GCC Servicing Systems, a provider of mortgage servicing technology and solutions, has launched a new Insurance Renewal System to simplify the insurance payment process for servicers.
“The Insurance Renewal System is a result of the GCC team listening to client needs and building products to address the inefficiencies they face on a daily basis”
The Insurance Renewal System within the G/SERV loan servicing platform automates the process of organizing and sending insurance vendor payments. Previously, servicers had to manually bundle the incoming bills by vendor code and date range and could only pay and balance a single vendor at a time. After the servicer enters the bill into the system, the Insurance Renewal System categorizes them and schedules payments automatically.
This new system significantly reduces the amount of time spent on the insurance renewal process because staff can access the system once to enter multiple payments instead of repeating unnecessary steps for individual transactions, such as reconciliation and check printing. This process originally took GCC clients more then eight hours a month to complete. With the Insurance Renewal System, the time commitment is reduced to between one and two hours.
“GCC’s new Insurance Renewal System automates the insurance payable process and streamlines what has been a very manual process from both a tracking and processing standpoint,” said Alicea Gentry with Central National Bank’s servicing department.
“The Insurance Renewal System is a result of the GCC team listening to client needs and building products to address the inefficiencies they face on a daily basis,” said Glenn Liebowitz, president of GCC. “Through this automation we address the back-office operations of our clients and free up time to handle tasks that actually need human touch, such as borrower service.”