October 27, 2009 by Keal Technology
Financing premiums, using premiumXP, can make brokers efforts over 85% more profitable.
TORONTO, Ontario, Canada October 21, 2009 Today, at the 89th Insurance Brokers Association of Ontario (IBAO) Annual Conference, Canadian insurance software provider, Keal Technology announced the launch of a new premium finance software, premiumXP. Keal Technologys flagship application, sigXP, a Broker Management System (BMS), is integrated with premiumXP to maximize broker efficiencies and expedite finance agents end-to-end workflows.
Keal continues to demonstrate their commitment to our member community by delivering technology to make brokers more efficient and profitable, said Karen Gale, President, Canadian Signassure/sigXP User Group. Offering brokers an avenue to generate additional revenue, and offer enhanced customer service to their clients is certainly something we applaud.
When choosing to finance premiums, brokers can create their own in-house finance company or submit business to a third party financing company and receive a commission. With secure integrated technology, in-house premium financing provides the brokerage with a competitive advantage by increasing revenues and offering additional flexibility to insureds. premiumXPs intuitive workflow streamlines the efforts of both the broker(s) submitting premiums for financing, and the finance agent(s) managing the contract.
Using single entry integration with Keals BMS sigXP, brokers seamlessly move client data directly into premiumXPs broker self-serve web interface. A quote can be generated in seconds. Using the web interface, with or without sigXP integration, brokers can:
generate, save, and review quotes,
change account information including: address, policy number, and EFT details and;
modify insureds payment information as needed
Once submitted by the broker(s), the finance agent(s) review, decline, or commit the business in seconds. The intuitive design of premiumXP streamlines administrative duties and securely manages risk by creating a detailed, system generated audit trail for the lifecycle of the contract. Comprehensive, flexible management reports ensure payment tracking and account reconciliation are accurate, and built in alerts eliminate bad debt. Electronic Funds Transfer (EFT) is used to process payments against premium finance contracts to eliminate data entry errors and save time. premiumXP can manage premium financing business from one or more sources using flexible system parameters to securely configure and segregate business as required.
Premium financing offers brokers a significant opportunity to generate additional revenue, which is often as profitable as the sale of the policy itself. Without a system specifically designed to reconcile accounts and manage payments, brokers may not be leveraging the opportunity and could find themselves out of pocket, commented Pat Durepos, President, Keal. premiumXP gives brokers an economical way to enter premium financing with the confidence of knowing the system will manage their risk and scale to accommodate volume growth.
In-house premium financing gives brokers the opportunity to drastically increase their revenue and provide insureds with a one-stop shop for their insurance needs. premiumXP gives brokers another tool to make them more competitive and profitable, while increasing the equity of the brokerage.
Keal is a leading software application developer whose focus is exclusively on the Canadian insurance and financial brokerage marketplace. Keal is the first BMS vendor in Canada to attain Microsoft Gold Certified Partner status and as such works closely with Microsoft to deliver up-to-date, robust applications. Keal’s products are the most technologically advanced in development tools and deployment architecture. Amongst their products, sigXP acts as the CRM and personal/auto/habitational policy management system, integrating with comXP, a CMS (commercial management system), and dokXP, a document management and scanning solution. Keal is the exclusive distributor for Nexisys, providing a single entry multiple company interface (SEMCI); lifeXP, life insurance management; and premiumXP, premium financing management. All products are developed uniquely for the Canadian marketplace in both official languages. In addition, they offer consulting on workflows using Keals Best Practices. They are 100% Canadian owned and operated, servicing clients from offices throughout Canada and are headquartered in Concord, Ontario. With Keal, brokers take advantage of integrated systems to streamline their workflows and grow their business.
For more information visit www.keal.com
For more information:
Marketing and Communications Manager
Phone: 1.800.268.5235, ext. 2588