Andy Roderique of IPFSDirect explains what 2024 has been like for the company and what lies ahead for the industry.
“Having a partner committed to addressing essential business needs will become increasingly important.” Andy Roderique
What has the past year been like for IPFSDirect?
The past year has been a period of exciting opportunities and new challenges for IPFSDirect. As a business unit of IPFS, we are committed to a technology-forward approach that implements new efficiencies to help agents, underwriters, and insurance companies transact effectively. This commitment is balanced with our dedication to providing the exceptional service our clients have come to expect, even in a challenging environment.
That balance allows us to continue growing our partnership with insurance companies, underwriters, agencies, and insureds in the beginning stages of coverage, helping create and maintain positive relationships for everyone involved. The last year has shown us that this approach to business is what the industry needs to continue moving ahead.
What does IPFS offer that makes it unique?
Our One Platform approach, which combines our 47+ years of industry experience in premium finance with powerful payment solutions for the modern insurance world, helps to set us apart. With our client relationships at the forefront of all we say and do, IPFS provides unprecedented flexibility in our offerings.
We make it easy for our partners to offer their insured customers options for handling their transactions, such as paying in full or in instalments. Our custom-branded payment pages, unique payment links, and integrations provide support and visibility for our partners, who can extend our investment in new technology to their businesses.
Are attitudes towards technology changing enough?
As we navigate a world of advancing technology, insurance customers are increasingly looking to their carriers for a seamless experience. In our industry-wide discussions, we’ve learned that carriers are eager to leverage every available technology for more efficient insurance transactions. At IPFS, we’re not just keeping up, we’re leading the charge—ensuring our solutions are always in sync with the latest tech trends.
There is a growing demand for user-friendly experiences that align with an organisation’s digital maturity timeline. At IPFS, we understand the challenges that can arise, and we work diligently to listen to our clients and understand their needs at the carrier, underwriting, and agency levels.
Do you foresee the hard market continuing?
If we have learned anything over the last few years, it is that the market can, and will, be unpredictable. In the short term, forecasts seem to point to a continuation of the challenging market we have been experiencing. Insurance carriers and their distributors will look to streamline as much as possible as we navigate the complex market together.
Our innovative technology and commitment to providing a legendary experience ensure that we can offer premium financing and meet our clients’ pressing business needs. We assess quotes individually to evaluate rates, determine down payment and instalment structures, and support carriers and insureds through a single platform that streamlines the entire operation.
What are your insured clients most worried about?
The biggest concern for insured customers is stability and options. We repeatedly hear this from our carrier partners and understand what it means for our clients and their insureds. Insureds need to feel confident that they can obtain and maintain proper business insurance coverage. They are looking to their carriers to provide solutions to make that possible for them in the long term.
What are they most confident about?
Insured customers who purchase insurance from carriers that strategically partner with companies such as IPFS to help make coverage possible will feel confident in the stability of their policies. The IPFSDirect team works with our carrier partners to provide the tools, solutions, and resources that make this reassurance possible.
What are the major elements to focus on in 2025?
2025 will be another big year for growth in the industry. With a continued focus on advancing technology platforms, carriers will look to streamline operations further and see how to do more with less. Having a partner committed to addressing essential business needs will become increasingly important as we walk into the new year together.
About IPFSDIRECT
IPFSDirect understands the significance of helping agents, underwriters, and insurance companies provide the best possible experience for their insured customers and is committed to helping them achieve that goal by offering the tools and resources needed to conduct business efficiently.
IPFSDirect is an all-in-one platform that serves insurance carriers and distribution partners. We facilitate payments, processes, and solutions and leverage technology to streamline communications to provide an enhanced experience for insurers and insureds, all in a single platform.
Andy Roderique is the assistant vice president of IPFSDirect at IPFS. He can be contacted at: andy.roderique@ipfs.com
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.