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MCE Insurance Live with New Finsure and Misys Solution
MCE Insurance is the first broker to go live with the new fully integrated electronic premium finance solution from Misys and Finsure. In a week's trading during the pilot, MCE Insurance sent £160k worth of premiums through the system. Now live, the company plans to transfer all of their monthly installments to electronic premium finance.
Misys is the first software house to be chosen by Finsure to implement the solution, which enables brokers to deliver an efficient electronic premium finance service at point of sale. Customer transaction and bank details are sent electronically to the finance house and payments are returned via an EDI message, which automatically updates the Misys system.
Michael Edwards, Director, MCE Insurance, said: "The ability to provide a fully automated premium finance service has saved the business a considerable amount of time and money in processing monthly installments. Staff no longer have to manually process initial documentation or reconcile each transaction payment once financed.
"We expect the volume of premiums through the software to increase substantially in line with the growth of the business. For example, the number of MCE bike and motor policies has doubled in the last three years. A simple low cost investment in Misys software has turned premium finance into a significant revenue stream and enables us to continue to focus our efforts on our core business."
Mark Ryder, Commercial Director, Misys General Insurance, said; "Premium finance is without doubt an attractive option for brokers. Integration between the provider's system and the brokers’ day-to day-IT systems, delivers further tangible benefits and allows brokers to increase their income.
"The addition of Finsure to our panel, which already includes, Premium Credit, Premium First and Singers, broadens the portfolio of providers for our brokers."
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. Integration between our system and the broker's day-to-day system that delivers real cost savings, as there is no re-key or manual reconciliation."
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MCE Insurance is a division of M C Edwards (Insurance Brokers) Ltd. Authorised and regulated by the Financial Services Authority(FSA). Members of the British Insurance Brokers' Association(BIBA) and Members of the Motor Cycle Industry Association(MCIA). Registered in England No.1232753
