smart11 is an insurance premium financing service addressed to Insurance Agents. It allows the Clients to pay for their insurance in low monthly instalments, while Bacca pays the insurance premium for the entire year in advance. This service allows for financing every property insurance policy, with specific focus on insurance policies of all insurers. Upon insurance purchase, the Client concludes a separate contract, allowing the Client to pay in instalments. Smart11 generates clear benefits for the Client, Agent and Insurer.
The Smart11 loan agreement stipulates that Bacca pays the insurance premium directly to the insurer, while the Client accepts a monthly instalment plan. Low instalments are collected automatically from the Client’s bank account. The Client is regularly informed about the progress of contractual repayments. We use convenient means of electronic communication to inform the Client about the repayments and agreement on an ongoing basis.
smart11 - benefits for the Client
The cost of insurance is often prohibitevely high for the Client. With the instalment schene, the Client may select the scope of insurance coverage addressing the Client’s real needs. The cost of insurance is spread over the entire year, allowing the Client more flexibility in the household budget management.
With smart11 the Client may acquire several insurance policies in parallel (e.g. a car, property, and accident insurance policy). Bacca pays for all policies and the Client receives one aggregatedinstalment plan.
smart11 is convenient and client-friendly:
the actual cost of smart11 is lower than the cost of instalments offered by most insurers
the service level and Client’s rights are guaranteed by a transparent loan agreement
- the first instalment payment takes place 3 weeks after the agreement conclusion
- further instalment payments are made via either direct debit or recurring card charge
- we use low-cost and convenient means of communication (SMS messages, e-mails) to communicate payments and inform about upcoming due dates
smart11 is renewable just like an insurance policy, while loyal Clients are entitled to lower prices upon renewal of the contract
smart11 - benefits for the Agent
Clients often limit their insurance purchases due to , lack of cash at the time of purchase. Smart11 is a tool helping the Agent to sell a wider insurance package. The process of closing the smart11 contract is matched with the sale process and duration of an insurance policy. The Agent guarantees proper settlement of insurance premium with the insurer and renders a convenient repayment plan. smart11 allows the Agent to collect the transaction fee from the insurer upfront, contrary to the standard (half-yearly and quarterly) instalments offered by insurers, where the fee is paid in proportion to each instalment. smart11 service is delivered by Bacca – an entity independent from financial institutions and multi-agencies.
smart11 supports the Agent:
- in finishing the insurance purchase transaction by the Client• we always promote the Agent while communicating with the Client
- through the sale process of insurance premium financing that is maximally adjusted to the sale process of insurance policies
- by offering, for the first time in the EU, the implementation of authorisation to verify payment history by a return SMS message
by providing marketing support to the Agent – in case of renewals and new clients acquisition
smart11 for the Insurer
smart11 helps the Client purchase a wider insurance package and pay for the protection in advance for the entire year. This makes it easy for the insurer to settle the insurance premium because the payment details are registered by the cooperating Agent, while the payment is made on time via bank transfer with the use of professional Bacca systems. Owing to smart11, the insurer limits the credit risk and costs of payment handling.