Some details on a new partnership between Premium Credit and CDL;
Premium Credit Limited (PCL), the UK and Ireland’s largest premium finance provider is implementing a new integration with CDL’s insurtech ecosystem, in a strategic partnership move which enables lending decisions to be made and approved in real time, whilst enhancing the customer experience for insurance shoppers within the CDL Strata community.
The new integration will eliminate the gap between the consumer request and confirmation of loan approval, replacing traditional premium finance integrations which often still operate on an overnight batch basis.
Instead, new finance applications will be supported by real-time lending decisions and response handling, and insurance retailers will be able to complete 95% of finance related tasks within the Strata ecosystem rather than moving between systems.
As well as new business, the real time functionality will apply to mid-term adjustments, renewals, cancellations and automated reconciliation of accounts, with a phased roll-out programme already underway. The road map also includes client look-up services and a full premium finance reporting suite available within the Strata ecosystem.
Commenting on the integration, Jon Howells, Chief Commercial Officer at Premium Credit Limited, said: “As a society, we have become used to an increased level of immediacy in everything we do, and the purchase of financial services is no exception. Being the first provider to move to real-time integration with CDL will allow our partners to offer consumers a quicker, smoother, instant experience, through the full policy lifecycle, and we expect around 90% of customers to be approved for finance in real–time.”
At the point of application the integration supports compliance with FCA regulations around anti-money laundering, including the completion of ‘know your customer’ and affordability assessments.
Adam Pickering, Chief Revenue Officer at CDL, added: “We are pleased to bring to market with PCL the latest update to our market-leading CDL Strata platform, which is built on the premise of delivering faster, simpler and more elegant customer journeys for consumers and enhanced operational efficiency for retailers. This is another significant step forward in this space.”
Be the first to comment