Allied VP Tina Love is sharing three tips for building an effective disaster preparedness strategy. Hear more from her on Wednesday at Used Car Week at the Women in Auto Finance panel!
Tina Love, Vice President of Claims & Recovery at Allied Solutions is being showcased with 13 other women for her work in auto finance in a panel at Used Car Week on Wednesday, November 13 at 8:45 a.m. in the Red Rock Ballroom.
Love manages Allied Solutions’ claims department and has been essential in building the catastrophic event (CAT) claims team for total loss, GAP, and other risk and recovery products for auto and mortgage. Under her leadership, Allied Solutions has established CAT phone lines and emails as dedicated channels of communication and developed an expedited process for consumers directly impacted by the event.
Catastrophes are commonly defined as infrequent occurrences that cause severe loss and damage to a large, concentrated population in an impacted area. Natural events are most often associated with a catastrophe. These can include:
- Volcanic Eruption
Man-made disasters can also be categorized as a CAT event. This can include:
- Industrial Explosion
Recent years have seen an increase in the frequency and magnitude of these natural disasters. In the past 20 years, the United States averaged $24.43 billion in damage costs annually with 2018 seeing $40.95 billion in damage.
Love shares, “When I started at Allied Solutions 18 years ago, catastrophes weren’t as prevalent as they are today. We weren’t dealing with a number of hurricanes, tornadoes, flooding and wildfires every year. Lending institutions did not have the solid catastrophic event plans they have today. In the last several years they have been forced to build out those plans.”
Hear more from Tina Love at Used Car Week. She’ll be participating in the Women in Auto Finance panel on Wednesday, November 13.
It’s important that lending institutions stay proactive in their preparations and continually review those plans at least once a year, says Love. Risks exist nationwide as the Southwest faces wildfires, the Southeast deals with hurricanes, and the Midwest regularly faces hail and floods.
So what does this mean for lenders?
Below is a list of three tips for best practices in CAT planning.
- Create and manage a “living” CAT plan: This kind of flexible planning allows for changes to be made before, during, and after catastrophic events. Best practice recommendations call for at least an annual review in your organization. Allied Solutions reviews CAT practices and policy at the beginning of each year.
- Stay in tune with FEMA: Other agencies such as the NOAA (National Oceanic and Atmospheric Administration) or the Departments of Homeland Security and Housing and Urban Development can be helpful resources for both planning and strategy purposes. These organizations share helpful risk exposure data and disaster impact with live updates of impacted areas nationwide. These bulletins concern topics such as repossession activity, total loss protocols, impound and abandon requirements, salvage requirements and changes, and overall financial loan balance exposure.
- Collaborate with providers:Make sure you are working with your insurance tracking service provider to immediately assess the exposure from a catastrophic event. They can provide potential collateral exposure information by zip code to help identify consumer loans and property in affected areas.
Hear more from Tina Love at Used Car Week. She’ll be participating in the Women in Auto Finance panel on Wednesday, November 13. Check out the full Used Car Week agenda here.
For more information about disaster preparedness check out our Next Step Disaster Preparedness infographic to determine your next step.
About Allied Solutions
Allied Solutions, LLC is one of the largest providers of insurance, lending, and marketing products to financial institutions in the US. Allied Solutions uses technology based products and services customized to meet the needs of 4,000 clients along with a portfolio of innovative products and services from a wide variety of providers. Allied Solutions maintains over 16 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc.