The Pay Monthly module improves the flexibility introduced by the Premium Funding Interface Standard by eliminating any manual steps. Previously a separate contract was required by brokers to be able to offer clients a monthly payment option. Now, with the Pay Monthly module, all invoices and statements can automatically include an insurance funding payment option.
Ebix Premium Funding Phase 6 offers the following benefits:
- Automated funding quote on every invoice
- Increases penetration of funding quotes to broker clients
- Accept online
- Less paperwork
- Substantial time savings
- Increased revenue
Simon Agar, COO at Ebix, said “the Pay Monthly module is a major advancement for the Premium Funding market. This delivers efficiencies to the Brokers, their Clients and the associated Funder as well as substantially increasing the volume of Premium Funding Quotes.”
Hunter Premium Funding and Premium Funding have already established solutions for Pay Monthly options within the Broker market.
The Red Planet Software Odyssey solution now supports Background Funding, making this option available to other Funders. Odyssey is a Cloud solution designed to support independent Premium Funding organisations as well as intermediaries who offer their own ‘in-house’ funding.
Peter Williams, MD at Red Planet Software, said “Red Planet Software is delighted to continue collaboration with Ebix in developing the next major upgrade to the industry standard Insurance Premium Funding systems integration. This latest update will allow insurance intermediaries to have a truly hands-off process for generating a premium funding payment option for their clients.”
Brokers who are looking to implement the Pay Monthly module should contact their funder. The Pay Monthly module must be initiated by the funder in order for the module to be implemented.
The Background Funding Module is supported by the following funders:
- Centrepoint Alliance (BOQ)
- Macquarie Pacific
- Premium Funding
About Ebix: Ebix Australia is a subsidiary of Ebix Inc., a world leader in insurance and health software development and ecommerce platforms. Ebix combines technology with its capabilities in applications software development, systems design and integration and consulting, to meet the needs of its clients.
About Red Planet: Red Planet Software is a leading provider of niche loans management software. We specialise in Insurance Premium Funding, Professional Fee Funding, Online Payment Portal Solutions and Integrated Invoice Links. We provide customised and cost-effective end to end software applications and support services for the financial services industry. Our solutions manage administrative tasks, quotes, loan administration, general ledger entries, automates processes and perform online approvals.