IPFS News & Updates

Relief for NJ Insureds

Apr 23, 2020

The New Jersey Department of Banking and Insurance (“DOBI”) has recently announced that insureds that are suffering a financial hardship as a result of COVID-19 and who financed their insurance premiums through a premium finance company may be eligible for a 90-day grace period on their installment payments.  To be eligible for relief, insureds must be suffering a financial hardship as a result of COVID-19 and their accounts must have been in good standing as of March 1, 2020.  The relief is not applicable to premium finance agreements entered into after March 1, 2020.  To apply for relief, insureds must fill out and submit a payment deferral request form to Imperial PFS.  If you have any questions regarding eligibility or the relief offered under the Bulletin issued by DOBI, please send an email to NJ-COVID-19-Deferment@ipfs.com.

Benefits for Insurance Agents

Premium financing with Imperial PFS offers benefits to agencies including: immediate commission collection, superior account receivable ratios, reduced billing expenses, enhanced service for your clients, increased annual income, and much more.                          

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Benefits for Business Owners

Financing your insurance premiums gives you the flexibility to use your working capital more effectively. Freeing up capital can allow you to focus on product development, hiring new employees, marketing and other investments to grow your business.                                 

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Benefits for Insurance Companies

The insurance industry is digitally enhancing its purchase and service model to elevate the Customer experience. IPFSDirect is here to help you improve efficiencies to enable easier and seamless interactions across valued touchpoints to deliver a more engaging Customer experience. Distinguish your company from the field, increase new business and renewal retention. 

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