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IQumulate Premium Funding is a financial services company specialising in tailored funding solutions for businesses and individuals across Australia and New Zealand. It covers insurance premiums upfront on behalf of clients, educating them on what is premium funding, and the many benefits of using an IQumulate premium funding solution, primarily enabling them to avoid large lump-sum payments. By offering a seamless and efficient funding solution, IQumulate Premium Funding helps clients stay financially agile, offering greater financial flexibility, while ensuring their insurance coverage remains uninterrupted.
IQumulate is built on a philosophy of enablement and empowerment. In its own words, the business “exists to enable people to protect, invest in and grow their business” – a mission it fulfills with a team of more than 70 dedicated staff across Australia and New Zealand.
Primarily, technology is used to develop the systems and approaches that personalise, streamline and automate the experiences it delivers to its clients. If you’re one of IQumulate’s broker partners, you’ll experience this service through the innovative IQEdge portal, an advanced system designed to provide clients with premium funding quotes.
It’s leading-edge services like IQEdge that’s enabling IQumulate to forge genuine and long-term partnerships with over 1,100 broker partners and service over 85,000 business clients.
Tricia Kopka is Head of Operations at IQumulate. She has over 20 years’ experience in leading operations teams across multiple sectors. “IQumulate delivers a valuable funding solution for businesses and individuals who prefer not to pay their insurance premiums upfront,” explains Tricia.
“Premium funding is the final step in the insurance binding process, offered once policies have been arranged. At this stage, clients choose whether to pay their premiums upfront in full or opt for a premium funding loan. A fast and efficient quoting and loan process is essential, ensuring clients can seamlessly manage their cash flow. By providing a smooth and effective funding experience, we empower businesses to focus on growth and delivering exceptional service to their customers. This is what we believe matters most to their business.”
“The most recent developments in one of our key tech solutions, IQEdge, are delivering improved efficiencies, reducing the time it takes to produce an online premium funding quote to under 60 seconds. And these innovations are easier to achieve, thanks to our relationship with Tecala.”
IQumulate engages Tecala via its Automation Membership Program – a flexible and continuous service that enables Tecala to deliver a range of services, on a set monthly fee, across a range of intelligent automation projects.
Tricia Kopka and Wai-Lum Tang head up the Operations and IT teams (respectively) at IQumulate. Working in partnership with Tecala’s Automation, Data and AI team, they’re applying the Nintex K2 technology to transform the way IQumulate services the complex needs of its clients and partners.
“IQumulate is a modern and dynamic organisation that uses leading-edge technology throughout its operations,” explains Wai-Lum Tang. “To ensure our automation projects deliver the best outcomes, we partner with Tecala to unlock the potential of our technology investments.”
Since K2 was acquired by Nintex in 2020, its features have been integrated into Nintex K2 Cloud, further strengthening its process automation capabilities.
“No one knows this platform better than Andrew Blinco,” explains Tricia Kopka. “We’ve partnered with different technology specialists over the years, but too often they’ve had to reach out to Nintex K2 or Microsoft to check and validate their thinking before coming back to us. With Tecala, the process is simple: we ask Andrew a question and he immediately responds with the right answer.”
“Having his expertise on hand at any time is a genuine game-changer for our business.”
While Andrew is always on hand to deliver expertise and insight to the Nintex K2 technology, the Tecala engagement is so broad and multifaceted, it requires reliable, detailed and coordinated management. This is delivered by Chenuli Abeywardena, Tecala’s experienced Business Analyst.
“Chenuli is a breath of fresh air for us,” says Tricia. “She keeps all the processes on track and ensures everything is aligned. We didn’t have a project lead with our previous technology partners, so having her on the team is a key factor to our success.”
Tricia Kopka · Head of Operations, IQumulate
IQEdge is leveraging Nintex K2 and Microsoft technology in its latest Loans Validation and Quoting Process Automation solution enhancements. These new functions integrate directly into the IQEdge system, enabling rapid responses to premium funding quotes and a fast, smooth, and efficient experience for clients. This approach lends itself to driving IQumulate’s vision to be the Premium Funding of Choice in the Australian and New Zealand insurance industries.
