Case Studies

Banking

CNLBank, which serves businesses, real estate developers and investors with traditional commercial lending, investments and mortgage products, needed methodology through which it could determine the viability of purchasing a retirement community and sustaining the investment through several years. Calculating ROI, investment term and future revenue streams would allow CNLBank to choose the appropriate financial route.

Innovative Software Products developed a database and desktop application, which featured customizable reports that allowed CNLBank to enter the various deal parameters. The system then calculated the number of years needed to recover the initial investment and projected revenue streams over various time frames. The software successfully enabled CNLBank to structure purchases of retirement communities based on shortest investment term; and maximized their revenue stream. This software solution was also modified to assist the Ginn Company in projecting the most viable use of undeveloped land; and was used by NASCAR in determining the re-development scope of an existing racetrack.

Insurance

The products and services of CNA Insurance, the 7th largest U.S. commercial insurer and the 13th largest U.S. property & casualty insurer, are sold by highly professional independent agents and brokers throughout the country. Unfortunately, the system for paying these sales agents was antiquated and difficult to use and maintain. Most importantly the commission structure had recently changed and the old system was problematic in calculating the correct commission amount.

Innovative Software Products created a database and a desktop application with a number of customizable reports that allowed CNA to track the individual agent's sales and perform monthly commission calculations for each agent. A key feature was built into the system that would allow future commission changes without the need to reprogram a new system.

The software solution saved CNA approximately 100 man-hours a month. It now takes only one person to run the commission batch instead of the four people needed prior to the solution.

The development of this software also became a valuable tool for NAI Realvest, which used the system to pay their commercial real estate agents' commissions.

Financial Services

PointDirex provides Direx Pro, a direct-access system used for high-volume trading by professional day traders. This advanced trading technology allows clients to take direct control of their financial future and eliminates the middleman. Direx Pro only provided Level I quotes and PointDirex needed a system that would provide their customers with Level II quotes. In addition, the client needed a way to execute these quotes through various electronic exchanges.

Innovative Software Products created a trading platform that provided traders with Level II market data, charting, portfolio management, buying power management, and various other tools that the professional day trader needed in order to trade on the various U.S. markets.

Knowledge from the development of this system was then applied toward the creation of a branded trading product called Orion. Orion was later sold to PremeireTrade of Altamonte Springs, Florida.

Medical

MedclaimsRX was formed to transmit medical claims electronically from the doctor's office to the medical insurance carrier. Typically, medical billing is done by a third-party medical billing company or through an assigned person in the doctor's office who completes the medical claim forms and mails them to the insurance carrier.

Innovative Software Products developed a software product that captured the information from the medical claim form and submitted it electronically to the various insurance carriers. This solution reduced the doctor's payment time for claims from 45-90 days to just 7-14 days. It also reduced the overhead costs associated with dealing with paper forms.