Frequently Asked Questions

Q: What return can I achieve on premium financing?

A: The rate of return on premium financing is dependent on several variables, however a gross margin of 10% APR. over prime is not uncommon.

Q: What are the risks involved in premium financing?

A: Premium financing can be a low risk venture since the unearned portion of the premiums are assigned to the financing company. Any cancelled policies can be fully secured with a conservative payment plan.

Q: What investment is required to begin premium financing?

A: Since an infrastructure exists within the brokerage a modest investment for software licensing and some minor office expenditures would be required.

Q: Where can I attain the funding to provide premium financing?

A: Third Eye Solutions has relationships with lenders in who are experienced with providing funds to companies wishing to provide premium financing. Third Eye will introduce a lender to help expedite the setup for you.

Q: Where can I gain the knowledge to learn more about premium financing?

A: In addition to the providing software solutions, Third Eye has a team of highly experienced individuals in premium financing. Third Eye provides consulting services to assist organizations in the establishment of a premium financing operation and enhance their level of expertise in the delivery of the service to their clients.

Q: Who should do "In-House" premium financing?

A: In-House premium financing is a value added service which can create a definitive advantage for any Insurance Broker or General Agent. Third Eye Solutions can tailor make a software solution that will suit any organization.

Frequently Asked Questions About Third Eye Premium Finance Software

  1. Does the Third Eye Premium Finance offer a one-click approach to Loan Management?

    Third Eye Premium Finance is a web based ("Thin Client") software solution of the complete management of premium finance loans. It enables you with the capability to providing quotes and also to perform the monthly "what-ifs" for payment of loans. It provides you with the ability to establish business rules that are applied to loan re-payment terms. Third Eye Premium Finance, in short, is your one-click approach to Premium Finance Loan Management.

  2. How does the software handle new loans?

    Third Eye Premium Finance is a single-point data capture solution for Premium Finance Loan Management. There is no uploading or downloading of any documents. Generating of all legislatively mandated notices are system based and are generated on the guidelines established by the Premium Finance Company. The Third Eye Premium Finance System provides complete cash management including Pre-Authorized Chequing (PAC) or Automatic Check Handling (ACH) and accounting functionality.

  3. What are the advantages of a web based Loan Management System?

    Thanks to thin-client technology, users can now access ]the system in a user-friendly environment and eliminate the re-engineering of workstations and redeployment of software. Being web enabled allows Premium Finance companies with multiple offices to input the information from each office into one database. Also it enables the Premium Finance company to speed up the processing of new accounts and also management of all the accounts is made simpler.

  4. What kind of storage system does Third Eye Premium Finance use?

    Third Eye Premium Finance is based on the Relational Database Management System Oracle. The Oracle database is a proven enterprise class data repository, which has third-party reporting tools integration capabilities.

  5. What if I need to restrict access to certain files?

    Third Eye Premium Finance has a granular approach to security. Third Eye Premium Finance provides you with Multi-Tired security. The system allows you to assign privileges to all your users and also allows partitioning of data between the users, which in turn enables you to control 'who' sees what.

  6. What are the different levels at which Third Eye Premium Finance provides me with the search capabilities?

    Third Eye Premium Finance provides withsearch capabilities at various levels.

    • Quote: You can search the quote you provided to your customers
    • Contract: You can search for the contracts you provided to your customers
    • Policy No: You can search on the policy no you provided to your customers
    • Agent Name: You can search on the basis of the Broker handling a quote
    • Client Name: You can search on the basis of Client Names

  7. What are the different kinds of report-generators supported by Third Eye Premium Finance?

    Third Eye Premium Finance is based on the Oracle Database, which supports the usage of third-party report generators. You can generate your reports using Third Eye Premium Finance in Crystal Reports, Business Objects, Actuate and Oracle Reports.

  8. Does Third Eye Premium Finance provide me with built-in document management?

    Third Eye Premium Finance has a built in repository for all your documents and advisements. It allows you to not only manage as well as archive all your documents, advisory's and other legislatively mandatory notices, but also print then as and when required.

  9. Can Third Eye Premium Finance run on my existing database system?

    YES. Third Eye specialises in Oracle but since Third Eye Premium Finance uses the JDBC driver it can be used with IBM DB2, Microsoft SQL SERVER or any other relational database management system that is supported through the JDBC protocol. The Oracle schema can be converted to the required target schema.

Return to Premium Finance