SMARTER DESIGN TO
Third Eye Solutions’ Premium Finance Software is an innovative platform designed to help businesses achieve more by making their day-to-day processes simpler and easier. Applying 20+ years of industry experience, our platform streamlines key processing functions, such as: reconciling daily deposits, disbursements (premium releases), and tracking of new business.
Designed with the end-user in mind, complex functions, such as applying interest credits and/or determining early payoff amounts, are carried out with just a few clicks, enabling your staff to meet customer needs.
The functional capabilities of our enterprise platform include:
Simplicity of Contract Management – Requests for policy changes, such as increases in premiums and reductions in premiums are a common part of the insurance business. It’s important to assess how the premium finance software handles these requests. Does the software have the capability to recalculate the monthly installment? Is a letter automatically generated with the revised payment details? Will updated Statements be generated? These are some important functions that a good premium finance software platform should provide.
Similarly, the software should be able to compute and automatically adjust the finance charge (in accordance with regulations) when there is a change to the policy premium, or in the event of a mid-term payoff of the premium finance loan. The software should withstand the examination of the State in the event of a State Audit by an examiner. If this sounds ominous, it’s not. In the context of today’s technological advancements, this is as straightforward as carrying out a Google search for “sound software.”
Ad-Hoc Functionality – Among other key functions to look for in a premium finance software, an enterprise system should also have the capacity to support ad-hoc functionality, like automatic handling of client refunds. Client refunds occur across multiple scenarios – overpayment on an installment and/or cancellation of a policy resulting in a client refund, etc. Many States have regulations on minimum thresholds for refunds and the software should be able to account for these regulations without need for user intervention.
Needless to say, specialized software is a necessary component of managing a book of premium finance loans— It cannot be done using general loan management software. Luckily, with today’s technological capabilities, this specialized software is available and affordable. The key is to make sure you plan for growth and select a solution that meets your current and future needs.
Customer Experience (CX) – One of the key success factors of businesses today is better relationship management and client retention. A key aspect of relationship management is being able to provide personalized services. In the premium financing business, this maps to functions such as the ability to suspend late notices and/or delay policy cancellations in certain circumstances. An enterprise premium finance software platform should provide notification and alerts of upcoming accounts that are scheduled to go into late or cancellation status
Agent Experience (UX) – Your Agents will form the frontline of your business. They will very likely be responsible for the premium finance contract origination process. What type of an experience does the software provide for them? Is it intuitive to learn? Simple to use? Does it provide the flexibility to allow for variations in the repayment terms (within the boundaries established by you?) If Agents are not happy with the user experience, they are not going to use the software.