WOODLAND HILLS, CA., – InsuranceGIG, an insurance technology App Market designed to make buying and selling insurance data and technology faster, cheaper, and risk-free, announced today that it has partnered with Input 1, a leader in billing and payment solutions, to provide, premium financing, and ...
WOODLAND HILLS, CA., – InsuranceGIG, an insurance technology App Market designed to make buying and selling insurance data and technology faster, cheaper, and risk-free, announced today that it has partnered with Input 1, a leader in billing and payment solutions, to provide, premium financing, and digital payment capabilities to its growing market of agency users. “This kind of digital transformation is an absolute game changer for insurance agents. It creates greater efficiencies, bolsters financial position, and improves insurance agencies’ customer experience,” said Michael Lebor, CEO & Founder of InsuranceGIG.
Premium financing and digital payments are high-demand technologies that insurance agencies leverage to deliver affordable installment payment options and a better experience to their insureds. In 2021, the National Association of Insurance Commissioners stated, “on an annual basis, the premium finance industry provided loans to finance approximately $45 billion in premiums for more than 1.5 million policies.” However, those technologies often function as third-party applications. Unless the premium finance technology can integrate directly with an agency management system or core policy admin system, companies must continually develop custom integration solutions, leave their system for another, or continue using the technology in a disconnected environment.
By partnering with Input 1, InsuranceGIG enables its agency users to quote and submit premium financing, collect digital payments within their existing system, and easily automate many of the workflows associated with premium collections. This partnership further streamlines the insurance binding process at the point of sale by eliminating duplication and data entry errors. The result? Agencies close more business faster.
“End-to-end integrations between AMS/Core systems, insurance companies, and premium financing companies rarely exist, which creates efficiency issues for many agencies, especially those small-to-midsized agencies that don’t have the resources for technology integrations,” said Matthew Carnali, VP of Special Projects for Insurance GIG. “We sought out a partnership with Input 1 because they completely understand the relationship between technology and premium financing and have a record of delivering the best technology and customer experience that the market has ever seen. Input 1 shares our vision in making the insurance purchasing process a seamless one that is both agnostic and accessible to everyone”.
“Input 1, through its subsidiary companies, gotoPremiumFinance, and Input 1 Payments, has been at the forefront of insurtech in the premium finance, payments, and billing insurance sector for over 35 years. We’ve built a business founded on the principle of developing the best solutions that allow insurance firms to gain and retain more business”, said Chris Farfaras, Executive Vice President of Input 1. “We are delighted to partner with InsuranceGIG because they share our values and vision for delivering a greater overall customer experience for agents and policyholders. We believe their ecosystem is transformative. Permission-based technologies often present integration challenges that limit their adoption and benefits. InsuranceGIG and its partnership with Input 1 will allow agencies to significantly streamline their workflow and increase their revenue.”
Insurance GIG is an Ecosystem platform for the insurance industry that delivers the connective fabric across disparate and isolated insurance systems. ‘PremFi’ TM, Powered by InsuranceGIG, is directly embedded within Agency Management Systems and core policy admin systems, so agencies will never need to leave their system for Premium Financing solutions again.
Input 1 is a leading digital billing and payment solution provider to North American insurance carriers, MGAs, banks, agencies, and premium finance companies. Our software and cloud billing and payment solutions provide online access to more than one million agents, brokers, and policyholders annually.
Media Contacts:
InsuranceGIG
Matthew Carnali
support@insurancegig.com
Input 1
Petra Canales
Vice President of Marketing
1-888-882-2554
pcanales@input1.com
Premium financing is a method that allows insurance policyholders to pay their premiums in installments rather than a lump sum, making insurance more affordable.
Digital payments refer to transactions made electronically, allowing users to pay for goods and services using digital methods like credit cards, mobile wallets, or online banking.
An agency management system is software used by insurance agencies to manage their operations, including client information, policies, and financial transactions.
A partnership in business is a formal arrangement where two or more parties agree to manage and operate a business together, sharing profits and responsibilities.
Technology integration involves combining different technological systems and software applications to work together seamlessly, improving efficiency and data flow.
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