American Financial Services Association

Premier Partner Highlight: Fortegra

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Premier Partner Highlight: Fortegra

Premier Partners provide the American Financial Services Association with significant support to ensure the success of not only the association, but the entire consumer-finance industry. We asked the Fortegra team, AFSA’s April 2021 Premier Partner, to provide insight into the industry and their AFSA membership.

What are your financial services clients telling you are their biggest challenges and opportunities for 2021?

We have heard that there is a great need for diversifying revenue channels using alternative loan platforms:

  • 100% online only
  • Online loan application yet close by phone
  • 100% loan close by phone

In addition, there is a need and opportunity to properly protect their borrowers’ credit by offering payment protection credit insurance products during these online, electronic and/or phone interactions. There is also the uncertainty of navigating potential CFPB changes along with ongoing state level consumer lending law change recommendations.

At Fortegra, we are sensitive to these challenges while also viewing them as opportunities for new initiatives.

What are some key initiatives for your clients in 2021 that you are planning to support?

We are impressed with our partners who were able to pivot in 2020 and their, creativity in doing business with borrowers. A few examples that were developed or enhanced last year include:

  • Curbside service
  • Loans by phone
  • Online
  • E-loan interaction

For 2021, many of our partners are looking to take this even further. They are in the process of perfecting their electronic loan delivery procedure, while ensuring that every eligible borrower has the chance to protect their e-loan with Payment Protection Products offered through Fortegra. We believe that utilizing our product and compliance expertise, we are able to boost borrower understanding and acceptance through education, training and marketing.

What are some of the lessons you learned throughout 2020 that will help your company be more productive, more efficient, more sustainable, more profitable? Will you be changing your business model or solutions’ road maps in response to evolving mobility and digital retailing trends?

Fortegra client partnerships are exceptionally strong and invaluable. By working alongside our partners through the pandemic, we received vital feedback from their perspective which helped us prepare for 2021. No one could have anticipated the volume of disruption to the consumer lending community. We could have never imagined the added value our Credit Insurance would have on our borrows who accepted Fortegra’s payment protection plans.

To support our cohorts with the challenges brought on by the pandemic, Fortegra has created a Digital Solutions channel. This channel allows our partners to collaborate and coordinate directly with a Digital Solutions Specialist with their online/e-lending initiatives. Combining our payment protection experiences in product offering and attachment, alongside our partners digital lending channels, together we can achieve more productive, efficient, sustainable, and profitable programs.

The strength & stability you need from an insurer, the collaborative approach you want from a partner. Contact us today: Ric Webster at rwebster@fortegtra.com | 270.331.7022 or Mike Ferris at mferris@fortegtra.com | 904.638.7502 or visit our website at www.fortegra.com/credit-protection.

April 1st, 2021 by