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Before the pandemic, most premium finance companies provided services such as agency/brokerage management system integration; electronic forms; electronic signatures; online payment options, including ACH and credit card down payments; and, cancellation communication to both agents/brokers and their insureds via email, phone calls and text messages. With these features and services as a part of the premium finance process, agencies and brokerages can also electronically and efficiently offer insureds a variety of other payment options, including interactive voice response by phone, check or money order to a secured lockbox, bank bill payment, pre-authorized bank account debit and more. With an early focus on technology, working remote was slowly on an upward trend to reduce operating costs and boost productivity, giving staff more flexibility to get their jobs done, but not all agencies and brokerages adapted this concept. The year 2020 presented challenges for the majority now to work remotely, virtually and electronically throughout the insurance industry and around the world.
Due to the unexpected and rapid advancement of the COVID-19 virus, the need to quickly move toward an increasingly hands-off approach was imperative. As business owners struggle to keep their doors open during the pandemic, the need for commercial insurance remains the same, but maintaining health, safety and social distancing continues to be in the forefront of all our minds. While premium finance companies provide the ability to quote, make payments and retrieve account information online, the ability to enhance current applications and developments for new solutions in technology needs for the agency or brokerage during the pandemic have taken precedence.
Imperial PFS® enables agency and brokerage partners to power their digital transformations by providing leading-edge technology to reduce or eliminate physical and in-person processes. For example, Imperial PFS's capabilities now extend beyond premium financing with their newest product, IPFS TotalPay™. The IPFS TotalPay solution gives customers an efficient account collection method by providing the options of traditional premium finance or payment in full (processing fees apply) in one offering to their insured. IPFS TotalPay enables the insured to choose how they pay (credit card or ACH) and when they pay (in full or installments) without having to meet in person.
The goal to provide these new technology advancements to avoid the physical and in-person processes of agency customers is imperative in the current COVID-19 environment. Currently, there are several vendors that offer multiple applications that provide solutions for electronic signatures and payments, but Imperial PFS continues to work with agency and brokerage partners to ensure a seamless premium finance experience for all parties involved. With ongoing development of new products and enhancements of current services, agency or brokerage customers will save time on premium financing to focus on selling insurance.
For the days to come and after the pandemic, Imperial PFS will continue to strive to be a full-service premium finance company and provide our customers with innovative products and services. We remain very enthusiastic about our ongoing development, which will further enhance opportunities for agencies and brokerages to become more efficient and more effective at selling insurance, and to improve their day-to-day processes. The advancement of technology now will benefit all involved in the future.
About the Author
Frank Friedman joined Imperial PFS in 2019 and serves as the CEO and President. His extensive financial experience comes from more than 40 years at Deloitte where he served as Interim CEO, COO, CFO, and, most recently, Global Chief Operations Officer. Frank has a BS degree in Accounting and Business Administration from the University of Kansas.