Monthly Newsletter: Grab the deal of the summer with MeasureOne

Q2 in review and what’s next for Q3 2024 

Precise, accurate, instant data—that’s what we provide and what we’re constantly focused on making better for our customers. From custom data to AI-assisted document processing and detailed insurance document analysis, our Q2 was busy!

And it doesn’t stop there. A month into Q3, we're continuing to enhance our product to ensure the data you receive is more accessible and 100% accurate. We're excited to share the product and feature launches that will empower you to achieve even greater success and efficiency in your operations. See where we’re headed in Q3 and beyond!

Who is really paying the toll for uninsured drivers?

Uninsured drivers are a growing concern, with recent reports indicating a rise to 14% in 2022. This increase not only endangers other motorists but also leads to higher insurance premiums across the board. The impact has been measured and discussed everywhere, most recently in the Wall Street Journal, highlighting the broad economic pressures on individuals and businesses. 

The cost is significant, pushing many to make difficult choices, often at the expense of insurance coverage, and, for businesses the risks are even greater. 

Ensuring proper insurance coverage through automated verification processes is essential to mitigating these risks and protecting both drivers and companies.

Ditch the call center: The role of automated auto insurance monitoring in collateral protection insurance

Collateral Protection Insurance (CPI) and auto insurance are deeply intertwined, ensuring that vehicles remain insured and lenders’ investments stay protected. However, the traditional process of verifying auto insurance is often manual, time-consuming, and prone to errors, costing CPI providers valuable resources. In our latest blog, we explore how automated auto insurance monitoring is transforming the CPI industry by streamlining verification processes, improving compliance, and enhancing customer experience. Discover why CPI providers should embrace automation to optimize operations and safeguard their portfolios. 

Automation over cutting corners: A costly reminder from Allstate

Late last month, the U.S. Department of Justice filed a complaint against Allstate’s National General alleging the "force-placing" of unnecessary collateral protection insurance (CPI) on up to 2 million vehicles, revealing the devastating consequences of inadequate insurance tracking systems. National General's failure to accurately verify borrowers' existing insurance coverage led to erroneous charges, resulting in severe financial hardships for many consumers, including repossession of vehicles.

The case underscores the need for businesses to adopt automated monitoring solutions to avoid such costly mistakes. Automated systems ensure that CPI is only applied when necessary, maintaining compliance with legal requirements and safeguarding both consumers and lenders from undue financial burden. By investing in advanced technology for insurance verification, businesses can avoid the pitfalls that National General faced, protect their reputations, and uphold the trust of their customers. As the industry continues to evolve, embracing automation is no longer optional—it’s essential.

Read our featured article on MeridianLink’s blog

Being a credit union means relying, in many ways, on your close customer base to build your business. However, there are certainly many challenges that credit unions face that cannot be solved by loyal customers. Learn more about those challenges and, better yet, how to solve for them in our newest post on MeridianLink’s blog!

Coming soon: Our events calendar, Fall Edition

Auto Finance Summit

• When: October 7-9
• Where: Las Vegas, NV
• What: This year, we’re sponsoring the top conference for auto finance industry leaders. Come join us in Vegas to explore networking and innovation and learn how to take advantage of automated auto insurance verification!

Digital Dealer

• When: October 8-10
• Where: Las Vegas, NV
• What: Digital Dealer 2024 brings together automotive dealers, thought leaders, auto retail solution providers, and more in this event-packed conference. We’re excited to join the ongoing conversation on innovation in the dealer space!

Used Car Week

• When: November 19-21
• Where: Scottsdale, AZ
• What: Used Car Week drives conversations about your automotive business, all tailored to your company’s needs and aligned with your company’s budget and investment. With so many industry leaders, we’re excited to join and lend our voice to the conversations around innovation in auto financing and insurance verification!