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How Single Interest Software Works

SIS is a date-driven processing system, meaning that most decisions to take action are based on dated events. Insurance coverage is usually purchased for a specific period of time, and SIS examines these dates regularly to determine which loans have valid coverage and which do not. Specific actions are taken depending on the amount of time the loan collateral has been without physical damage coverage. An example of the life-cycle of a typical auto loan in SIS can be viewed by clicking here.

The Processing module of SIS scans each active loan for certain conditions. Each loan found to be without coverage generates a series of "notices" to the borrower. If coverage is not furnished within the allotted period, the system will compute and print a single interest insurance policy on behalf of the lending institution. The premium for the single interest policy is based on the loan balance on the date that coverage lapsed. New loans are given time for the new policy to arrive, and matured loans are deleted as they become inactive. The resulting output is packaged and sent to the credit union for distribution.

Carrera Corp. is the hub of a series of SIS computers. Each computer has a complete set of data for each lending institution. Remote computers may run either stand-alone or on a network. Carrera's network holds the master database and contains all records held by each remote computer. Since a remote computer could be a stand-alone desktop unit or laptop and no full-time connection to Carrera Corp. is possible, data replication is based on the "loose synchronization" model. This model requires the regular bi-directional transfer of data to keep the databases identical, within a window of up to weeks. At any given time, the remote computer is almost always has the most current information.

An interface with mainframe-based systems allows SIS to synchronize itself to the computer records of the institution for increased automation.

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This page last updated 4.6.98