MBA Premier Member Spotlight: Bankers Insurance Service
(One in a continuing series of profiles of Premier Members of the Mortgage Bankers Association. Please contact MBA’s Alicia Goncalves, CMB for information about Premier Member profiles.)
MBA NewsLink: Share a brief overview of your company.
Bankers Insurance Service: Bankers Insurance Service (BIS) is an insurance underwriting manager and coverholder for Lloyd’s of London, offering industry leading insurance coverages to the mortgage lending industry since 1952.
MBA NewsLink: What key products or services would you like to showcase?
Bankers Insurance Service: BIS’ Mortgage Bankers Bond (MBB) combines Fidelity Bond and E&O insurance into the same policy and puts mortgage lenders in compliance with warehouse lender, GSE, and investor insurance requirements.
The convergence of climate change related weather events and domestic insurers pulling out of certain states and raising rates in others puts mortgage portfolios at risk for uninsured collateral property loss. It also adds pressure to loan servicers to verify property insurance is in place.
BIS’ Mortgage Impairment program provides protection when uninsured property losses occur.
With Cyber crime being the crime of the day across the mortgage industry, Cyber Liability insurance is more important now than ever.
BIS’ Cyber Liability insurance program provides protection for customer data breach, ransomware events, business interruption, and other Cyber crimes.
MBA NewsLink: How would you describe your company’s culture?
Bankers Insurance Service: For 73 years, BIS has been the industry-leading provider of key operational risk insurance programs for the mortgage lending industry. Financial institutions engaged in mortgage lending are BIS’ only clients. BIS’ staff is a tenured group who truly are industry specialists.
BIS is an active participant at mortgage industry events, which allows us to spot market trends and developing risks our clients face. This level of commitment allows BIS to continually innovate by improving current insurance coverages and developing new programs for the industry.
In addition, BIS’ devotion to providing unrivaled customer service is a defining feature of the company.
MBA NewsLink: How is your company engaged with MBA?
Bankers Insurance Service: At the inception of our company back in 1952, MBA had a hand in creating BIS’ flagship product, the Mortgage Bankers Bond (MBB). Since that time, BIS has carried MBA’s endorsement.
BIS is a familiar face at MBA Conferences and recently hosted an MBA ExeCollective Roundtable in our office. BIS has staff members who are actively involved with the Loan Servicers Council Committee, Insurance & Risk Management Committee, and mPower For Women group.
MBA NewsLink: What opportunities do you see for collaboration with lenders and servicers?
Bankers Insurance Service: In addition to offering our insurance programs that comply with warehouse lender and investor insurance requirements, BIS maintains an open dialogue with mortgage lending industry professionals to identify emerging risks and identify opportunities to develop bespoke insurance coverages for the industry.
Both for current clients and non-clients, BIS is a valuable industry resource. If there is a business risk that is keeping industry professionals up at night, BIS is happy to listen and share ideas about how to properly manage these risks. Contact us at any time.
(MBA Premier Member Spotlights are provided by the Mortgage Bankers Association as a service to MBA Premier Members. Publication does not constitute an endorsement of a particular company, product or service. For more information about the MBA Premier Member program, contact MBA Director of Associate Membership Alicia Goncalves, CMB, at agoncalves@mba.org or call 202/557-2920.)
