New World Now, LLC

Commercial Applications

Lender Insurance Solutions

The Client

Insurance brokerage firm located in Milwaukee, Wisconsin, servicing the financial institution industry

The Project

Ground-up design of web application used to drive the company's primary business – providing lender placed (or force placed) insurance services to banks, thrifts, and credit unions.

The Result

Veritrac - a web based application that automates the loan tracking and lender placed insurance operations for loan servicing departments of financial institutions.

  • Groundbreaking solution, unparalleled in its flexibility and ease of use
  • Provides financial institution customers ultimate control over their lender placed insurance coverage, offering a complete suite of tools for both flood and fire/hazard protection
  • Direct interfaces via electronic data exchange with multiple insurance carriers, including American Modern Home, Insurmark, WNC, and Overby-Seawell
  • Automatic and instant quoting of fire and flood coverage rates for all property types, including commercial, multi-family, residential, and mobile home coverage
  • Flexible coverage rates and coverage terms for borrower vs. real estate owned (REO) properties
  • Automatic property and mailing address validation via the U.S. Postal Service
  • Real time invoicing allows lenders to change and/or drop coverage and automatically adjust their premium invoice, eliminating the need to pay premium on late cancellations
  • Complete suite of back end lender and broker administration functionality, including custom flood rating for coastal properties, automated renewals, automated batched letter printing and invoice generation, automated electronic data exchange with insurance carriers, automated tracking and accounting for premiums, cancellations, and refund payments

New World Now successfully helped our client create an industry leading suite of services that has made their business more profitable. The Veritrac application has ensured customer retention, greatly lowered the cost of providing lender placed insurance services for the broker, and streamlined the operations of the loan servicing departments representing the broker’s client base.