Get Free Auto Insurance Quotes Quickly & Easy

If the collateral goes uninsured, then we communicate with the customer and remind the customer of the obligation to maintain insurance on the collateral satisfactory to the lender. So, we've developed an insurance tracking service where we charge the financial institution a fee per loan per month to track the status of insurance on their loan collateral. Financial institutions are in the business of making loans; they're not necessarily in the business of tracking the insurance on the collateral on those loans, but they have an insurable interest in that collateral. By way of example, we do a lot of business with large financial institutions. They can provide non-insurance ancillary services to common customers. Insurance companies can also outsource certain unique service capabilities to other companies on a fee-for-service basis. Insurance companies can make money in ways beyond simply selling policies to customers in the hope of generating an underwriting profit and aside from investing the funds in order to produce positive investment returns. Insurance companies can provide a much needed and mutually beneficial service to society. They operate efficiently, and they're able to offset some of their operating costs and satisfy some of their profit objectives by combining their investment returns with their underwriting margins. The value that insurance companies have to bring is that they can spread the risks of the relative few across the relative many, and they can do it more efficiently than we, as individuals, can. The profit motive is critical. The result is that job creation grinds to a halt.