Financeable today announced the launch of an integrated insurance and insurance premium funding solution developed in partnership with Your Insurance and Cloudfloat, delivering what is believed to be Australia’s first end-to-end straight-through processing experience for commercial finance brokers.
For the first time, brokers can originate finance, generate an instant commercial insurance quote, bind cover and offer Insurance Premium Funding (IPF) within a single connected digital workflow, all without re-keying customer information or moving between multiple systems.
The new solution transforms what has traditionally been a fragmented, manual process into a seamless experience for brokers and customers alike.
Initially supporting Commercial Plant & Equipment and Commercial Motor Vehicles over 5 tonnes (including Prime Movers), with under 4.5 tonnes launching shortly, the platform enables customers to receive, review and purchase insurance entirely online.
Three specialist fintechs. One seamless customer journey.
Each partner performs a distinct role within the transaction.
Financeable connects finance origination with embedded insurance, automatically reusing information already captured during the finance application.
Your Insurance automates insurance origination, live quoting and digital policy binding, allowing customers to complete only a small number of additional underwriting questions through a secure online experience.
Cloudfloat embeds Insurance Premium Funding directly into the checkout journey, enabling customers to fund their insurance premium immediately without leaving the purchasing process.
The result is true end-to-end straight-through processing, capturing customer information once and seamlessly automating the entire journey from finance application through to insurance purchase and premium funding. The outcome is less administration, faster transactions and a significantly better experience for brokers and their customers.
Upon policy binding, the entire compliance and fulfilment process is completed automatically.
Customers immediately receive their complete policy documentation, including insurance schedule, tax invoice, Certificate of Currency, Product Disclosure Statement (PDS), Financial Services Guide (FSG) and Duty of Disclosure, whilst broker partners simultaneously receive a Certificate of Currency including the lender’s interested party details, ensuring settlement requirements are satisfied without additional administration.
A new standard for broker technology
The integrated solution enables brokers to complete more of the customer journey from a single platform, reducing operational friction while improving customer experience and increasing opportunities to generate additional revenue.
The launch represents another milestone in Financeable’s vision of creating Australia’s most connected finance origination platform by embedding complementary financial services directly into broker workflows.
Dhiren Shah, Co-Founder and CEO of Financeable, said, “Finance has always been the starting point, but it has never been the entire customer journey. By bringing finance, insurance and premium funding together into a single connected workflow, we’ve removed one of the largest sources of friction brokers face today.”
“Our vision is simple: capture information once and allow it to flow seamlessly through every stage of the transaction. That’s exactly what we’ve achieved with Your Insurance and Cloudfloat.”
Andrew Mason, CEO of Your Insurance, added, “Insurance should feel like a natural extension of arranging finance. By integrating directly with Financeable, we’ve automated insurance origination and policy binding so brokers can deliver immediate protection with minimal customer effort and no unnecessary administration.”
Aleem Habibullah, Founder and CEO of Cloudfloat, said, “Businesses increasingly expect the payment experiences they get as consumers. Cloudfloat was built to put funding at the moment a business is transacting, not in a separate finance application afterwards.
“Embedding premium funding into the purchase journey means cover is no longer a cash-in-bank decision, and the broker’s sale doesn’t stall waiting on one. It also makes small premiums worth funding, which is where the manual process has never stacked up. We’re excited to partner with Financeable and Your Insurance to bring this to market.”