INSURANCE PREMIUM FINANCE SERVICE
Our specialists at AL QASR Premium Finance can help your clients spread the cost of insurance premiums over regular payments.
Apply for AL QASR Insurance Premium Financing and eliminate the requirement to make lump sum insurance premium payments, thus easing cash flows and releasing additional working capital for generation of returns to do more.
Insurance Premium Financing (IPF) is a facility that enables you to pay your insurance premiums in installments rather than in one lump sum amount. IPF is only taken for short term policies, that is, those that are renewable annually.
Examples of such insurance policies:
- Fire and perils
- Motor – Commercial or Private
- WIBA
- Burglary
- Medical Insurance
- Contractors all risk
- Group Life
IPF allows an organization to obtain needed coverage without liquidating other assets or offering up collateral as with ordinary loans. For organisations, multiple insurance policies can be attached to a single premium finance contract allowing for a single payment plan to cover all insurance coverage.
Insurance Premium Finance FAQs
What are the Features of Insurance Premium Financing
- The product shall cover premiums for commercial, vehicle, auto, plant and other major insurance covers.
- Full amount of insurance premium is paid to the insurer
- Up to 11 affordable monthly installments on the loan
- Attractive Flat rate
- No extra fees charged
What are the benefits of Insurance Premium Financing
- Affordable repayments
- Improved cash flow position
- Flexibility in payment options
- No credit appraisal for the facility to be taken up
- Convenient and simple documentation
- Easy application process
- Quick processing time
- No hidden charges or fees
- Competitive pricing
- Turnaround time for payment of premium to the Insurance Company is 48 hours.
What are the requirements for Insurance Premium Financing
- Completed IPF agreement form
- Certified copy of valid Identification
- Financial Card Number and good credit history
- Current cheque and postdated cheques to settle monthly installments
- 2 Passport photographs
- 6 months bank statements
- Copy of National ID/PIN for individual applicants
- Copy of Certificate of Incorporation/ Certificate of Registration for business entities
- Company PIN
- Copy of Memorandum & Articles of Association, Partnership Deed or other constitutive document as per registered entity type for corporate entities
Short Term Insurance Premium Financing for Brokers
Improve your own and your clients cash flow through financing annual insurance premiums, giving you the benefit of upfront commission payments and your client the option of monthly repayments over ten and twelve month Instalments. This financial solution is a seamless alternative so make sure to contact us in regard to your corporate and commercial clients wishing to finance annual premiums.
Insurance Premium Finance FAQS for Brokers
What are the benefits to you, the Broker?
- Enhance your own cash flow by receiving upfront commission.
- No cumbersome paperwork for you, as we take care of the finance agreement for signature by your client.
- Increase your competitive advantage and offer your clients easy instalment payment options.
What are the financial Benefits to your Clients, the Insured’s?
- Improve your client’s cash flow by not only offering them payments spread by instalments instead of an annual payment, but they can also claim their VAT input credit upfront.
- Reduce administration and bank charges for your client through our one-stop payment plan making a single payment for multiple Insurer premiums.
- Provide cash flow certainty through a competitive interest rate that is fixed for the financing period.
- You offer them a specialist finance product for Commercial and Corporate Premiums, with quoted rates and flexible payment options.
What are the IPF requirements for Brokers?
- Your client will be required to sign a Finance Agreement with Al Qasr Investments Limited.
