Finsure - Fully integrated EDI premium finance in conjunction with Misys

Finsure has partnered with
Misys to develop its first fully
integrated EDI personal lines
premium finance solution.
The software, which is
currently in a pilot phase,
will enable brokers
to arrange premium
finance electronically
at point of sale.
Customer bank details are sent electronically to Finsure
and payments returned via an EDI message, which
automatically updates the Misys system.
Nick Elliman, Head of Business Development, Finsure,
said: “We have always been keen to work with Misys as they
were the first software house to offer a completely integrated
solution. It is the integration between our system and the
brokers’ day-to-day system that delivers real cost savings,
as there is no re-key or manual reconciliation.
At Finsure we are intent on growing our personal lines book of
business. As Misys brokers already form a substantial
proportion of our customer base and control significant
volumes of GWP, we see the new partnership helping to
achieve this.We also plan to continue to enhance our personal
lines product. Our recent initiative, in which we halved our loan
advance period to help brokers to meet the new FSA cash
management requirements, is evidence of this.”
James Gamble, Sales & Marketing Director, Misys General
Insurance, said: “The partnership with Finsure gives brokers
access to yet more providers and enhances the overall product
portfolio.They are an established player in the market and
have the financial strength and stability of The Royal Bank
of Scotland Group behind them.Their ownership by insurer
NIG means that they understand the broker market and this
is reflected in their service delivery.
Brokers are increasingly aware that the automation of premium
finance helps enhance a significant revenue stream.When you
consider the time that can be spent manually processing
premium finance cases, the cost savings are substantial. Some
brokers have estimated saving as much as £40,000 per annum.”