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Portfolio Urges Teamwork, Digitization as COVID-19 Disrupts Industry

Portfolio executives announced a series of steps the F&I products and reinsurance provider has taken to minimize disruptions while its workforce and many of its agents, dealers and consumers adjust to government orders intended to slow the spread of the novel coronavirus.

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“Our priorities are, in this order, the health and safety of our employees and partners, the wellbeing of our customers and the success of our company,” said President and CEO Brent Griggs. “We feel fortunate to work in an industry that plays a critical role in helping to keep Americans performing essential services on the road. We will continue to do that work in full compliance with all orders intended to bring this crisis to an end.”

Griggs noted that, out of concern for the welfare and success of Portfolio’s agents and dealers, the company distributed a summary of the benefits and requirements of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and the U.S. Chamber of Commerce’s “Coronavirus Emergency Loans Small Business Guide and Checklist.”

Nearly all of the work performed at Portfolio’s Lake Forest, CA, and Dallas offices is being done by employees from their homes in an effort to reduce the risk of spreading the virus and in compliance with stay-at-home orders issued by California Gov. Gavin Newsom on March 19 and by Dallas County officials two days later.

As a result, Griggs reported, key business processes such as claims and reinsurance company administration have continued without interruption. The company is also accelerating three key initiatives undertaken with the help of its agents and dealers:

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  • Submit all signups and requests for rate cards and other sales tools electronically.
  • Submit net remitting claims and cancellations through Portfolio’s online dealer portal.
  • Initiate e-contracting and ACH payment processing at dealerships that have yet to adopt the technology.

“Without digitization, none of these things would be possible,” Griggs said. “Electronic contracting and rating, requests, remittances and payments are efficient and accurate. We need to work together, as an industry, to get everyone up to speed and prevail in challenging times.”

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