As a successful agent, you work hard to package insurance coverage that helps your clients mitigate business risk. But do you work just as hard to help mitigate your clients’ risk associated with inadequate cash flow and access to capital? It is only when you consider the combined business risk your client faces, such as insurance coverage exposure and the financial needs of their overall business, that your agency is elevated to ‘trusted advisor” status.
Did you know that premium finance is the best tool in your toolbox to accomplish this? Simply offering financing with every policy will position you as a full-service agency concerned with more than just coverage and pricing. In some cases, premium financing makes it possible for insured businesses to afford the full and proper insurance coverage they need but might not otherwise commit to buying.
3 Key Premium Finance Benefits for Insureds
- Introduces insureds to a unique lending source that doesn’t draw on existing lines of credit.
- Supports cash flow management.
- Offers a digital payment experience that eliminates the need for your wet signature and having to mail checks.
3 Key Premium Finance Benefits for Agents
- Takes premium collection billing off your to do list. AFCO Direct handles all aspects of premium billing and collecting for both financed AND paid in full accounts.
- Supports renewal retention by providing excellent client services and ease of use.
- May create an additional revenue stream.
Technology innovation is taking premium financing a step further with digital solutions that help overcome barriers in agency bill and premium finance workflows. Traditional agency bill often eats up nearly half of revenue. Traditional premium financing may increase administrative and labor costs. Imagine meeting all your clients’ business risk needs with minimal agency effort. For example, AFCO Direct’s PayMyPremiums payment portal is the only Vertafore integration that maintains agent’s existing invoicing workflows while automatically bundling a premium finance option alongside a pay-in-full option. Without any extra steps. And at no charge.
Contact us to explore ways AFCO Direct can support your agency with payment solutions and financing. If you would like to learn more about premium finance, AFCO Direct offers a continuing education course for agents of all experience levels.
Learn More About Our Vertafore Integrations
About AFCO Direct
For over 60 years, AFCO Direct has proven and built upon its reputation for reliability, stability, and responsiveness to client needs. From pioneering the use of innovative technology to developing efficient processes and exceptional customer service, AFCO Direct today continues to deliver real-world insurance financing solutions that people want and need.