|
Retail agents have many options when it comes to premium financing.
Agents often have a very traditional relationship with a premium finance company. In a
traditional relationship, an agency can use the service of a premium finance company to provide its policyholders
with the payment terms they need. Often times the submission of a premium finance agreement by an agency involves a
fee paid to the agency for the referral (see note below).
Where name-recognition is important, some agencies like to create affinity with their customers by brand-naming
the finance program. In this case, the agency still submits premium finance agreements to a premium finance company
and still receives a fee but the financing contract and all subsequent documents can have a co-branded name shown
in place of the finance company's name (see note below).
Input 1 provides traditional premium finance services or co-branded premium finance services
with comprehensive internet technology and ultra-responsive customer service through our
gotoPremiumFinance.com
service.
In the most all-encompassing scenario, an agency can form its own captive premium finance company. This requires a
forming a new company, infusing capital and securing a line of credit. Although this requires the greatest commitment
of both time and money, it also creates the greatest profits for the agency. Input 1 has been creating agency-owned premium
finance companies for 20 years. A properly established and administered captive premium finance company can provide significant
profits to a retail agency. Measured in terms of commissions, this scenario can create the equivalent of 2-8% additional
commission income on each policy sold.
With Input 1, if the captive premium finance company route is chosen, the agency can either outsource the operations
or purchase our PBS Premium Billing Software and operate the finance company with their staff.
Click an item below to learn more about the Input 1 Advantage:
(learn more about the premium finance industry)
note: Branding, revenue sharing, incentives, and fees are not allowed and will not be
offered in the state of Texas or in other states where prohibited by law.
|
