The LexisNexis® Financial Institution Reporting System (FIRSt) solution provides loss payee notification distribution services, helping clients conduct important business processes that support compliance requirements, such as notifying automobile finance companies, auto leasing companies, and mortgage lenders about changes to insurance policies.
In BriteCore, the FIRSt integration:
- Receives the qualifying BriteEvents (personal auto policy transactions):
- New business
- Writes the transactions to a database.
- Sorts the data in the current carrier contribution file.
- Sends the file to LexisNexis.
Note: LexisNexis distributes the updated policy information to the appropriate lienholder(s).
The FIRSt integration:
- Reduces lienholder notification costs such as escrow billing.
- Eliminates returned mail.
- Improves operating efficiency.
- Enables full compliance for loss payee notifications.
- Lowers the risk of loss payee inquiries, insured complaints, and potential claims.
The FIRSt integration is available only for personal auto policies.
BriteCore supports the following LexisNexis® products:
- Financial Institution Reporting System (FIRSt)
- C.L.U.E. Property (Loss History)
- Credit Scoring