KC-based Imperial PFS hopes its new tech improves insurance – Kansas City Business Journal – Kansas City Business Journal

Kansas City-based Imperial PFS has quietly grown into an industry leader in financing for commercial insurance premiums, and is launching new technology it hopes revolutionizes the industry.
Imperial PFS launched a new product called Quivit, which is the first insurance-specific technology for merging document signing and storage with an integrated payment processing system that allows both paid-in-full and financed transactions. It streamlines workflow for insurance agents and makes closing easier for clients.
Herb Chirico, chief marketing officer and senior vice president for Imperial PFS, said Quivit is the result of listening to clients and then spending several years developing solutions to make the process easier for everyone involved.
“Insurance agencies spend a lot of time finding sales and then when they get someone to finally say yes, they have to shift into a mode of actually closing the sale and collecting payment,” Chirico said. “What Quivit does is bring the payment option and all the insurance documentation all together in a single communication, with the ability to help them be efficient and really improve their closing ratio.”
There are situations where commercial insurance comes with a $100,000 premium that needs to be paid up front. The core business for Imperial PFS is helping companies manage their cash flow by providing payment plans for those premiums.
Imperial PFS’s first major insuretech effort was called IPFS Total Pay, which was launched in 2020. It facilitated either full payment of a premium or financing, letting the customer pick an option. Earlier this year, the company launched a product called AndDone, enabling insurers to accept all forms of payment transactions, including wire transfer, credit card, payment plan or cash.
Quivit is the next step forward. It combines all the payment options with the closing documents into one seamless system.
“It’s really about trying to help our customers be more successful,” Chirico said. “It’s probably the most exciting thing that I’ve done in my career, because it’s an opportunity to offer more value to our primary customers. We’re 99% focused on independent agents, but we also have business with managing general agencies and some insurance carriers too. So there is applicability across the board.”
Founded in 1977, Imperial PFS has 28 branch locations and more than 500 employees nationwide.
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