Automated Notice Timing Solution (ANTS)

TEJ Agency has provided outsource insurance monitoring through its JET Track Solution for years. We know not everyone wants to outsource. For those who prefer to monitor their insurance in house, we would like to offer a solid self service solution for managing your risk and maintaining a compliant insurance notification process.

 

TEJ Agency is pleased to offer the new ANTS (Automated Notice Timing Solution) for self service institutions through our website.

In order to meet all of today’s compliance requirements, your insurance staff must continuously monitor and resolve issues in accordance with regulatory guidelines.

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National Flood Insurance Program

Concerns/Issues:

• What collateral must be insured

• The amount of insurance required

• Sending notices in a compliant format

• Notices mailed so timing is compliant with notification requirements

• Force placing insurance where the borrower is an additional insured and eliminating lapses in coverage

• Refunding force placed flood premium within 30 days of cancellation

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Regulation Z

Concerns/Issues:

• What collateral must be insured

• The amount of insurance required

• Sending notices in a compliant format

• Notices mailed so timing is compliant with notification requirements

• Force placing insurance and eliminating lapses in coverage

• Refunding force placed hazard premium within 15 days of cancellation

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Solutions to the above concerns/issues:

• ANTS will give the lender piece of mind that the insurance requirements and notices are being handled automatically and in a compliant manner.

• ANTS utilizes compliant notices worded specifically for the Flood Insurance requirements and a second set of notices worded specifically for the Hazard Insurance requirements.

• ANTS sends notices automatically in the predetermined timing intervals according to the controlling laws and regulations.

• ANTS bills for force placed premiums every Friday and refunds every Friday. This keeps the lenders refund times compliant with regulatory requirements.

• ANTS provides real time views through our JET Track system that keep your people informed and in control.

• ANTS provides a platform to force place where coverage is immediate and throughout the notice cycle for your collateral exposures.

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When you use ANTS, you gain access to our experience for your loan operations insurance department. We provide professional consultation on insurance policies and advise whether coverage is compliant.

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Our solution called ANTS, hurries the process along and gets the job done fast, easily and efficiently!