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ibais User Manual © BA Insurance Systems
Chapter 6
Premium Funding
ibais User Manual © BA Insurance Systems
Chapter 6 – Table of Contents
CHAPTER 6 – PREMIUM FUNDING................................................................................................... 6-1
PREMIUM FUNDING SET UP ................................................................................................................. 6-1Premium Funder Classes.............................................................................................................. 6-1
PREMIUM FUNDING.............................................................................................................................. 6-5Funding a Transaction................................................................................................................... 6-5Funding a Policy Portfolio ............................................................................................................. 6-7Client Enquiries ............................................................................................................................. 6-9
Chapter 6 – Premium Funding
ibais User Manual 6-1 © BA Insurance Systems
Chapter 6 – Premium Funding
Premium Funding Set Up
Premium Funder Classes
Before you start to process premium funding you must ensure that the premium funder class codesare linked to your own policy classes.
To access the Broking Administration screen click on All Options to display the available menu items.
Scroll down the screen to select Broking Administration.
Click on Broking Administration
Chapter 6 – Premium Funding
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The following screen will appear. Click on Premium Funder Classes.
The following screen will appear.
Click Here
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Click on Funding Class to get the list of funding classes
This will update the Funding Class Box.
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The Premium Funder’s Class will now be displayed.
Continue this function until all classes are updated.
Select Submit and the following message will be displayed.
Press OK - the function has now been completed.
Chapter 6 – Premium Funding
ibais User Manual 6-5 © BA Insurance Systems
Premium Funding
Transactions may be Premium Funded in two ways:
1. at the end of policy processing an option is provided to premium fund the transaction, or
2. a number of transactions may be aggregated together for funding in one transaction
Funding a Transaction
At the end of a policy transaction you are provided with the opportunity of premium funding thetransaction. (This is provided the transaction is of a type where premium funding is available).
To premium fund the transaction, make sure the relevant policy data entry is completed and scroll tothe Premium Funding Section.
There is a choice of premium funding companies. The choice is governed by your arrangements withthe funding companies and by their agreement with BAIS.
Chapter 6 – Premium Funding
ibais User Manual 6-6 © BA Insurance Systems
Select a funding company and Submit the transaction. Once the transaction has been submitted,
ibais will log you into the funding company’s web site, transfer the relevant data and place you in the
premium funding screen.
Simply complete the premium funder’s requirements and close the browser.
When the quote is accepted by the client, ibais will receive notification from the funder and the
transaction will be automatically flagged in ibais as being funded.
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Funding a Policy Portfolio
It is also possible in ibais to fund the client’s portfolio in one transaction.
From the Actions dropdown menu in Client Processing select Portfolio Funding.
Select the premium funder.
Select the transactions that you want to include in the funding transaction by clicking on thehighlighted cell. After selection the word Submit will appear you can go on to select additionaltransactions
Chapter 6 – Premium Funding
ibais User Manual 6-8 © BA Insurance Systems
Once the transaction has been submitted, ibais will log you into the funding company’s web site,
transfer the relevant data and place you in the premium funding screen.
Simply complete the premium funder’s requirements and close the browser.
When the quote is accepted by the client, ibais will receive notification from the funder and the
transaction will be automatically flagged in ibais as being funded.
A note about cancelling funded policies:
When a funded policy is cancelled the debtor becomes the funding company automaticallyso that any refund due is sent to the funding company and not the Insured.
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Client Enquiries
Transactions that have been Premium Funded are highlighted in the Client Enquiry and PolicyProcessing function.
If a premium funding quote has been issued on a policy the TYPE column will also include a Q besidethe transaction type.
For example: a renewal with a premium funding quote pending will read Ren Q. It will display inpurple.
The transaction summary will show FUND Q (and funder code )
For example: FUND QCGU
Please Note: If the quote was processed in SBclient the transaction summary will showFUND Q(and number)
For example: FUND Q132
If the quote is converted to a loan the TYPE column will also include an F beside the transaction type.
For example: an endorsement funded through a premium funder will be End F. Both theTransaction Type and Invoice Number are displayed in blue.
The transaction summary will show FUND (funder code and agreement number)
For example: FUND CGU 02049357