Embedded insurance across the leasing lifecycle
Our embedded solutions seamlessly offer insurance at the right moment — whether it’s during origination, booking or servicing.
Insurance requirements are fulfilled without disrupting the transaction, allowing lessors to fund quickly while still protecting their assets.
Click the steps below to see how our solutions can fit into your processes.
Benefits of Embedded Insurance
Increases revenue potential
Drives satisfaction, retention and referrals
No disruptions to your current systems
Faster deals with less insurance hassle
How it Works
From discovery to embedded in just a few months
Assess
We start by understanding your financing workflow and requirements.
Connect
We determine the best way to connect insurance into your workflow (Salesforce plug-ins, APIs or custom builds).
Embed
We work with you and your service providers to implement.
What clients are saying
"Our insurance program has been a game-changer for our business operations. The program helps accelerate our customers’ transactions. This enhancement in speed and service has not only improved customer satisfaction but has also reinforced our clients' trust in us."
– Lyndon Thompson, President of Byline Financial Group
"Great American specializes in insuring equipment finance risks. They tailor programs to meet clients’ needs and recommend solutions to enhance the customer experience through deep, customer-focused interactions."
– Shaun Buswell, Vice President with Alliance Funding Group
"The digital solutions we implemented with Great American will enhance customer experience, operations and communications. We look forward to future opportunities to support our customers together."
– Daryn Lecy, CLFP, Senior Vice President and COO with Oakmont Capital Services
Specialty Equipment News
Unlocking Value: The Power of Short-Term Repossession Coverage
By: Ian Steidel, Product Manager, Great American Insurance Group, Specialty Equipment
Short-term repossession coverage can be overlooked in the dynamic landscape of financial services. However, it can act as a safety net for lenders and financial institutions, shielding them from potential losses due to unforeseen circumstances. It can be a game-changer; let’s explore how.
Safeguarding Your Investments
Whether dealing with commercial vehicles or equipment, these assets represent substantial investments. When these assets transition from borrower possession to resale, vulnerabilities emerge. That’s where short-term physical damage coverage comes in. Imagine a protective shield against vandalism, fire, theft, and weather-related disasters. With this coverage in place, your assets will be protected. Losses are minimized, and the value is preserved.
Redefining Risk Management
Repossession is no walk in the park. Financial institutions face inherent risks during the process, from storage mishaps to transit issues. Here, short-term coverage acts as the ultimate safety net. This coverage steps up if an asset sustains damage while under your care. It is your financial backstop covering you for losses incurred. Risk management isn’t just a buzzword; it’s a strategic move.
The Power of Customization
Remember that each financial institution’s insurance needs are unique. When selecting coverage, consider the following factors:
- Varying Degrees of Protection: When evaluating insurance options, it is essential to assess your specific requirements. Look for a comprehensive insurance program that can be tailored to your unique needs. Customize your coverage accordingly if you need protection against theft, vandalism, or windstorms. Additionally, consider the assets involved—whether a single asset, like a crane or a fleet of commercial trailers. Furthermore, consider varying term lengths and geographic considerations to ensure your business is adequately covered.
- Deductibles: Understand the deductibles associated with different policies. Balancing cost and risk is essential.
- Streamlined Claims Process: Prioritize simplicity and effectiveness. Seek an insurance provider offering a streamlined claims procedure that allows you to submit claims quickly and easily. Timely claims settlement ensures operational continuity.
In summary, unlocking the full potential of short-term repossession coverage can mitigate risk for lenders and financial institutions. By recognizing its significance and integrating it into risk management strategies, lenders can safeguard themselves while minimizing financial setbacks.
Note: The information provided in this article is for educational purposes only and does not constitute legal or financial advice. Always consult with legal and financial professionals for specific guidance.
- Property & Casualty
- Specialty Equipment
