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MCE Increases Premium Finance Income Via Open GI and Finsure
Leading broker, MCE Insurance, has reported an increase in revenue earned through premium finance since implementing software developed by Open GI and Finsure.
In the first 12 months of using the electronic premium finance software, which integrates the Open GI system and the finance provider|’s system to deliver an efficient service at point of sale, MCE Insurance has increased its income by 37.97% and reduced costly administration.
Customer transaction and bank details are sent electronically to the finance house and payments are returned via an EDI message, which automatically updates the Open G I system. MCE was the first broker to go live with the solution.
As a result of improved efficiency, MCE Insurance has chosen to transfer all of its monthly instalments to electronic premium finance.
Claire Webb MAAT, FCCA, MCE Insurance Financial Controller, said: ‘Since installing the software 12 months ago, the number of premiums financed through the system has increased substantially. This has allowed us to earn additional income and to focus our efforts on our core business. Staff no longer have to manually process initial documentation or reconcile each transaction payment once financed.’
Nick Elliman, Head of Business Development, Finsure, said: ‘In a soft and highly competitive market, solutions that drive down costs, generate income and deliver competitive advantage for brokers are vital. The software we’ve developed with Open G I ticks all of these boxes and can be tailored to suit individual business needs. In the case of MCE Insurance, we have worked closely together to introduce bespoke changes to further improve workflow / streamline processes.
‘The Open G I solution is tried and tested and has played a major part in encouraging brokers to switch from other providers to Finsure.’
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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
