Open Lending, LLC, provider of the Lenders Protection® program, today announced that underwriting and risk management support for its insured auto loan program now includes CNA, the eighth largest commercial insurer in the U.S.
Lenders Protection® is a sophisticated, completely automated risk-based pricing and default insurance program that allows financial institutions to serve more customers by providing insurance against losses related to new and used automobile loans funded through direct or indirect lending channels. For many financial institutions, the general features in this program offer an opportunity to significantly expand current risk-based lending guidelines, reduce or eliminate down payment requirements, and extend loan terms, allowing a financial institution to increase buying power and funding ratios. With Lenders Protection®, financial institutions always maintain control over credit decisions, loan servicing and collections, portfolio yield targets and risk-based pricing configurations. To date, Lenders Protection has provided their solution to over 350 financial institutions helping them “Say Yes” to over 200,000 loans totaling approximately $4.4 Billion.
“Bringing CNA into our program provides additional risk mitigation, and further positions our company for significant growth. We are excited about the additional strength and prestige CNA brings to the Lenders Protection program,” said John Flynn, President and CEO of Open Lending, LLC.
“We are excited to join Open Lending as an insurance partner to provide this unique offering that complements our specialty lines portfolio. We believe that this program truly benefits our financial institution’s customers as well as the consumers they serve,” said Brian Loebach, Senior Vice President, Warranty and Alternative Risk, CNA.
About CNA CNA is the eighth largest commercial insurer in the United States. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada, Europe and Asia, backed by 120 years of experience and more than $45 billion of assets. For more information about CNA, visit our website at www.cna.com.
About Open Lending Founded in 2000, Open Lending is located in Austin, Texas. The company specializes in providing web-based pricing and underwriting technology that helps financial institutions approve and book auto loans for borrowers who don’t meet typical underwriting standards. Open Lending’s flagship product, Lenders Protection®, provides a software platform that integrates automated loan default insurance underwriting, risk-based loan pricing and portfolio yield targets with indemnity insurance provided by highly rated insurance carriers. For more information, visit www.openlending.com.