Carriers must report changes in insurance policies to automobile finance companies, leasing companies, mortgage lenders, and regulatory agencies. The LexisNexis Financial Institution Report System (FIRSt) is a service that notifies and distributes Loss Payee information. Carriers can use the LexisNexis FIRSt services to support their processes and meet compliance requirements.
Carriers using BriteCore’s BriteSuite services can now integrate LexisNexis FIRSt for Personal Auto policies.
The LexisNexis FIRSt solution can reduce your lienholder notification costs, including Escrow billing, eliminate your returned mail, and increase your operating efficiency. FIRSt enables carriers to be fully compliant with Loss Payee notifications. Carriers using FIRSt have a lower risk of Loss Payee inquiries, insured complaints, and potential claims.