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Red Planet Software Newsletter - April 2017

Welcome to this quarter's newsletter.  In this edition we are excited to announce the opening of our new office in Toronto, Canada, and highlight exciting new developments and integrations with eBix for background funding and online payments.


Red Planet Software are pleased to announce we have opened our first North American office in Toronto, Canada. 
This is an amazing milestone in our success and it will help us to support our existing client base as well as our future growth and expansion across Canada and the United States of America. 

Malcolm MacDonald, (Red Planet’s Director of Business Development) moved from Sydney, Australia, to take on the role of President and Director of Business Development for our North American operations and will be based in Toronto, Ontario, Canada. He brings a wealth of knowledge and experience to the region and is excited to be part of our international expansion. With over 25 years of experience in the Premium Finance Industry, Malcolm has expert knowledge of Red Planet’s industry-specific, highly customized core proprietary software solutions. He also brings leadership and corporate governance in technology, account management, business development, marketing, media and brand development skills to our new North American venture.

Come and meet Malcolm and see Red Planet’s innovative software solutions at the following events.

The innovative feature of Background Funding is now available for eBix’s WinBEAT and CBS solutions.  This enables you to offer PayByTheMonth (PBTM) premiums and online acceptance to your client base via easy click-through links provided on invoices, online acceptance processes and online payment gateways.

Red Planet Software have had a long-standing relationship with eBix and look forward to this application rolling out though funders and brokers.

Press Release from Ebix and Red Planet

Effortless, automated funding now available.

Ebix is pleased to announce that the latest enhancement to the widely used Premium Funding Interface. The Pay Monthly module, often referred to as Background Funding, is now available for WinBEAT and CBS and will be available later in the year for eGlobal and Ebix Evolution.

The Pay Monthly modules improves the flexibility introduced by the Premium Funding Interface Standard by eliminating any manual steps. Previously a separate contract was required by brokers to be able to offer clients a monthly payment option. Now, with the Pay Monthly module, all invoices and statements can automatically include an insurance funding payment option.  

Ebix Premium Funding Phase 6 offers the following benefits:
  • Automated funding quote on every invoice
  • Increases penetration of funding quotes to broker clients
  • Accept online
  • Less paperwork
  • Substantial time savings
  • Increased revenue  
Simon Agar, COO at Ebix, said “the Pay Monthly module is a major advancement for the Premium Funding market. This delivers efficiencies to the Brokers, their Clients and the associated Funder as well as substantially increasing the volume of Premium Funding Quotes.” Hunter Premium Funding and Premium Funding have already established solutions for Pay Monthly options within the Broker market.  

The Red Planet Software Odyssey solution now supports Background Funding, making this option available to other Funders. Odyssey is a Cloud solution designed to support independent Premium Funding organisations as well as intermediaries who offer their own ‘in-house’ funding.  

Peter Williams, MD at Red Planet Software, said “Red Planet Software is delighted to continue collaboration with Ebix in developing the next major upgrade to the industry standard Insurance Premium Funding systems integration. This latest update will allow insurance intermediaries to have a truly hands-off process for generating a premium funding payment option for their clients.”
For more information on background funding – please watch this video or contact us for more information.  Please note additional costs apply for this functionality. CLICK HERE FOR VIDEO.

The Online Payment Gateway integration (to be released in May 2017) is another exciting development from Red Planet Software and eBix.

To further increase the penetration of premium funding, we are enhancing the background funding model to be tightly integrated with Ebix’s Online Payment Gateway (OPG) software.  This means that when the insured chooses to go to their brokers web site to pay their bill, they will now be presented with the monthly (PayByTheMonth – PBTM) payment option during this process. This allows a seamless experience for the insured as they never leave the broker’s payment portal and all communications with the funder happen seamlessly and invisibly to the user.  Once the insured has completed the process in the OPG, an unapproved loan is automatically created in the Odyssey system.

We will be conducting webinars to go through this new functionality in late April. Stay tuned – dates will be advised soon.

Sample OPG page below outlining how the monthly instalment option will be displayed:
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