SAN ANTONIO–SWBC said it is partnering with two other organizations to deliver an “efficient manner to quote and distribute life and disability protection on loans to its customers in the United States.”
The company has partnered with Ritchie Bros. Financial Services (RBFS), a subsidiary of Ritchie Bros. Auctioneers Inc., which offers financing and leasing solutions for equipment owners and dealers, and with Carleton, Inc., a provider of Internet-based loan closing technology, to provide the solution.
SWBC provides a variety of financial products in all 50 states, including a diverse portfolio of proprietary and nonproprietary credit insurance products. Ritchie Bros. Financial Services was already familiar with credit insurance as the company is a significant seller of the product in Canada, the companies said.
“Unlike traditional auto consumer loans, which are closed at the dealer’s location, RBFS commercial loans are closed at the auction house where the used commercial equipment is purchased,” SWBC said. “RBFS needed an easy and streamlined process for providing a payment quoting and closing tool that supported the multitude of finance companies and the sale of credit insurance production products. This support also required the generation of all the required credit related documents.”
An Integrated System
SWBC said it turned to Carleton to deliver an integrated system that would allow buyers at Ritchie Bros. auction in the United States to uniquely obtain financing with credit insurance protection ahead of time or on-site at the auction. Using CarletonAccess interfaced with SWBC’s Internet based platform, RBFS account managers are now able to accurately calculate the cost of single premium credit life and credit disability insurance, generate the required credit related documents, while also calculating accurate refunds in the event of early termination of the loans, the company said.