Posted: Wed Oct 31, 2007 9:01 pm Post subject: What do you look for in a premium finance co.?
I was interested in knowing what agents/brokers look for in a premium finance company. Even though I have worked in both PC insurance and financing, I am new to this particular industry. I would like to know what you guys/gals feel are key factors when choosing a premium finance company.
Premium finance companies have become an integral part of the insurance business. Their efficiency in writing loans can actually put an agency into business. Therefore, according to me, friendly behavior and efficiency are the two key features the agent should keep in mind while choosing the premium finance company for his/her clients. _________________ Register Now to have your Insurance queries solved.
My friend, the key word is ‘service'. All that a premium finance company's client wishes is prompt service from the firm. Inefficiency on the part of the company can hinder the smooth functioning of the insurance business.
Another important aspect is transparency. You should be prompt with the insurance quotes and information in order to reduce any friction in future. Take extra care while writing the finance agreement. Any vagueness on your part can lead to misunderstanding among the parties.
Work for your client. You or your business representative should be available during the business hours of the client. In one word, you should be accessible by your client all the time.
However, this business depends immensely on the personal relationship that you develop with your clients in due course. Therefore, reliability is another important deciding factor.
Hi Percy, right 'premium finance' sounds interesting. Premium finance companies are third party entities who forward loans to individuals or companies to help them purchasing insurance coverages. _________________ Register Now to have your Insurance queries solved.
Juanita- Thank you for your sharing what you find as value in a premium finance company.
I guess this question might be related to marketing, but what would you find to be an effective way to get in front of insurance agents that are currently using a premium finance company. I am going to be doing some cold calling to agents that are currently using a competitor and I want to know what you agents think is the best way to get in front of the agents/brokers.
Jay- I am not looking for your services considering I provide the same service and I am backed by one of the largest premium finance companies in the country.
I am concerned with marketing my services to agents and what is the most effective way in doing so. What are agents hot spots that would help me get my foot in the door . If you can share some ideas that have worked for you in the past I would be very open. Jay, what is working for you to get in front of more agents? Your ideas are appreciated.
Posted: Wed Nov 07, 2007 6:53 pm Post subject: Premium Financers
Some things I look for as a CSR:
-Can I pick up the phone and talk to someone quickly? (meaning, if I have a client in front of me and I need to make changes, ask questions, can I do that quickly, before they leave)
-Can I access account information online (24/7 is the way of the world now!)
-One feature I like is a "quick calculator"...if I can go in and quickly figure up payments on each company's website, I don't have to put in all the policy information on each website. Sometimes, I just want that bottom line and I don't want to input companies, pol. #s, etc. Just a "quick quote."
-Is there any incentive for placing business with your finance company? (Such as contingency bonuses, a percentage of total business placed going back as a check made out to a non-profit, etc.)
-When there's a problem, how easy is it to fix? (Do you waive late fees if it's a good customer that slips up one time, things like that)
-Of course, service....are your people friendly and eager to help me out.
When a customer is sitting in front of me, I want to process to look smooth and I want it to be quick. Our best finance companies do a good job and get stuff faxed/emailed to me before I've had a chance to hang up the phone. They also understand that things happen and waiving a late fee now and then or may produce better results down the line.
Flexability is very important to me when it comes to a premium finance company. Because my agency offers a wide variety of insurance products, I would hate to be told that they have a maximum or minimum amount that they will finance. Also payment plans that are not too complicated. Most customers like simple pay plans, when they get too elaborate, people tend to feel like they are being scammed. i am only speaking from past experience
TXlifesettlement- My company does not provide financing on life policies, only property & casualty. We do provide both personal lines and commercial though, which not all premium finance companies offer.
ALSgurl- Thank you for your insight. I am glad to know my company is on board with most of the things you look for in a premium finance company.
I guess my next question is once I know what CSR's are looking for, what is the best way to get in front of the Agent or whomever handles the premium financing. Obviously networking is the best bet, but I will be doing a lot of cold calling (walking into agencies) and I would like to know what is something I can say immediately to have a chance to at least set up an appointment.
sounds interesting. Can someone explain what they do? 
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