Mortgage Insurance Updates
New insurance policies, policy updates and policy cancellations create an endless influx of documentation that must be accepted, routed, interpreted and associated with the right mortgage. Help your teams streamline this tedious process with WorkFusion’s Intelligent Automation Cloud.
Why it is important
A larger insurance company can receive hundreds, if not thousands, of documents each day from various carriers documenting insurance information updates, each of which must be associated with the right mortgage account. With hundreds of insurance carriers, each using their own unstructured format, it is challenging to stay on top of the inbound information without adding ever more people to your processing teams.
How WorkFusion can help
WorkFusion’s solution automates this paper-intensive process by:
- Monitoring inbound channels for incoming information about new policies, policy updates or policy cancellations
- Sorting the updates by type: new, modification or cancellation
- Matching inbound letters with existing policy and account information
- Alerting teams if data validation errors occur that require follow–up
- Extracting critical insurance information from new documents
- Storing updated insurance information and updating the account profile with the latest data
- Regularly checking existing mortgage accounts for missing or outdated insurance documentation
- PDF files