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OUM’s New Premium Financing and Payment Processing Company: Imperial PFS (IPFS)

Last revised: 12/20/2022

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We’ve partnered with a new payment processing and premium financing company, Imperial PFS (IPFS). IPFS is the industry leader in commercial premium financing. They provide short-term loans for businesses and individuals to obtain insurance coverage.

We will transition policies to IPFS throughout the next year. When it comes time for your next renewal, you will be transitioned to IPFS!

By partnering with a premium financing company like IPFS, we are better able to focus on what we do best: protecting you!

How to Contact Imperial PFS (IPFS):

About Imperial PFS (IPFS)

IPFS provides short-term loans for businesses and individuals to obtain insurance coverage. IPFS offers valuable benefits for OUM policyholders, including:

  • Recurring autopay for credit card payments
  • Variety of payment plans, including monthly
  • Receiving invoices (and reminders) electronically
  • Fully online process for faster service

What to Do When It’s Time to Renew

Email RM Quick Pay
1. Receive renewal offer from OUM (via mail or email) and alert us of any practice changes in the past year. 2. Get your risk management discount (if applicable).  3. Go to the Quick Pay page on OUM’s website and enter your information. 
Payment Plan Sign Agreement Submit
4. Select a payment plan from Imperial PFS (IPFS). 5. Sign your Premium Financing Agreement (PFA) with IPFS. 6. Submit down payment to IPFS and any payment due.
Confirmation COI Payment
7. Receive a confirmation email from IPFS. 8. Receive Certificate of Insurance (COI) from OUM. 9. Continue paying any installments based on the payment plan selected.

Please note: if you owe any final payments on your current policy term, you may be taken to DocuPhase Solutions (previously Clearwater Payments) to complete an existing payment prior to renewing.

Frequently Asked Questions

General

Who is Imperial PFS?

Imperial PFS (IPFS) is the industry leader in commercial premium financing. They provide short-term loans for businesses and individuals to obtain property and casualty insurance coverage, thus freeing up capital and allowing them to obtain appropriate insurance coverage.

What are the benefits of partnering with IPFS?

Partnering with IPFS will result in some valuable benefits for our policyholders, including:

  • Recurring autopay for credit card payments
  • Variety of payment plans, including monthly
  • Receiving invoices (and reminders) electronically
  • Fully online process for faster service
Why did OUM make the decision to change payment processing companies?

IPFS offers a better and easier payment processing experience for our policyholders. In addition, they offer premium financing options that can assist our policyholders by giving them flexible repayment options that fit their individual situation.

Payments

What payment plan options are available to me through IPFS?

Payment plan options with IPFS include:

  • 1-Time Payment: Pay balance in full (by ACH or credit card)
  • 2 Payments: 50% down payment due immediately and remaining balance due in 90 days
  • 4 Payments (quarterly): 25% down payment due immediately and 3 remaining payments due 90 days apart
  • 6 Payments: 16.66% down payment due immediately and 5 remaining payments due 60 days apart
  • 12 Payments (monthly): 8.5% down payment due immediately and 11 remaining payments due 30 days apart
Can I make a payment by phone?

Yes, if selecting to pay your annual premium in installments, payment can be made by calling IPFS at 877-218-3123. To pay the down payment by phone, go to the OUM website first to get to the IPFS Payment tiles, then click the "Invoice Me Now" option, and then call IPFS to make the payment.

PLEASE NOTE: By choosing to pay the down payment by phone, you will be required to speak with an IPFS customer service representative and there will be a significant delay in processing, as well as an additional cost of $15.

Any payments or payment plans can be paid on the IPFS website or through OUM's Quick Pay page.

Does IPFS charge a convenience fee?

For credit card payments, there is a processing fee of $5 or 2.99% of the installment amount (whichever is greater).

For down payments made by phone, there is a fee of $15.

Does IPFS charge late fees?

Late fees vary by state, but typically the late fee is 5% of the installment amount.

If my policy is canceled, who will I receive the overage from if there is money due back?

For a majority of cancellations, IPFS will send refunds back to the policyholder. If a policyholder selected the pay in full option (rather than financing), the return payment will be sent by OUM.

Who should policyholders send their payments to?

Policyholders will need to make payments directly through IPFS. If an agent is completing payment on behalf of a policyholder, they will also need to make payments directly through IPFS.

Making payments to IPFS can be done by going directly to the IPFS website, going to the OUM Quick Pay page, or logging into the OUM portal.

NOTES:

  • Even if a policyholder chooses to pay by going through the OUM Quick Pay page or the OUM portal, the policyholder will be taken to the IPFS website to complete their payment.
  • If a policyholder is paying in full by check, send the check to OUM at P.O. Box 2261, Memphis, TN 38101 and include the policy number on the check. If a policyholder is paying with a check for down pay or installments, send the check to the address listed on the IPFS invoice.
We have a practice with multiple doctors, who do we pay?

If there are multiple doctors in a practice, there may be different renewal effective dates. OUM policyholders are transitioning to IPFS based on their individual renewal date. Going to the OUM Quick Pay page or logging into the OUM portal will direct you to the correct payment company.

I’m an office manager and I complete payments for multiple policyholders at our practice – what do I need to know?

You may need to pay with two different payment processing companies until this transition is complete. Each policy will transition at the time of the renewal, so it’s possible that the doctors at your office will renew at different times throughout the year.

  • If you’re completing a payment for a doctor who still has remaining payments on their current policy: you will pay through DocuPhase Payment Solutions (previously Clearwater Payments).
  • If you’re completing a payment for a doctor who is renewing: you will pay through Imperial PFS (IPFS).

NOTE: When you go to the OUM Quick Pay page or log in to the OUM portal to make a payment, you will automatically be directed to the correct payment processing company based on the policy number you enter.

Finance Agreements

Am I required to personally sign the finance agreements or can an agent sign on my behalf?

No, an agent can sign on behalf of a policyholder.

Will I receive paper copies of my agreements and invoices?

When a policyholder makes their initial down payment, they are auto-enrolled to receive future notices and invoices via email. The down payment invoice will not be mailed. During the e-sign process, the policyholder can deselect a box asking if they would like e-forms, which means they will receive statements by mail.

When it comes time for my renewal next year, will I need to sign another finance agreement or does that carry over year-to-year?

Policyholders need to make a down payment and sign another finance agreement each year. IPFS finance agreements are short-term loans and a new account number will be generated each year.