IFS Insurance Premium Financing and our integration with Applied Epic

We’ve partnered with Applied Epic because they’re the world’s most widely used management platform for brokers. We like that it’s browser-based and integrates with all aspects of the office process.

Why use premium financing?

1. Why would I want to finance my insurance with IFS when the insurance company offers a free company installment plan?   Unlike insurance companies, IFS offers you and your client the choice of more plans with greater flexibility.
2. How is premium financing different from bank financing? Unlike banks, we do not require that you have a certain percentage of the premiums that you finance on deposit as "collateral". Financing premiums through IFS does not affect any existing bank credit arrangements. Our rates, which are comparable to rates in the short-term market, are competitive. The most important cost consideration is how much return your company can make with the additional working capital.
3. What are the benefits of financing your insurance policy instead of paying in full? Think of your insurance as an asset. Why pay your entire insurance premium in one lump sum when you can spread the payment throughout the year and use the additional working capital for business growth or income-producing purposes? Financing premiums improve cash flow and preserve your working capital.
4. What is the minimum/maximum premium amount that you can finance? We have no minimum or maximum premium amount we will finance. That said the service charge and our monthly payments have to be a minimum of $20 each
5. I thought premium financing was only for facility and hard-to-market clients? Absolutely not! While we adopt a flexible approach to financing hard-to-market clients, we finance all kinds of risks including hotels, real estate developers, neighborhood stores, trucking fleets, bridge constructions, farm assets and regular personal lines business.
6. Can IFS help with late payment cancellations? Compared to Insurance carriers IFS has a proven hands-on client retention process resulting in a 50% reduction in cancellations after an intent to cancel letter has been sent. We are much more lenient than company pay plans for both late payments and NSFs. The insurance carrier will not be made aware of late payments or NSFs. The only time the insurance company will be notified is if we have to cancel the policy for non-payment, the benefit here is that NSFs will not be taken into consideration when the insurance carrier is rating the renewal premium .

IFS Financial Services: Exceptional broker partnerships for over 45 years.

We are one of the leading premium finance companies in Canada. We currently service hundreds of brokers and finance tens of thousands of contracts coast to coast. With arguably the lowest cancellation rate of any premium financing company, we provide competitive rates and superior customer service to our brokers - many of which have been with us for over 45 years.

Our success has been achieved by providing our brokers with a true value-added service that can actually increase their business. As a broker partner, we are acutely aware that the broker is our customer and that we are, by virtue of our services, an extension of them. Their client, the policyholder, has a relationship with the broker and therefore it is of paramount importance that our actions complement and enhance this customer service experience.

Our broker partnership goes beyond simply words. We, as a true partner, believe in our brokers’ ability to run their businesses. Therefore, we will finance a premium based upon the broker’s judgment as to the ability of their client to maintain the payments – we do not undertake a credit check of a broker’s client. Fully understanding that a client can have a wide range of reasons for not making a scheduled payment, we work with the broker throughout the life of a contract. We will not cancel a financing contract without first notifying the broker and then providing the client with every possible opportunity to meet the repayment obligations.