Premium Funding

premium funding

Business insurance is a necessity but why pay the full price “up front” – there is another cost effective way.  By paying in monthly instalments you will free up your cash flow to re-invest in your business. 

Think about these features and benefits:

For the Business Enterprise

  • Interest rates are fixed for the term of the loan.
  • Retain working capital in your business.
  • Application is fast and simple.
  • No additional/on-going fees.
  • No additional security.
  • It is an additional line of credit – outside your banking arrangements.
  • Instalment payments by DDR or Bankcard.
  • The loan may be tailored to suit the borrower and the intermediary.

For the Intermediary

  • Reduces collection cost.
  • Provides an "all in service".
  • Assists in client retention.
  • Maximises business opportunities.

 

For the Underwriter

Consumer/personal lines - Pay by the Month (PBTM)

A monthly payment facility for personal lines insurances over 12 equal monthly payments offered by the underwriter/introducer, and funded and administered by QPR. Documentation and procedures can be tailored to suit specific requirements subject to any applicable legislative requirements.

This facility complies with Sect 52-63 of the Insurance Contracts Act and is exempt from the Uniform Credit Code.

Specific details of facility are as follows:

Seamless Integration

QPR’s payment and funding processing platform can be fully integrated with most underwriter’s software for seamless, secure end-to-end client management. All transactions are managed by our programming interface, which stores and processes all sensitive credit card data within QPR’s secure PCI compliant system. The underwriter has access to a Level 1 PCI compliant payment process without the need for investing in expensive infrastructure.


QPR Online

Underwriter’s claims department will have access to our secure online portal to check on clients’ details and payment information.


Customer Service

A dedicated telephone line/s for payment queries, credit card amendments, payment date, variations etc.


Customer communication

All written communication with customers can be tailored to meet specific requirements.


Security & Compliance

Cardholder and account data is stored, processed and transmitted using the highest standard of security. QPR is certified as a level 1 PCIDSS compliant payment provider and merchant – the highest global standard.

All transactions are protected with our data recovery plan which backs up all records in real time and stores them off site in a self-sufficient, external date centre.


Collection Agreement - Annual Premiums

QPR can also provide a collections service for annual premiums paid from bank accounts or credit card and paid direct into underwriter’s bank account.

For further details on how this facility operates, please contact QPR.

This is subject to a separate service agreement.