Ebix has announced an enhancement to its Premium Funding Interface called the Pay Monthly module, often referred to as Background Funding.
It is now available for WinBEAT and CBS broking systems and will be available later in the year for their eGlobal and Ebix Evolution systems.
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.”
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.”
Ebix is a leader in insurance and health software development and ecommerce platforms and 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.