Premium funder Attvest Finance is rolling out a streamlined premium payment service for brokers following a successful pilot program.

ATTassist provides brokers with a third-party service to follow-up on payments, taking an often unpopular job off their hands and minimising any awkwardness in client relationships.

“Brokerages do not always have adequate resources allocated to successfully collect these funds and the task often falls on those who aren’t properly equipped to do so,” Attvest MD Johan Steyn said. “This isn’t optimal from a business outcomes perspective.”

Mr Steyn says the firm brings specialist expertise to the service, which dovetails with its core premium funding business.

“Our staff are professionally trained to collect on new premium payments and outstanding funds in accordance with the latest regulations, making use of the latest technology and in the best manner possible for the client,” he said.

ATTassist also provides clients with multiple repayment options and encourages more monthly payments.

“Clients who pay on a monthly basis have a higher retention level with brokers than those who pay annually because large yearly payments prompt people to shop around at the renewal period,” Mr Steyn said.

“We convert more clients into monthly payments because we explain what the benefits are for their working capital and cashflow constraints.”

Attvest aims to roll out ATTassist to at least 50% of brokers over the next 12 months.