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EMI – Easy Monthly Installments Q&A

October 18, 2013

EMI – Easy Monthly Installments

Q&A
Q – Can I receive an EMI payment plan through FIRST CONNECT partners like Totten, South Western Group or Creechurch?
A – Yes, if the brokerage has activated EMI on their account the brokerage will automatically receive an EMI eligible premium finance contract. Brokers can activate their EMI option by emailing us at clientservices@firstinsurancefunding.ca.

Q – At what stage would I select the EMI option for my client?
A – During quote creation you will have the choice to turn it on or off. If you have selected it to be on during quoting and the client decides to not have it you can also turn it off when submitting or at any time after the contract is live.

Q – If a client is on EMI, will a down payment amount still be required on the renewal?
A – Yes, a down payment will be calculated on renewal based on the revised premium amount. The EMI installments received will be applied to the down payment. If there is an additional amount owing it will be due on renewal, if there is excess then it will be applied to the next monthly installment.

Q – If the client decides mid-term that they would like the EMI turned off, is that possible?
A – Yes, the client or broker can turn off the EMI option at anytime.

Q – We would like to add the EMI option for all our client’s. Can this be done or do we need to do each one individually?
A – EMI can be activated for the brokerage and when the client is ready for renewal you can select the EMI option for your client. EMI will begin for that renewal period. A new signature is not required from the client.

Q – If our brokerage has a portfolio on the Policy Bill Platform is EMI available?
A – EMI is activated by brokerage account, so yes it is available for all portfolios on the Policy Bill Platform.

Q – If an insured is put on EMI, then they decide not to renew, how is the money refunded & how long does it take to get the installment(s) returned?
A – If the client does not renew the money is sent back to the clients account via direct deposit 60 days after renewal or within 5 days of the client or broker requesting it.

Q – Do we require a signature for each client we want to renew with EMI turned on?
A – If you wish to have EMI on for a client you do not require a signature from the client on renewal. A down payment will be calculated each year based on the revised premium amount. The EMI installments received will be applied to the down payment. If there is an additional amount owing it will be due on renewal, if there is excess then it will be applied to the next years installments.

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Clients have the option to pay in full, choose a monthly payment plan, or settle by credit card on your website.
"We are now able to give our clients the premium finance options that they requested by utilizing a user friendly platform..." Read