FAQ
Red Planet Software
Definitions & Fundamentals
What is premium finance software?
Premium finance software is the technology that manages the entire financing workflow, quoting, contracts, payment schedules, collections, compliance, reporting and integrations.
It’s not the lender. It’s the operational engine behind premium finance.
What’s the difference between a premium finance provider and premium finance software?
A premium finance provider funds the loan.
Premium finance software is used by the premium finance provider to run the workflows around it.
Finance companies use premium finance software to scale.
Brokers use premium finance software to offer finance internally to their clients.
Who uses premium finance software?
Premium finance companies, broker networks, MGAs, insurers, banks and brokers who want to offer finance in-house.
The system is flexible enough to support multiple operational models.
Do brokers need to become lenders to use the software?
Yes. Legal requirements for this vary by country so check with your legal team for the applicable local legislation.
The brokers in-house finance company funds the loan; the software manages the process.
Brokers can run premium finance in-house with minimal credit risk.
Can MGAs and insurers use premium finance software?
Yes.
They use it for visibility, reporting, compliance oversight, integrated quoting and cleaner workflows across partners.
Why would a broker run premium finance internally?
To offer faster quotes, improve client experience, keep revenue in-house, and reduce dependence on external lenders.
Modern software automates almost everything, so teams often don’t need extra staff.
What workflows does the software replace?
Spreadsheets, manual quoting, PDF calculators, hand-built repayment schedules, email-based reminders, and double data entry into AMS/BMS systems.
Technical, Integration & Workflow
What modules are included in your platform?
Common modules include quoting, origination, billing, payments, collections, arrears management, reporting, document generation, compliance and integrations.
Does it integrate with our AMS/BMS platform?
Yes.
Modern platforms integrate directly with major agency management and broker systems to eliminate duplicate data entry.
Can it support multiple finance providers?
Yes.
Multi-lender setups are common.
You can offer different finance options without being tied to a single provider.
Can clients pay online?
Yes.
Platforms support online payments, direct debits, credit/debit cards and flexible instalment schedules.
Can the software scale to high loan volumes?
Yes.
Enterprise-grade platforms support billions per year, with automated workflows and high-performance architecture.
Is the platform cloud-based?
Yes.
Secure cloud hosting gives access from anywhere, with automatic updates and minimal IT overhead.
What security standards does the platform meet?
Leading systems typically meet SOC2, ISO 27001, GDPR and PCI DSS standards to protect sensitive financial and personal data.
Can we customise documents, emails and loan communications?
Yes.
Templates, branding and communication flows can be customised to match your organisation and compliance requirements.
Does the system reduce manual work?
Absolutely.
Automation replaces rekeying, reminders, paperwork, spreadsheets, reconciliation and repetitive admin.
How does the software support compliance?
Audit trails, time-stamped records, automatic disclosure steps, secure data storage, structured workflows and reporting all ensure compliance is part of the process, not an afterthought.
Commercial, Pricing, ROI & Migration
Is pricing subscription-based or per-loan?
Most providers offer one of these models, or a hybrid.
Pricing depends on workflow needs, loan volume and number of users.
How does the software increase revenue?
By enabling faster quotes, expanding financing options, reducing arrears, retaining clients, and helping brokers offer finance internally.
How does the software reduce costs?
Automation replaces manual admin, reduces errors, improves cash flow, and lowers the need for additional operational staff.
Is there a free trial or demo?
Most platforms offer a guided demo tailored to your workflow and volume.
Premium finance software is complex, so demos are more effective than free trials.
How long does implementation take?
It depends on complexity, but migrations are typically phased:
data import → configuration → testing → launch.
Most go live without disruption to daily operations.
Can you migrate data from a legacy system?
Yes.
Clean data migration is an optional part of implementation.
A structured process ensures nothing is lost and no downtime is required.
What training and support are included?
Training, onboarding, documentation and ongoing support are standard.
Most teams are fully confident within a few sessions.
Do we need to hire more staff to run premium finance internally?
Typically not.
The software does the heavy lifting.
Brokers typically run finance with their existing team.