CARMEL, IN (April 11, 2024) |
Allied Solutions, a leading provider of insurance, lending, and risk management solutions to financial institutions, is proud to announce the launch of its new "Quote by Address (QbA)" feature. The new feature is one of the first technologies specifically designed to help financial institutions with multi-state lending footprints improve their compliance with new regulatory requirements related to guaranteed asset protection (GAP) agreements.
The introduction of QbA comes as states continue to focus on legislation regarding the regulation of ancillary protection products, such the recently enacted HB 23-1181 in Colorado, which applies to GAP agreements entered on or after January 1, 2024.
Allied Solutions' QbA feature is a proactive solution to help state chartered institutions and large federally chartered institutions navigate new and future regulations. Integrated into iQQ, Allied's quoting and selling platform, QbA allows financial institutions to sell state-specific, compliant GAP programs based on where their consumer resides. By automatically quoting the correct rate and program features and providing a state-compliant waiver based on consumer address, QbA streamlines the quoting process and helps ensure compliance with the latest regulatory requirements.
"We are excited to introduce the QbA feature as part of our ongoing commitment to helping our clients navigate the complex regulatory landscape," said Pete Hilger, CEO at Allied Solutions. "With the implementation of new regulations in various states, including Colorado, we believe that QbA will provide financial institutions with the tools and flexibility they need to remain compliant while offering competitive and state-specific GAP programs to their members."
While the use of QbA is not mandatory, embracing its functionality is critical for financial institutions operating across multiple states or facing compliance-related concerns. QbA ensures adaptability in an ever-evolving regulatory environment and can help institutions maintain compliance as they continue to grow.