Case Study Universal
Property & Casualty
Insurance Company

 

The Client:
Universal Property and Casualty Insurance Company (UPCIC) is a leading property insurance provider based in Fort Lauderdale, Florida. A subsidiary of the publicly traded, Universal Insurance Holdings Inc. (UIH), UPCIC is currently expanding its reach; now operational in a variety of other markets including North Carolina, South Carolina, Hawaii, Georgia, Massachusetts, Maryland, Delaware, and Indiana. Through offering a comprehensive set of coverage options, rapid claim processing times, excellent customer service, and more, UPCIC has quickly grown into one of the most prominent players in its industry and a model for competitors.

The Scope:
Due to the unfortunate prevalence of natural disasters in Florida, it is typical for local property insurance providers like UPCIC to have to charge comparatively higher annual premiums spread across fewer payment intervals (typically three per year). Noting that many prospective clients were unable to meet the up-front capital expenditures necessitated at these payment intervals; and that many others were turning to third party financing services to help make payments more manageable, UPCIC saw an opportunity to streamline the process by offering their own premium financing services in-house under the Atlas Premium Finance Company banner. Unsure of how to begin this implementation and finding it difficult to manage the legal and administrative logistics of this process, UPCIC turned to Third Eye Solutions in 2006 for guided expertise through the initial licensing requirements, tailored software solutions for ongoing loan management, and more for their in-house premium financing division.

The Solution:
Through hands-on consultations with UPCIC, Third Eye Solutions was able to walk the company through the process of implementing their own premium financing program in-house. Whereas UPCIC was initially unsure where to begin, Third Eye Solutions was able to anticipate and respond to UPCIC’s needs by providing all the necessary documents required to register with the State, provide a customized workflow framework to manage ongoing operations, including complicated minutiae of tax legislation (stamp fees, etc.) . Through offering expertise on these and other issues which arose, Third Eye Solutions was able to facilitate a smooth entry into this segment for UPCIC.

The Result
As a result of Third Eye’s services, UPCIC is now able to offer financing options to insureds internally through their network of agents. This has ultimately helped UPCIC to carve out a competitive edge over competing insurance providers, with insurance agents more likely to bring clients to UPCIC, knowing that the company is able to streamline the customer experience.  With Third Eye’s software platform allowing UPCIC to manage its loans efficiently, internal financing will continue to lead to sustained .