JV prompts AR profit share

Acquisition

A new joint venture (JV) is providing a profit share to authorised representatives (AR) through a unique premium funding platform.

The JV names funding company Principal Finance as the premium funding partner for Westcourt General ARs around the country.

“The model provides for significant financial returns to supporting ARs through a profit share structure, which is a first for the premium funding industry,” says Principal Finance CEO Daniel Gronert.

Under the general premium funding model, the funding company pays the premium on behalf of the insurance policy holder who can then repay in instalments, which is meant to make balancing budgets easier.

Westcourt General Managing Director Jeff Hollands says the JV would provide his national network of 85 corporate ARs with access to high-quality funding products and service.

“This is an important investment in support of our growing network,” Hollands says. “Teaming with Principal Finance allows us to continue to provide our ARs with superior software and service to assist in the delivery of high-quality solutions to clients.”

The funding company will rebrand a version of its eFund platform under the established Westcourt Premium funding brand.