About Client
Our client is a national premium finance company with over 20 years of industry expertise. The company provides financing for property and casualty insurance through a large network of agents. Acting as a direct servicer, it covers the upfront costs of insurance policies to carriers, while insured borrowers repay principal and interest to the premium finance company.
The client leverages FinancePro software by Vertafore to quote, fund, and service premium finance contracts. Additionally, they serve as a funding source for other premium finance companies (“Loan Clients”), enabling them to manage portfolios, access daily borrowing base availability (BBA), and secure better advance rates than most banks. They needed insurance CRM software development services, CRM for insurance industry.
Business Challenge
The project required deep financial industry knowledge and an understanding of premium finance workflows in their search of CRM software development services.
A large third-party database (FinancePro) had to be integrated into CRM for insurance industry securely, ensuring stable daily data exchange.
The client needed a comprehensive loan asset tracking environment, combining automation, reporting, and loan servicing features, a comprehensive CRM software for insurance agents.
Process
Elinext as a part of custom software development services worked closely with the client to design and implement a tailored loan asset tracking solution.
Knowledge ramp-up
Our engineers quickly learned the nuances of the premium finance business through research and repeated clarification sessions with the client.
Integration for CRM software for insurance agents
Our team established a secure VPN-based connection to FinancePro, enabling daily automatic data synchronization.
Module development for CRM software for insurance agents
Our engineers created a mix of custom modules and adapted existing ones from our internal project EliCRM Admin Dashboard (e.g., User & Role Management, Picklist Editor, Modules Management, Views Management, Entity Fields, Language Editor, Log Viewer, Host Settings).
Customization
The team implemented specialized loan-related modules for client data import, online portal access, borrowing base calculations, loan maintenance, and transaction tracking.
Feature set
Our engineers developed advanced features such as accounting functions, parity checks, concentration limits, collateral check-in, and comprehensive reporting.
Final Product Overview
The Loan Asset Tracking Environment project was initiated to address the complex needs of a national premium finance company with more than two decades of industry expertise. They needed CRM software for insurance agents. The solution had to combine secure online access for loan clients, powerful data integration tools, advanced loan and transaction management capabilities, and compliance-focused control mechanisms. Elinext was selected to design and deliver a comprehensive system that would not only replace manual workflows but also elevate efficiency, accuracy, and reliability across the client’s entire loan servicing lifecycle. The CRM for insurance industry included the following modules.Loan Client Data Integration
- Automated imports of loan client data are performed daily from multiple sources, including FinancePro, PBS, and Excel spreadsheets.
- Ensures accuracy and consistency of financial information, eliminating manual errors and delays.
Online Portal for Loan Clients
- Provides secure, role-based access for loan clients to view their portfolios and available funds.
- Enhances transparency by allowing clients to track loan statuses in real time, with permissions for login, viewing, and editing.
Daily BBA Calculation
- Automates the calculation of the Borrowing Base Availability (BBA) on a daily basis.
- Gives lenders and loan clients immediate insights into available funds, improving financial planning and decision-making.
Loan Maintenance
- Enables management of commitment amounts, advance rates, interest spreads, pre-payment penalties, fees, and maturity dates.
- Centralizes all loan maintenance activities to provide full visibility across the portfolio.
Transaction Tracking
- Monitors and records all types of transactions, including wires, deposits, transfers, adjustments, and fees.
- Creates a complete audit trail, improving accuracy in reconciliation and compliance reporting.
Bank & Accounting Modules
- Integrates bank account management with detailed accounting functionality, including journal entries and suspense accounts.
- Supports receivables, cash flow tracking, and fee management, ensuring seamless financial operations.
Advanced Controls
- CRM software for insurance implements parity ineligibility checks to identify unfunded, cancelled, or non-compliant contracts.
- CRM software for insurance applies concentration limits for insurers and portfolios, based on AM Best ratings and risk parameters.
- CRM software for insurance¨enforces collateral submission requirements, ensuring compliance and reducing default risk.
Business Effects for Client
Our company is an insurance software development company. By implementing the Loan Asset Tracking Environment, CRM for insurance industry, the client achieved significant operational and strategic benefits. The CRM software for insurance replaced manual, error-prone workflows with a fully automated platform, giving both internal teams and loan clients real-time visibility and control over loan servicing processes.
- 100% automation of loan client data synchronization via FinancePro, eliminating manual imports and delays.
- +85% improvement in transparency with automated daily borrowing base (BBA) reporting.
- 50% reduction in manual servicing tasks, minimizing operational risks and freeing staff for higher-value activities.
- 30% faster and more accurate decision-making thanks to advanced eligibility, concentration, and collateral control modules.
- Enhanced client experience with a secure online portal, resulting in a 40% increase in client self-service usage within the first months of rollout.
