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Fintech Takes
S7 E12: How Payment Insurance Enhances Consumer Financial Health
Jun 26, 2024
Danielle Sesko, Director of Product Management at TruStage, discusses the importance of payment insurance in lending to enhance financial health. Topics include safeguarding borrowers, digital lending, consumer financial struggles, and the revolutionizing impact of embedded payment insurance on the lending industry.
59:24
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Quick takeaways
- Embedded payment insurance reduces defaults by 20% and enhances financial resiliency for borrowers and lenders.
- Automated payment protection simplifies collection processes, reduces delinquency costs, and improves customer relationships.
Deep dives
Embedded Payment Insurance for Resilient Borrowers
Embedded payment insurance is a groundbreaking solution that automatically protects borrowers from loan delinquency due to job loss or disability. By integrating this feature into lending products, lenders can attract more borrowers, strengthen their loan portfolios, and streamline collections processes. This proactive approach not only reduces defaults by 20%, but also enhances financial resiliency at both borrower and lender levels.
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