About Us...
A
Delivery and Fulfillment Software Company
History:
as described by Boyd Soussana, CEO
In April of 2000 Creditorlife.com was approached by a Century 21
real estate mortgage broker with a demand from their home office to find someone
to supply all C21 mortgage brokers with a better, easy to use and accountable
mortgage insurance product. Being a student of the information age I was
astonished that no firm had really made an effort to link the end user with the
insurer directly. I ascertained through my due diligence process that it was due
to the fact that traditional software firms really didn’t understand the sale
of life insurance and insurers really didn’t understand how to deal with the
interconnectivity with the field without it costing them millions to outsource.
My background for some 22 years has been the recruiting and
training of agents in the field so I understood what the agent needed when they
were in front of a client. I also knew that the Internet had failed to deliver
the anticipated sales results to the insurers. It has been surmised by many individuals
including myself that the failure of the internet to produce insurance sales to
date is due to the fact that
insurance has to be sold and not bought and more importantly the psychology of
those purchasing insurance is that they rather do something else than deal with
their eventual mortality and will not do so until they are
forced to and make that purchase, usually through an intermediary of some
type.
This may account for the fact that the Canadian banks have
insurance closing
ratios nearing 70% today with insurance premiums totaling nearly $750 million of
annualized. In most instances the account manager at the bank simply incorporates
the insurance offer with the mortgage and because of the limited
underwriting and point of sale offer, customers rather sign immediately as
opposed to seeing their life insurance agent.
Knowing all of the above lead me to believe
that in order for any new system to be successful using the internet as a
vehicle a few important factors had be in place:
1. The ability for an agent/broker/finance company etc. to produce a
quote/application at the point of sale with full offsite underwriting capacity
and be able to transmit said data to the insurer without have to be on the
Internet at the time of the sale. This was critical for most agents couldn’t
do a face to face interview with a client and ask them to connect to the
internet to get the quote and fulfillment documentation. So we needed to come up
with a desktop version that would permit this type of transaction as well as
have it look and feel like the web version so the training aspect would be
diminished.
2.
The platform had to be developed so that it could lend itself to
almost any simplified underwriting product, as well as other types of products
and services that needed a end to end solution. This meant that the database
structure had to be such
that we would not be run by our system, we would run the system.
3.
Both agents and management would have to able to view all applications,
underwriting status and a variety of reports in a real time environment
4.
Every time we built a product for one customer we would piggy back on the
existing system and customize from that point forward. Should the new system
give rise to additional features that would be advantageous to our existing
clients we would incorporate those features at no cost. This win-win programming
approach would mean that current and new clients would always benefit from
future system development and this would enable us to keep programming costs in
the future for new customers at reasonable levels. The new
customer was receiving a state of the art system for a fraction of the cost.
5.
The system would have to interface with the various insurance
carriers back offices within a reasonable structure or else they would be
reticent to deploy a system from an unknown firm.
6.
The web site had to be robust enough to allow for a multitude of different types of
users; i.e. corporate user or those for whom completing a transaction would be
simple from the underwriting processes to the delivery and fulfillment documentation.
7. The website had to be constructed so that
the user could offer a variety of insurance programs to the same client by
different insurance carriers. An example where this would be significant would
be the leasing industry, where the leasing firm could offer credit life and
disability from one insurance carrier and GAP insurance form another all without
having to enter client information twice.
8. All documentation and fulfillment
documentation had be able to be printed on standard 81/2X11 paper as
opposed to the traditional 4 copy carbon paper that could only be done with a
dot matrix printer. This would allow for easy deployment of any credit product
at reduced costs for the distributor and ease of administration.
Future Goals
Creditorlife.com's future goal is to provide a cost effective
way for brokers around the world to underwrite business using state of the art
technology in an effort to reduce the endless paper and downloading of
costs.
Contact us for more info
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