Premium Card is a unique offering from Imalia.
Like all Imalia products, we put a gender lens through product creation, design and delivery to ensure that women’s needs are front and centre of all that we do. 72% of all household spending is performed by women including the purchase of insurance. This includes obtaining insurance quotes and purchasing for their own insurances as well as insurance for their families (children's cars, family health, travel etc)
We all buy a range of insurance products from different providers throughout the year. Often times these insurances fall due at inopportune times (straight after Christmas, just before an overseas trip or a time when a lot of bills are due). Similarly, a woman starting out in her new business may only be given a small business credit card limit because she is a start-up. The last thing she wants to do as a start-up, is spend the business credit card limit on all the Insurances she needs to purchase, and subsequently lose an ability to use the capital on the card for growing her business through purchasing valuable resources or product.
Premium Funding has always been available to business clients as a convenient way for businesses to manage cash flow for insurance placements. The cost is traditionally spread over a 10 month period, at very competitive interest rates, depending on the amount funded.
Premium funding has not been traditionally available to the general population unless they go through a broker for the placement of their insurances and even then, many brokers may not refer their clients to a premium fund solution, if the policies are seen as retail products (home and contents, motor etc.).
Clients can pay by the month with certain direct insurers (NRMA etc.) but this may incur an additional cost of around 10-12% on top of the annual premium. Some insurers may simply charge a higher premium if paying by the month compared with full annual payments made by credit card or BPAY.
If you are using multiple insurers for a myriad of insurance products throughout the year, this can be a cumbersome and time consuming process. You need to keep track of where all your insurances are placed, where the documents are and where you are up to with your repayment schedule with each different insurer.
A woman could purchase the following insurances throughout the year:
The prospect of paying an annual insurance premium in one hit can be daunting, particularly if the due date coincides with other bills or large expenses. However, a premium funding option can make life a lot easier and help ensure cash flow won’t be impeded.
If you are interested in Imalia's My Premium Card, we request that you register you interest by clicking on the button below. You will then be redirected to a landing page where you will be asked to submit some basic information that will enable us to understand your needs. We will then contact you directly.
© 2023 Imalia Pty Ltd
Suite 1802 | 45 Clarence St | Sydney, NSW, 2000, Australia
Financial Services Guide | Family and Domestic Violence Policy | Financial Hardship | Design and Distribution Policy | Vulnerability Policy | General Advice Statement | Privacy Policy | Complaints
ABN 41 147 857 878 | AFSL 451867