer care staff can assist your non-English speaking customers.

We don’t just talk about excellent customer care – we give you a way to verify our performance. 100% of our customer care calls are recorded and stored for seven years, plus we give you access to live calls – a feature no other insurance tracking provider is likely to provide.

Technological Advantage

Cutting-edge technology is a key element of our risk mitigation programs. Our solutions, which feature some of the most advanced capabilities available in the industry today, are focused on obtaining the highest levels of efficiency and accuracy.

We also make sure you have access to your data 24/7 via our secure, online client portal, which features a powerful combination of state-of-the-art technologies.

To learn more about how our unparalleled technology makes doing business with us simple for you and your customers, click here.