The Opportunity

One of the principals contacted Payment Systems Group, and explained that he wanted to reach out to his personal client base without sounding like he was selling them more insurance.

He thought that a mortgage acceleration program would be beneficial to his clients and would be a welcome addition to those who held a homeowner’s insurance policy with his firm.

This was a terrific opportunity for him to earn additional revenue by charging an enrollment fee and more importantly, showing a commitment to his clients by offering a way to help plan for retirement, college education for their children and capitalize on the savings they’d see.

The Solution

Our client had done considerable research in this space before reaching out to us. He knew he wanted a turnkey service without saddling his busy staff with more work.

PSG’s online enrollment, customer service portal, and electronic payments through MasterCard RPPS proved that we are the market leader in mortgage loan acceleration.

Within four weeks of our first conversation with the client, we were able to offer a customized mortgage acceleration program that seamlessly integrated with their existing systems. The program fully meets the end customer’s expectations of receiving high-quality products and support from the insurance company.

The insurance firm used traditional direct marketing campaigns to promote the new program to their client base. In addition, they discussed the program as a value-added service during all financial planning sessions with customers and with new customers purchasing homeowners insurance.

The Results

The marketing message and sales effort worked extremely well. The insurance representatives showed their clients the positive financial results they’d see when earning equity in their home faster and paying their mortgage loans off several years earlier.

The enrollment fee was collected on a deferred basis, meaning there was no upfront fee for their clients. The firm reaped the benefits of an increased revenue stream and didn’t invest any effort in customer service, since customers managed their own accounts online with the PSG customer portal.

The PSG program also allowed their clients to enroll auto, student, and any other installment loan into the PSG system without having to pay an additional enrollment fee.

Thanks to our turnkey, customized solution, this large insurance company saw a positive ROI within three months and are continuing to enroll new customers.