The Loans Validation solution is an important enhancement at IQumulate because it enables the business to deal with large numbers of loan applications and transactional data. Each loan application requires thorough validation to ensure all necessary details are correct and meet compliance standards.
The solution is built on cloud native technology Microsoft Azure SQL Server (for data storage and querying) and the K2 Cloud (which delivers the workflow platform and smart data validation)
Further to this, the Regulatory Compliance enforcement processes that are embedded in the process ensures all loans align with financial regulations in Australia and New Zealand.
Tricia explains: “Overall, we’re speeding up the loan approvals process and providing a quick response to our clients. You have to remember, our process only kicks in at the tail end of clients’ customer-engagement timeline, so we must be able to fast-track our responses to their enquiries, so there are minimal delays in their client communications.
The automated loan validation process is enabling us to deliver premium funding quotes to clients in under 60 seconds. And because its designed to reduce human error throughout the entire process, it also mitigates risk to our own business.”
The IQumulate team collaborated with Tecala to assess the manual quoting process, and determined that automating the three key quoting workflows (i.e., renewals, endorsements, and new client quotes) would support its continuous purpose to deliver exceptional customer service.
This solution is built on Nintex Automation Cloud, Nintex K2 Cloud and Azure AI Document Intelligence.
The AI-powered document processing extracts and verifies important loan details, such as the borrower’s business details, other insurance policies, and repayment terms. By automating the process of checking for and detecting errors or missing data, it reduces the amount ‘people-time’ and ‘high-touch involved in the process, thereby improving efficiency and accuracy.
“The impact the new Quoting Process Automation solution is having on our business is significant,” explains Tricia. “Previously, our Administration and Sales Support teams would spend on average 3-5 minutes per endorsement. Considering that we receive approximately 500 endorsements per month, this translates to about 42 hours of processing time per month. The automation of the endorsement quoting process is saving us at least 30 hours per month, factoring in any exceptions that need to be manually adjusted by our internal teams.”
For IQumulate, every minute saved is time reinvested back into delivering exception face to face customer services.
Wai-Lum Tang · Head of Information
Technology, IQumulate
“The relationship with Tecala has enabled us to get the outcomes we need from our automated platforms,” explains Wai-Lum. “They’ve enabled us to develop more streamlined systems and processes that require the manual input of fewer people.”
“By removing so many manual tasks,” continues Tricia, “Our teams are becoming more productive, which means they can handle more calls, engage with clients more effectively, and enhance overall customer experiences.”
“We are deeply committed to idea generation at IQumulate, and we encourage our teams to work on the business rather than just in it. The sales teams can now focus on proactive outreach and marketing, while client services teams can think differently and take on new initiatives.”
“The relationship with Tecala enables us to foster innovation and continuous improvement so we can continue to deliver the best possible levels of service to our clients,” she explains.
Looking ahead, Tecala and IQumulate are continuing to deepen their partnership. Tecala is in the process of implementing a technology roadmap that will coordinate the delivery of new technology to support IQumulate’s business vision.
“We’re starting to have data management and cyber security conversations with Tecala now, as we look for new ways to work together,” says Wai-Lum. “When you have a relationship that is built on the level of honesty, trust and confidence that we have with Tecala, the sky really is the limit.”
Digital transformation is a journey. Many different projects, all happening concurrently, and dependent on one-another for their collective success.
Tecala is the leading Automation, Data and AI specialist, focused on the needs of Australia’s mid-market organisations.
Book a session with one of our Senior Consultants today, and we’ll develop the right Automation Membership Package to ensure these projects are coordinated to deliver the business outcomes you need.
Working in partnership with Tecala’s Automation, Data and AI team, they’re applying the Nintex K2 technology to transform the way IQumulate services the complex needs of its clients and partners.
Working in partnership with Tecala’s Automation, Data and AI team, they’re applying the Nintex K2 technology to transform the way IQumulate services the complex needs of its clients and partners.
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