Premium finance provider Prompt has launched a new internet-based system for brokers and insurers that it claims will cut administration costs by up to 30%.
The premium finance house will open up its commercial lines premium finance back office to its broker base, with a similar personal lines application becoming available within two months. The new offering, called i-Prompt, is free to brokers, intermediaries and insurers.
Chief executive Bob Golden said the company has spent a total of £5m over the last four years developing the application.
Golden said: "We believe this is the first time a premium finance company has provided such a system to brokers and it will eliminate the re-keying of information."
He added that brokers who have tested the system believe it will reduce costs by up to 30%.
Originally, Prompt contemplated charging an access fee, but relented in a bid to generate greater volumes of business from the broker community.
Prompt will also load up to seven years of customer information into the system to let brokers target a wider potential market.
The premium finance company will distribute details of the service along with several thousand copies of insurance trade newspapers. Each company using the system will be given its own unique password for every member of staff.
The company also claims to be at an advanced stage of negotiation with a total of 20 insurers and brokers to become the sole provider of their premium finance facilities.