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Also in 1991, Input 1 developed
its first “bridge” (i.e. system integration) with the dominant consumer
auto rating system in California, the FSC Rater. This integration provided for “no-keystroke
financing” whereby a broker quoting insurance using FSC could strike a key
and be presented with a complete finance quote for their insured. Also in 1991,
Input 1 secured its first backup servicer contract from Kidder Peabody and MBIA
for a $75 million commercial paper facility in favor of a mid-sized regional IPF
company.
In 1992, Input 1 began distributing Quotemaster
(“QM”). QM was one of the first commercially available standalone point
of sale premium finance quoting software programs. The QM system could be private
labeled so that any finance company could distribute it to their agents and brokers
as “their” software. QM was revolutionary in that it permitted Input
1’s client finance companies to build their own rate charts and set down payments
and number of installments without custom programming – instead, all of these
variables were editable by manager-level users in a sophisticated pricing matrix.
This matrix programmability was called the Quotemaster Configuration Editor and
quickly became one of the most flexible pricing tools in the industry. During the
next 3 years, Input 1 distributed over 7,000 copies of the QM software product to
over 30 premium finance companies.
In 1993 Input 1 released PF-Viewer.
PF-Viewer was a desktop customer service system whereby agents and brokers could
see the status (on a summary and detailed level) of all premium financed customer
accounts. Input 1 collected detailed account data from it’s premium finance
company clients and PF-Viewer provided for automatic downloads of data from a central
repository and distributed each broker’s data via dial up modem connections
to thousands of insurance brokers throughout the United States. PF-Viewer, in conjunction
with Quotemaster, provided the most advanced point of sale quoting and account status
system available to premium finance companies.
In 1994 Input 1 entered the Canadian marketplace,
licensing its PFLM software system to the second largest commercial premium finance
company in Canada. Input 1 provided more than 1,000 hours of customizations to the
system to meet the unique needs of both the English and French Canadian marketplaces.
Input 1 also earned its second backup servicer contract for a $300 million facility
from ING Capital.
In 1995, Input 1 released Quotemaster
for Windows (“QMW”). Entirely redeveloped, QMW added significant
functionality to the QM product offering, including multiple configurations per
installation, highly customizable laser printed finance agreements and a state law
matrix. From 1995 to 2003, Input 1 distributed over 25,000 copies of QMW to finance
companies throughout North America, including some of the largest multi-billion
dollar IPF companies in the United States.
Watching the emerging trend of the internet take over the
technology landscape Input 1 worked diligently to bring to market the first internet-based
premium finance online account status system and in 1998, this
hard work was realized with the introduction of Accounts-in-View (“AIV”).
AIV represented a true breakthrough because now premium finance companies of all
sizes could easily implement a web-based online account status service. This not
only brought premium finance companies to the forefront of available technology
but also assisted in reduced call volumes and improved service levels as basic inquiries
from agents and policyholders could be handled 24/7/365 via the website.
In 1999, Input 1 secured a
multi-year servicing contract for two large consumer premium finance companies in
the Northeastern United States. These two entities today are among the largest consumer
finance companies in that region. At the end of 1999, Input 1
was servicing $150 million in annual originations and the Accounts-in-View
software was providing online account status and reporting to more than 360,000
policyholders.
On the tail of the highly successful AIV software and internet
service and in light of the increasing pervasiveness of web-based software and the
availability of broadband, Input 1 undertook the conversion of the QMW software
product into a web-based counterpart. On November 1, 2000, the
Input 1 development team gave birth to Quotes-in-View (“QIV”)
- an internet-based point of sale quoting product for premium finance companies.
In 2001, Input 1 created a completely
different business, this time a private label premium financing business.
After 16 years of marketing its services, it became apparent that some companies
had the desire to enter the premium financing business but did not have the capital
or did not want to deploy it for that purpose. Leveraging its reputation as an experienced
asset manager/servicer of insurance premium finance receivables, Input 1 secured
financing facilities from other premium finance companies and created a private
label premium financing service. Thus was born gotoPremiumFinance.com. Under this
program, Input 1 performs all of the traditional functions of a premium financing
company including the front end lead generation and agency relationship management.
With gotoPremiumFinance.com, Input 1 closed the one remaining loop in its service
offering. Now, Input 1 could offer a premium finance solution to any entity that
it came across regardless of size, line of business, geographical spread or capital
base. Additionally, in December 2001 Input 1 secured its fourth backup servicing
contract from JP Morgan Chase Bank.
In 2003, Input 1 secured
a multi-year contract to provide the service processing for the largest consumer
premium finance company in a second Northeastern state. At the
conclusion of 2003, Input 1 was servicing in excess of $325 million in annual premiums.
gotoPremiumFinance.com ended 2003 with more than $60 million in originations. In
January 2003, Input 1 secured its fifth backup servicing contract, this time from
GE Capital.
Today in 2004, Input 1 is the preeminent
outsource service provider and software developer in the premium financing industry.
Our client base spans from Honolulu, north to Montreal and south to Jamaica and
other surrounding areas in the Eastern Caribbean. Input 1 currently services 200,000
new customer accounts per year representing $425 million in annual
premium finance originations plus $30 million of installment billed premiums.
gotoPremiumFinance.com anticipates $100 million in originations in 2004. The Accounts-in-View
ASP hosting service provides online account status, payment by web and other customer
service functions to over 700,000 policyholders and 20,000 agents and the Quotes-in-View
ASP hosting system calculates more than 30,000 finance quotes per month for IPF
companies throughout North America. Input 1 is the appointed backup servicer for
some of the largest financial institutions in the world and is responsible for ensuring
the servicing of more than $800 million in annual originations from other IPF companies.
Input 1 is proud to call 3 of the 5 largest premium finance companies in the United
States its customers, including the IPF subsidiaries of the largest insurance company
in the world and the second largest brokerage firm in the world.
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