Welcome to Knight Management Insurance Services! Please see below for some of the products we have to offer, and feel free to browse our site for more information.

Discover the cutting edge in profitability

Knight Management Insurance Services, LLC ("KMIS"), implements insurance programs that are geared to make more profit for our finance company partners. By utilizing the efficiencies inherent in technology, we reduce our costs, resulting in more program profit. If we share that profit with our partners, we benefit by keeping those partners happier for the longer term. KMIS's Material Damage and GAP insurance programs are made more efficient through the use of the technologies inherent in Megasys and KMIS's proprietary production, tracking, and analysis programs.

GAP Insurance pays the difference between the primary insurance company settlement, and the amount still owed by the customer on the lease or loan contract in the event that a vehicle is damaged beyond repair (totaled) or stolen and never recovered. Knight's GAP program benefits your company in three ways:

1. You receive a fee each time GAP is placed on an account.
2. GAP enhances dealer relations by providing them with a cash incentive to sell your program.
3. Your deficiency balances are reduced or eliminated when GAP pays your account off!

The Material Damage Policy is a six-month comprehensive and collision policy that protects both the purchaser and the finance company in the event of a comprehensive or collision loss. This differs from a Vendor's Single Interest Policy in that it provides a substantial benefit to the customer, and is therefore a more marketable product.

We offer our finance company partners the opportunity to not only make a substantial front-end commission on our material damage insurance product, but also the opportunity to participate in the back-end profitability of the product on a retrocession program.

Knight's material damage program is adaptable to your company's needs. We can develop a program for force-placed or inception-placed insurance. Term length ranges from 15 days to the entire remaining term of the loan. Together, we'll analyze your loss performance and loan carrying capacity to develop the insurance product right for your company's portfolio.

Retrocession Commissions

Once the right program is developed to fit your front end capacity and needs, we focus on the back end of the program, where more profit is generated. This is the end of the business that most insurance providers keep for themselves. We believe in sharing this information and sharing this profit with our finance company partners, because we want to keep our good partners with us for the long term.

Seamless Execution

Once a suitable material program is developed for your company, the program is executed in a manner that makes the most sense for your company. For users of Megasys, the implementation and month-to-month operation of our programs is simple and extremely cost effective. Using the MegaTERM and MegaQuery features of Megasys, KMIS makes insurance reporting easy and efficient. Our query formulations will help you extract the insurance data the program requires, and that data is electronically converted to general policy declaration pages, policy forms, and customized notices for your insurance customers. KMIS's enhanced services, made possible by MegaTERM, include:

• Direct Policy Production
• Policy Expiration Notification
• Premium Verification
• Claims Integration

Financial Reporting

A valuable benefit of the data collection KMIS must do to track the insurance business is the use of analytical systems to generate valuable portfolio tracking and reporting on your business growth and trends. Following are the items that can be reported on a monthly basis:

Loan Production (units) Insurance Premiums Outstanding Loans Static Pool Portfolio Losses

Loan Production (dollars) Insurance Penetration Portfolio Aging

Each of these items can be broken down into discrete business units, and displayed by State, by originating dealer, or other criteria you may specify.

Claims Ability

In the event of a loss to the finance company, all claims are paid directly to the finance company on single-party checks. This enables the finance company to control the direction of funds. Claims are paid promptly and full disclosure of the status of any claim is made available on the Claimkeeper.com web site. We encourage collections departments to make use of our site to track the status of claims payments. Our program is insured by First American Insurance Company, rated A- (Excellent) by A.M. Best Co.

Westlake Financial Services, a national C and D paper finance company, has increased their effective commission by 9%. This has resulted in an increase to Westlake's bottom line of a quarter-million dollars over the past 12 months. Effective commissions 5 to 10 percentage points above your current rate are not unlikely.

Back to top