Installment Billing and Premium Finance for Insurance Carriers

Input 1 provides custom outsourced billing solutions and premium finance software for insurance carriers. 

For insurance carriers that either have a captive premium finance business, or wish to start one, we provide a full-service outsourcing platform for premium financing.  We also provide a premium finance software system that can be used by a carrier that wishes to service its own premium finance portfolio.

For insurance carriers that require an outsourced billing platform that is not premium finance based, we provide a custom built-to-suit installment billing service.

Additionally, we provide fully-integrated premium finance solutions through our wholly-owned premium finance company which provides a carrier with a billing solution for its policyholders with annual premiums funded in advance and no capital requirements.

For a broader overview of this industry or to learn more about our firm and our philosophy, click an item below:

• Knowledge Center (learn more about the premium finance industry)
• Learn More about Input 1

Outsourced Billing for Insurance Carriers

Input 1 provides two outsourcing options for insurance carriers.

The first option is an outsourced premium finance program.  This program allows a carrier with an existing premium finance business to outsource the back office work of that business unit.   For carriers contemplating a premium finance unit, an outsourced program has many benefits including the ability to learn from experts in the field and deferring the capital investment of the business until it is mature and producing adequate revenues.  Input 1 provides all back-office administrative services required to run a captive premium finance business for a carrier.  Click here for a basic schedule of services provided.

The second option is a build-to-suit installment billing program.  Installment billing requires a more customized approach than does premium finance because carriers typically have greater latitude in how the billing process works.  We start with the fundamental requirements and then work with our customer to build a servicing platform that meets their specific requirements.  This collaboration involves building each aspect of the business including systems integrations, call center service levels, custom telephony responses, remittance processing, notice generation, agency commissions, etc…  If you would like to learn more about our custom installment billing solutions, please Contact Us.

Billing Software for Insurance Carriers

Input 1 provides two software-based options for insurance carriers.

For carriers that have, or desire, an in-house premium finance billing solution, Input 1's Premium Billing System ("PBS") is a natural-fit. PBS is the most technologically advanced and sophisticated premium finance receivable system on the market. Offering both a comprehensive set of client-facing services as well as extensive back-end features. Broker and policyholder options include account look-up, on-line payment, cancellation hold, reporting and cross marketing of broker products. Back-end features include a state-by-state regulatory matrix, extensive reporting with direct export to MS Excel, at-a-glance portfolio summary screen showing year over year revenue, unit and dollar production, cancellations, etc..., etc... Click here to read more about PBS including a slide show of screen shots for the application.

Input 1 is also an extremely competent software development house. The approach to installment billing is much more varied than premium finance and typically involves a custom built solution. Using PBS as our framework, we will build a custom solution for your installment billing program. Input 1 engages your management and builds a logical and extensive specification for your system. Inherent features within PBS including XML import and export, notice generation and extensive reporting, provide a basis for the custom solution and your specific needs are built onto that framework. Contact Us today to discuss how we can help build a better solution for you.

Integrated Premium Financing for Insurance Carriers

Input 1 provides insurance carriers with an integrated premium finance solution for their billing needs.

Premium financing has many advantages over a conventional direct bill offering. First, the insurance carrier receives the annual premium up front. Second, the delinquency cycle is more generous, allowing poilcyholders more time to pay and resulting in fewer cancellations. Third, online account management and payment options provide a superior client-facing experience for agents and customer alike. Finally, the collection function is outsourced because the finance company handles all of the servicing.  This translates into a more profitable operating environment.

Premium finance programs for carriers is not a new phenomenon but seldom are they built properly. Carrier programs must be completely integrated to yield optimal results. This means that new business is delivered electronically. Policy numbers are issued and exchanged electronically. Funding of the policy premiums must be handled electronically. Cancellation and reinstatement conditions are handled electronically. Ironically, these items are (a) not difficult to implement and (b) often not implemented properly by most premium finance companies.

Input 1 is an insurance outsourcing and technology firm. As such we provide technological solutions that are generally not achievable by most premium finance companies. Very shortly after exploring this opportunity with our executive staff, you will see why once our programs are in place, they very seldom go away and they alway provide measurable value to our insurance carrier customers.

Contact Us today to learn more about how an integrated premium finance program can benefit your organization.