Kreatek's Integrated Quoting and Sales (KiQs) application satisfies the lending industries need to sell Debt Protection while simultaneously allowing the existing Credit Insurance industry the ability to continue to sell traditional credit insurance.
Fully web/Smart Client enabled, KiQs reduces the costly IT expense when compared to other calculation tools and solutions.
Calculation Methods
Single Premium Calculation Method (Gross or Net Options)
Daily Accrual Calculation Method
Loan Types
Installment
Single Payment
Balloon Loans
Interest Only
Protection Options
Life
Disability (A&H)
- Full and Limited Benefit Options
- Various Coverage Terms Available (i.e. 14 Retro, 30 Retro)
Involuntary Unemployment Insurance (IUI)
Customizable Loan Terms and Coverage Options
Variety of Truncated Term Options Available
(example, “Loan Term of 60 Months, Life Term of 60 Months, A&H Term of 24 Months”).
Variety of Truncated Coverage Options Available (example, “Loan Amount $75,000, KiQs Life Insurance Benefit at $50,000”).
Multiple Payment Frequency Options
Monthly, Weekly, Bi-Weekly, Semi-Monthly, Quarterly, Semi-Annual, Annual
Birth date Validation
Allows for an applicants date of birth to be validated against the Client setups.
Variety of Loan Fee Options Available
Financed Prepaid, Prepaid Fees, Financed Prepaid Points.
Full Amortization Schedule
Provides a detailed amortization schedule showing each payment, the principal portion, the interest portion and protection options portion of the payment.
Full Loan Application Available
Allows for a loan officer to enter the applicant information once then transfer the information to the bank-end origination system (XML Compliant Data Feed).
Full Loan Calculation Disclosure
Periodic Payment, Total Note, Amount Financed, Finance Charge, APR, Balloon Amount, Balloon Payment, Life Insured Amount, A&H Insured Payment, A&H Insured Amount, Life Premium, A&H Premium, APR, Interest Rate, Estimated Insurance Cost per Day.
Client Specific and Fully Customizable Setups
- Choose the Calculation Method of choice (Single Premium or Daily Accrual).
- Select available loan types by client. Turn them on or off as needed.
- Customize the insurance options for specific loan types (example “No Disability offered on Balloon Loans”).
- Customizable Protection Options by Client (example “No Joint Life/Disability option available on any loan type”).
- Establish the Clients Maximum and Minimum standards (example, “No Installment Term Greater than 60 Months.” Or “No Single Payment Term less than 7 days”).
- Select either default state rates or install custom rates.
- Multi-state setup options for larger institutions.
Unique Features
- Kreatek’s QuickQuote methodology allows a lender to quickly change the loan parameters and offer different coverage options with little effort and time.
- Kreatek’s QuickSave allows the loan officer to quickly save the loan details for future use (example, “Customer call on the phone and is provided a QuickQuote, with QuickSave when the applicant comes into the branch the loan officer will have access to the quote.).
- Calculate the Loan Details based on specified Payment Amount.
- Calculate the Loan Details based on a specified Balloon Amount.
- Calculates the Estimated Insurance Cost per day.
- Completely Internet Based.
- Allows for some Client Administration (example, Clients can add users to the system without contacting the KiQs administrators).
- Centralized Management of Client Setups and Rules.
