Insurance technology group Ebix says it has enabled a pay-monthly premium funding option on its broking systems.

It says the change eliminates manual steps and allows invoices and statements to automatically include an insurance funding payment option. Previously, a separate contract was required.

“This delivers efficiencies to brokers, their clients and the associated funder, as well as substantially increasing the volume of premium funding quotes,” Ebix COO Simon Agar said.

The Pay Monthly module is available for WinBEAT and CBS, and will roll out later this year for eGlobal and Ebix Evolution.

The module, also referred to as background funding, must be initiated by the funder to be implemented, Ebix says.

It is supported by Premium Funding, Attvest, Centrepoint Alliance (Bank of Queensland), Elantis, Hunter, Macquarie Pacific, Principal and QPR.