A Lender’s Guide to Buying a Voluntary Protection Products Cancellation System

When compliance is on the line, make sure you choose the right technology. Using this Buyer’s Guide will help ensure you get a 100% complete, audit-ready system that minimizes your risk, increases your efficiency, and protects your reputation.

The 7 Questions to Ask

1. Is the system an end-to-end solution?

  •  Are automated product cancellations managed by vendor configuration (and not outsourced)?
  • Are Product refund quotes managed by vendor (and not outsourced)?
  • Is there Dealer support (calls, collections and dealer contact updates)?
  • Does the lender have backend configuration access?
  • Is all data exportable and controllable by the lender?

A successful compliance program requires the right tools and the right partner. Look for a single system of record that can manage all your voluntary protection product cancellations and refunds.

2. Does the system include an automated workflow?

  • Is full automation available out-of-the-box? 
  • Are cancellation notices automated and trackable?
  • Can the workflow be customized for state specific requirements?
  • Is automated upload and download of data available?

Automation is key to staying consistent and uniform in all your processes. Make the vendor show you how they automate and streamline the process.

3. Does the system offer reporting built for compliance?

  • Real-time reporting & dashboarding available out-of-the-box?
  • Can the lender create ad hoc reports?
  • Ability to leverage additional data from other data sources?
  • Integration abilities with other BI tools?

Reporting is a requirement. Don’t be fooled by phrases such as, “You can report on…” or “Reporting is available.” Make the vendor show you how reporting is done and how it streamlines your process.

4. Does the system include comprehensive audit logs?

  • Does the vendor provide a single system of record?
  • All data tracked and retained for exams?
  • Can regulators access the system to evaluate processes?
  • Does the lender have direct access to all data to ensure integrity?
  • Can the lender export or purge data without the vendor’s assistance?

Examiners require data integrity. Make the vendor show you how you can answer a regulator's question on how the data is correct. 

5. Can the vendor deliver speed to market?

  • Ask for references on implementation.
  • Ask for a project plan example.
  • Ask how long it takes to get live.

Vendors promise aggressive timelines on implementation. Talk to their clients and ensure what is being promised can be delivered. 

6. Does the vendor have a system roadmap?

  • Is there a shareable road map?
  • Ask for copies of the release notes.
  • Ask how lenders get items on the roadmap.

A great vendor allows their clients to have input on system enhancements. They should listen to your problems and help put forward practical solutions. Never partner with a vendor who isn’t improving their product. 

7. Does the vendor ensure client success?

  • Do you have a direct line to client support - NO CALL TREES.
  • Do you have dedicated staff that helps you and learns about your business?
  • How do the ticketing system and resolution times operate?

When you have issues and need help, you don’t want to navigate call matrixes or ticketing systems. Good vendors give you a client success manager who is dedicated to helping solve your problems and keep you efficient. 

For a system that checks all these boxes, ask us about Refund ControlTM – the single system for Voluntary Protection Product cancellations and refunds that gives you the power to answer audit questions with ease.

Contact: Tyler Gray

Tgray@lct1.com

(817) 725-8340

lct1.com