Premium funding made simple with Edge

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IQumulate Premium Funding has developed a new fast and easy portal that will give brokers the freedom to invest more of their time in the people who matter most

A TECHNICAL advantage can sometimes come at an opportune moment, changing not only how players in a given field operate but sometimes even the game itself. John Braden, head of sales for Australia and New Zealand at IQumulate Premium Funding, believes the firm’s new Edge quote creation tool is going to shake up the sector and change how brokers do business. “We’ve created a quality platform that simplifies the quoting process yet amplifies the customer experience,” he says. Braden likens using Edge to how people interact with commonly available online mortgage quote generators – the use of which is so simple that training is basically not needed. The simplicity belies the complexity of the data crunching behind the system. “It's probably the most advanced quoting system that exists in the premium funding marketplace.” Brokers can compare quotes, create different versions of quotes and view them in a tabular layout.

IQumulate Premium Funding is a leading provider of insurance premium funding across Australia and New Zealand. We partner with over 600 brokers to help more than 72,000 businesses – from sole traders through to large corporate organisations. By spreading the cost of insurance, we help your clients get the right level of insurance cover and free up their cash flow for other expenses or business growth. Speak to our experienced team for a quote today, or watch our video to learn more.

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Key features of next-generation Edge

Quote comparison

“We’ve created a quality platform that simplifies the quoting process yet amplifies the customer experience”

John Braden, IQumulate Premium Funding

Customers will often have their premium funding quote from the previous year sitting in front of them when negotiating the new one, so for brokers to be able to pull the old data and hold it up against the new, explaining line by line what can be done differently, is a powerful sales tool. It’s remarkably simple technology for the insurance industry.

This next-generation Edge, powered by IQumulate Premium Funding, was developed with collaboration from clients but initially inspired by observations from IQumulate’s own sales team in the field. Based on years of footwork and experience with businesses large and small, it was clear that there had always been a need for a tool that could envisage with accuracy different premium funding scenarios for clients trying to anticipate how events on the horizon might affect cash flow.

“You can run multiple quotes from the same page at the same time and simply adjust them,” says Braden. Essentially, Edge is a real-time quoting tool, with the fastest quote generation clocking in at under 60 seconds. Instant responses to data-based queries that are credible are always going to win out over ‘let me check and get back to you’. “If you're in a situation or negotiating with the customer, you want to be able to provide them with a solution very quickly, without having to come back to us and have a discussion,” says Braden. Generating a quote matrix in under one minute not only increases efficiency but will also save brokers some follow-up work with clients and empower them with the freedom to invest more of their time in the people who matter most. It will also allow brokers to respond quickly to fast-developing situations that affect cash flow, like climate events or global pandemics. Brokers clearly love some of the features and agree that it’s easy to use.

“Where we've got the most amount of praise is on the quote version and the ability to actually make multiple versions concurrently, and the recalling of prior loan activity – that is best in class; no one else does that.”

“If you’re in a situation or negotiating with the customer, you want to be able to provide them with a solution very quickly, without having to come back to us and have a discussion”

John Braden, IQumulate Premium Funding

“Digital gives you the opportunity to change things relatively quickly,” he says, citing disclosure, updating documentation terms and conditions, and the way a quote can be generated as key considerations. Regulatory bodies sometimes require changes to be implemented without much notice, something that is much more easily achieved with digital systems than paper-based ones. Braden wants Edge to be central to how brokers operate and for it to be used to its full potential even as new features are added.

“Part of the journey is how well the system is used. And that to me is a key success indicator.” But for now, he is pretty sure that IQumulate has nailed it in terms of Edge being a game-changing tool for the insurance world, something that hasn’t happened too often in the long history of the industry. “If there are things that are absent, I'd be surprised. The focus really is on how quickly [a broker] can accurately present a picture to the client that they feel satisfied with.”

A real-world needs-based solution

Flexibility to adapt to regulatory change

Quote versioning

Tabular view layout

KEY FACTS ABOUT IQUMULATE PREMIUM FUNDING

70 dedicated staff across Australia and New Zealand

Quote generation in under 60 seconds

600 brokers across Australia and New Zealand

72,000 businesses currently provided with solutions

“It’s great to see past transactions relating to the same client on the same page,” says Adele Neaves, broking executive at Roderick Insurance Brokers. “The ability to compare a new quote to previous years’ details, and have quote options on the same page at a glance, makes the whole process simple, which ultimately saves time,” she says. Brokers can see all the clients they have funded in the past, plus all the quotes that are pending acceptance in one place. “This makes it easier to ensure none are missed,” says Neaves. Braden can’t wait to see some data from the field on how Edge is helping improve performance for brokers. Having just launched the platform in Australia in December and with a New Zealand launch imminent, he expects to have this information available in two months’ time. “But right now, the feedback is sensational,” he says. Once brokers see the system in action and realise its versatility, they want it yesterday.

IQumulate will also carefully monitor feedback from its own sales team, which includes some people with dual development and sales roles who will have a firm grasp of how practical any improvement requests will be to implement. The ability to switch up and improve goes beyond just keeping brokers and their customers happy. Braden points out that if there are any regulatory changes ahead for premium funders, the tech that is relied on in the marketplace needs to be agile and able to accommodate that.

Key features of next-generation Edge

Quote comparison

Quote versioning

Tabular view layout

Quote generation as fast as in under 60 seconds

KEY FACTS ABOUT IQUMULATE PREMIUM FUNDING

70 dedicated staff across Australia and New Zealand

600 brokers across Australia and New Zealand

72,000 businesses currently provided with solutions

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People

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Risk Management

News