SMART DESIGN TO
SIMPLIFY ADMINISTRATION

 

Premium Finance Software

Our 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 is designed to streamline 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 for interest credits and/or determining early payoff amounts are carried out with just a few clicks and 100% accuracy, enabling your staff to meet customer needs with ease.

KEY FUNCTIONAL CAPABILITIES

  • Regulatory Compliance across all states and Canada
  • Quick Quoting, Loan Origination/Booking
  • Automated Payments Collection
  • Automated Delivery of Notices and Advisements
  • Automated Client Refunds, Write-Off, Interest Adjustment
  • Support for Agency Fee Programs, Producer Fees, and Broker Fees
  • Renewals Management
  • Collections & Follow-Up Management
  • GAAP Compliant Accounting Functions and Financial Reports
  • Customer Portal for Account Inquiry and Online Payments
  • Support for Integration to IVR, Agency Systems, and eSignature

LOAN SERVICING

Third Eye Solution’s premium finance software incorporates all the workflow functions to effectively manage every aspect of the daily tasks of a premium finance operation. Designed specifically for servicing insurance premium finance loans, user operations are kept to a minimum to provide for automation efficiency and keeping operation cost minimal.

Servicing functions from quote creation (loan origination), funding, payment collection and automated notification on late payments, short payments and non-sufficient funds (NSF) are standard function in the Third Eye Premium Finance Software.

Automation of the key business processes helps productivity and also mitigates risk of oversight.

Third Eye Solutions Premium Finance Software also simplifies servicing tasks such as setting up automated payment collection methods and funding disbursements. It also simplifies occasional tasks such as changes to policies, payees, carriers and repayment terms.

COMPLIANCE

Compliance is a vital function of a good premium finance software system. In the Third Eye Premium Finance Software process hat are associated with regulations such as the issuance of the Notice of Assignment to the insurance company or GA and the issuance of the Notice of Financing are automated to ensure timely delivery. Similarly, all advisements, letters and notifications mandated by regulation are automatically generated.

Additionally, all computations associated with fees including the use of the correct State specified finance charge calculation method and the interest earning method is automatically applied with precise accuracy to ensure compliance.

The Third Eye Premium Finance Software is capable of handling all 50 State’s regulations.

COMMUNICATION

It is imperative to have proper and timely communication to maintain continuity of policies, on-time payment collection and timely cancellation and receipt of unearned premiums from the insurance companies.

Communication also plays a major role in preserving a healthy relationship with clients.
Understanding and realizing the gravity of the above, Third Eye Solutions has designed and incorporated workflows into its premium finance software to fulfill the above tasks.

REPORTING & MANAGEMENT

Every business activity requires effective reporting for proper management – Third Eye Solution’s software platform’s ability to produce reports both on a timely manner and on-demand acting as the all-encompassing system of record, enables to stay on top of operations and management in making informed decisions.

Third Eye Solutions’ Premium Finance Software platform’s capability to deliver reports such as Income Report, Aged A/R Analysis, Profitability Analysis, Missing Policy Numbers Report and Carrier Concentration Report to name a few allows for monitoring, measuring and steering the business for growth.

THE OPPORTUNITY

Due to the growth of premium financing in the insurance industry, more and more insurance agencies and brokers are tapping into this market segment. High competition among agencies and brokers to provide businesses with lower cost premium strategies have called on the development of effective and competitive financing options.

The increasing need for insurance coverages has businesses looking for affordable premiums in property and casualty insurance categories. Through premium financing, the businesses are able to obtain comprehensive insurance covers to mitigate the risks associated with their business interests.

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