Premium Credit - "Total premium finance solution"
In August 2005, TGSL, in partnership with Premium Credit ("PCL"), is set to rollout its XML integrated Personal Lines premium finance service to TGSL Users. PCL is the UK's leading premium finance company providing straightforward, competitive and flexible finance solutions. PCL has nearly 2 million customers with a turnover of approaching £3billion, a 50% market share of the UK premium finance market.
An exclusive arrangement is in place for PCL to have its premium finance solution integrated on the Transactor platform. The development commenced in June 2005 with piloting of the integrated solution taking place in July 2005 with a number of key customers.
Transacting premium finance business electronically via TGSL speeds up the finance process and improves quality. Client information is extracted from policy fulfilment information validated at the quotation stage and is transmitted directly to PCL. This automation produces more accurate client communication, correct premium deductions and less broker administration.
Placing the insurance and arranging the finance on the Transactor system improves the service to clients, simplifies the buying process, which in turn increases sales. The process is signature free sign up, speeding up the finance process by an average of 7 days.
The TGSL premium finance solution handles all financial transactions generated by the broker. Full account reconciliation at month-end removes the need for manual intervention at the broker's office, reducing time spent allocating cash and settling individual client accounts. Accuracy and clarity of reconciliation also eases burden in this new FSA environment.
PCL was the first to deliver electronic EDI premium finance to the market and now by integrating its robust, tried and tested product offering with TGSL, via XML, is set to revolutionise the market, the same way EDI insurance did in the early nineties.
A premium finance solution that requires no re-keying of client information, reduced administration, quicker and improved sales, faster payment of premiums and a fully automatic account reconciliation package means massive savings to TGSL brokers, effectively making their business more profitable.