INTEGRATED PREMIUM FINANCING FOR INSURERS

At Bacca we have developed a unique, at both national and international level, cooperation model with insurers, enabling them to offer insurance in monthly instalments. The instalment payment system is available directly in the Insurer’s system, while the Client does not sign any additional contract for financing the insurance premium. The service is fully integrated with the sale and settlement process. With Bacca integrated system, the insurers obtain an innovative sales tool that supports building a more profitable portfolio and limits the costs of payment processing and monitoring.

Integrated insurance financing provides value to the Insurer, Agent and Client.

The Insurer receives a one-time insurance premium payment for the entire year, while Bacca takes over the Client’s credit risk and cost of settlements with the Client as well as responsibility for monitoring and communication regarding payments. The Agent offers insurance protection quoted in low monthly instalments directly in the Insurer’s system. No additional contract is required to to offer instalment payment, whilethe client is covered by insurance protection throughout the duration of the instalment scheme. Insurance events are handled as previously – through the Insurer. All processes related to insurance premium payments are outsourced to Bacca.

We have introduced the integrated instalments solution for  the Insurers in response to the expectations of our Clients and Agents, who wanted to have access to friendly monthly instalments without the necessity to conclude contracts with third entities and work within external IT systems. The integrated model allows for presenting monthly price of the insurance premium directly in the insurer’s system interface The entire process of the Client’s acceptance of the instalment scheme uses the same data fields as those required by the Insurer for the insurance quotation. Thanks to this, the Client’s decision to enter into the instalment scheme is known to the Agent at the very beginning of the sales process. This system allows  the Agent easily upsell additional insurance products and features as the incremental increase of the monthly expenditure is more acceptable from client’s perspective than in case of the yearly lump sum settlement.

At Bacca we have developed competencies with respect to  mass settlements of insurance premiums with Clients and Insurers. We use modern API to report sales, repayments and contract status. We have developed mechanisms for collecting and monitoring repayments and settling premium refunds with Clients. The Insurers cooperating with Bacca gain access to advanced settlement technologies and a professional partner facilitating sales and settlements.

Furthermore, we gradually develop InsurTech projects, which expand the opportunities for risk limitation and profitable growth of insurers. The Insurers cooperating with Bacca have access to solutions limiting insurance risk (BRI), eliminating cash transactions from the agency, allowing for the use of personalised videos in communication with their Clients (renewal videos), and insurance telematics solutions (telematics).

When talking with insurers, we understand their needs and we can adapt our solutions to help each insurer implement its goals.

The unique combination of  experience, flexibility, easily adaptable solutions and clear advantages to our clients result in the gradual increase of demand for our services among the participants of  the insurance market.

We use cookies in order to facilitate the use of our site. Using the website without changing the settings means that you accept the receipt of cookies. If you don't want cookies to be saved to your drive, you can change your browser settings at any time. To find out more click here.