Premium Funding says its “game-changing” Pay By The Month facility has been a big hit with brokers since its launch in April last year.

More than 200 brokers and authorised representatives have adopted the facility, with many doubling their premium funding commissions, Premium Funding Director Ross Hayward says.

About 350,000 clients have been offered the monthly payment option on their invoices in transactions worth $1.1 billion in premium.

“It’s been a sensational 12 months working with brokers who understand the benefits of technology,” Mr Hayward said.

“They are making smart business decisions rather than relying on old-school ways of working.

“The insurance industry is going through a shake-up right now and brokers who don’t adapt and use technology as a tool to cut costs or increase income are going to lose out.”

The Pay By The Month facility calculates the monthly payment for insurance policies with a click of a button.

It is offered as an option on invoices and spares brokers the time-consuming effort of preparing separate funding contracts or handling the returned paperwork and passing it on to funders for processing.

The facility is available to brokers with the Ebix-owned WinBEAT broking system.