Evaluating the risk associated with uninsured loan collateral often resides at the bottom of the long list of priorities and challenges faced daily by credit unions. However, the exposure created by members who fail to properly insure loan collateral is real and often results in damaged repossessed vehicles that bring little return at auction. And it is very likely this uninsured, unrepaired damage is the underlying cause of loan default for many delinquent members.
Paul Timm, Vice President of Marketing, NAFCU Services, and Cindy Bryant, Senior Vice President & Risk Management Consultant, Allied Solutions, take a behind the scenes look at Collateral Protection Insurance (CPI) programs and how technological improvements to the insurance monitoring component mitigate uninsured loan exposure and enhance members' experience.
Listen to the second installment of this podcast series here
Cindy Bryant, Senior Vice President & Risk Management Consultant, Allied Solutions
Cindy Bryant has spent nearly 30 years working with insurance risk management programs. She began her early years out of college working on the frontlines, directly interacting with financial institutions and their borrowers to resolve insurance compliance issues. She also spent 12 years managing the staff, processes and systems of a large insurance tracking company. Fifteen years ago Cindy transitioned to a field position in which she managed a strategic team charged with the responsibility of assisting Allied Solutions clients with Creditor Placed Insurance (CPI) program optimization.
In the late 1980s and early 1990s when financial institutions’ CPI programs were under attack by plaintiff’s attorneys, Cindy actively defended the tenets of CPI programs by contributing to national efforts to develop safe harbor practices for financial institutions. This included serving on various commissions and state insurance department advisory boards. She also provided expert testimony in depositions pertaining to CPI related lawsuits.
Currently, Cindy serves as a national consultant for Allied Solutions with a focus on customized solutions and best practices for the management of risk on collateralized loan portfolios. She has spoken at several conferences and has provided one on one consulting to financial institution executives. Allied Solutions clients and other lenders benefit from her experience, insight and the expertise she brings.
Allied Solutions is the NAFCU Services Preferred Partner for Insurance- Bond, Creditor Placed (CPI), Guaranteed Asset Protection (GAP), and Mechanical Breakdown Protection (MBP). More educational resources and partner contact information are available at www.nafcu.org/allied.