Brokers have praised Pay-By-The-Month (PBTM) software released by
Premium Funding a year ago, as it has been able to boost commissions and improve efficiency.
A year after launching the product, the premium funder said that more than 350,000 clients have been offered monthly payment options on their invoices in transactions worth $1.1 billion.
More than 200 brokers and ARs have adopted the product with many doubling their premium funding commissions.
Brennan Edgar, director of Edgar Insurance Brokers, has used PBTM since it was launched and said he would recommend it to any brokerage.
“Since being given the opportunity to utilise Premium Funding’s PBTM, our brokerage has seen a significant increase in the number of funding contracts written with clients who have never funded before,” Edgar said.
Premium Funding estimates that in the next 18 months, approximately 75% of its business will be written via its PBTM software, which automatically calculates a monthly payment for all insurance policies created in WinBEAT, and inserts it as a payment option into all client invoices or statements.
“It’s been a sensational 12 months working with brokers who understand the benefits of technology,”
Ross Hayward, director of Premium Funding said. “They are making smart business decisions rather than relying on old-school ways of working.”
David Hosking, director, Grampians Insurance Brokers, has also been impressed by the system.
“We get more income and our retention rate is higher,” Hosking said.
Upgrades to the system are already underway based on feedback from brokers and clients and analysis of usage patterns of the software, the firm said.
With three new products launched in the last year, Hayward said that the firm is not done yet and advised brokers to keep up with the changes in technology.
“The insurance industry is going through a shake-up right now and brokers who don’t adapt and use technology as a tool to cut costs or increase income are going to lose out,” Hayward continued.
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