<\/p>\n In the 21st<\/sup> Century, high-tech solutions are all the rage. But, for some things, low-tech solutions are simpler, safer, more efficient, and more cost-effective. Blanket Portfolio insurance is one of those things.<\/span><\/em> Unlike insurance tracking programs<\/a> that require software with dozens of processes and \u201cmoving parts,\u201d Blanket Insurance<\/a> covers all your loans under a single robust policy. This means your institution won\u2019t require core system-friendly software that tracks private insurance policies, sends notices, applies force-placed premiums, refunds premiums, etc., because those processes are eliminated entirely. Removing the need for a process via a low-tech solution is more efficient and effective than streamlining that process via a high-tech solution that could be prone to errors and sensitive to software updates.<\/p>\n Software updates, changes, and conversions can be tiresome and complicated. Switching to a Blanket Program<\/a> is not. Unlike changing tracking providers or switching insurance tracking systems, there is nothing a lender needs to do to adopt a Blanket Policy. Simply have your staff stop doing the collateral insurance tasks they were doing before (With the exception of verifying insurance at loan origination). Since there is no software to integrate and no insurance minutiae to follow, you can convert to a Blanket Insurance Policy overnight. When I am asked, \u201cHow soon can we have this Blanket up and running?\u201d I reply, \u201cWe can have it in force tomorrow if you like.\u201d<\/p>\n![\"Blanket](\"https:\/\/www.unitas360.com\/hs-fs\/hubfs\/Blanket%20Portfolio%20Insurance%20and%20your%20core%20system.png?width=1200&name=Blanket%20Portfolio%20Insurance%20and%20your%20core%20system.png\")
Core banking systems integrate with and have become essential to most of the services modern lending institutions provide. When it comes to loan servicing, your core system is often the conduit through which the essential process of insuring collateral portfolios<\/a> is performed. Maintaining appropriate insurance coverage is so important that lender insurers have developed high-tech software that interacts with a lender\u2019s core system to facilitate that coverage. With good reason, lending managers and executives are acutely concerned with how well an insurance process will work with the institution\u2019s core system. For that reason, when discussing Blanket Portfolio Insurance<\/a>, lending executives often ask me the following questions:<\/p>\nQ: \u201cHow does a Blanket Insurance Program integrate with my core system?\u201d<\/strong><\/h2>\n
A: \u201cIt doesn\u2019t need to.\u201d\u00a0<\/strong><\/h3>\n
Q: \u201cHow hard is it to convert my processes to accommodate a Blanket Insurance Program?\u201d<\/strong><\/h2>\n
A: \u201cAs easy as deleting tasks from your to-do list.\u201d<\/strong><\/h3>\n
![\"Let's](\"https:\/\/no-cache.hubspot.com\/cta\/default\/3333888\/93089806-4306-41e6-8e0a-2676a4b182ea.png\")
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