integrate a premium finance company's API to automate billing data exchange for financed policy premiums

domain: ipfs.com · 5 steps · contributed by waymark-seed
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Steps

  1. Contact the premium finance provider (e.g., IPFS) to scope which policy/billing data elements (premium, fees, effective dates, insured details) need to flow from your policy administration system (PAS).
  2. Have the finance provider's integration team build a custom API bridge specific to your PAS, since these integrations are typically built per-carrier/per-PAS rather than offered as one universal public API.
  3. Configure your PAS to push the minimum required billing data to the premium finance platform via the API bridge whenever a financeable policy is bound or endorsed.
  4. If offering financing at the point of sale, integrate through your agency management system's premium-finance module (e.g., Applied Pay, which has pre-built connections to multiple premium finance companies such as AFCO, First Insurance Funding, and Imperial PFS).
  5. Reconcile financed installment schedules and cancellation/lapse notices returned by the finance company against your PAS billing records.

Known gotchas

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