Default Insurance Claim Process

General

A major function of LoanPro software is to make common company processes as streamlined and effective as possible, to save users on time and manpower. This article will cover how this is generally accomplished with the Insurance Claim process.

Diagram

Default Insurance Claim Process

If an Insurance claim is filed with an associated loan, the process will allow for the tracking of information and handling of the claim for how it relates to information in LoanPro.

Starting the Process

In the event that an insurance claim needs to be documented in a loan account, navigate to the 'Wizards' tab inside the specific loan. Select the 'Category' drop-down and click 'Insurance Claim Wizards. This will display only the insurance claim wizards.

The loan must be in the 'Open' status and have a positive remaining balance in order for the wizards to be accessible. If the loan meets these qualifiers, click OPEN and START for the 'Insurance Claim Notification Wizard'.  

On this page, enter in all the relevant and known information regarding the insurance claim:

  • Insurance Claim Number
  • Insurance Company Name
  • Insurance Company Address 1
  • Insurance Company Address 2
  • Insurance Adjustor Name
  • Insurance Adjustor Phone Number
  • Insurance Adjustor Email
  • Accident type:
    • Total Loss
    • Standard Claim
  • Insurance Settlement Amount 

Once the action item fields have been populated, check the 'Insurance Claim Notification Received' box and click NEXT.

On this page select an action and result, then document a note to include any additional necessary information regarding the insurance claim. Once the information has been saved, click NEXT to complete the wizard.

Once the insurance check has been received or the claim has been declined, continue onto the 'Insurance Claim Approve/Decline Wizard'. Click OPEN and START to begin the wizard. 

The first page of the wizard gives the option to check the insurance claim as declined. If this box is checked and saved, the insurance process will end. If the claim has been approved, skip this step by clicking the NEXT button. 

This page gives instructions on how to post the payment resulting from the insurance check. The payment amount will be the amount of the insurance check and is logged as a 'Principal Only' type of payment. Once the payment has been logged, click NEXT.

On this page, check the checklist item to confirm that the insurance claim check has been received and click NEXT.

On this page select an action and result, then document a note to include any additional necessary information regarding the insurance claim. Once the information has been saved, click NEXT to finish the Insurance Claim Process.


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