4 Things Your Premium Finance Partner Should be Doing to Make Your Life Easier
By: Jessica Motyka, Business Solutions Analyst, BankDirect Capital Finance | Posted: 9/8/2021
"It is literally true that you can succeed best and quickest by helping others to succeed." – Napoleon Hill
Your business is your life. If you’re willing to put in the long hours, the stress, the commitment, and the sacrifices of building up a successful insurance agency, then it must be your passion. And passion is what makes life worth living.
Your commercial clients rely on you to help them protect their passion too. Partnering with you should be one of the best decisions they make for their business. Helping them to succeed and feel safe translates into the kind of customer loyalty you aspire to achieve.
You deserve to have a partner for success too. The right premium finance partner will always listen and work directly with you to strengthen and enhance your relationship with your insureds.
Here are FOUR things your premium finance partner should be doing to make your life easier (and help you succeed at the same time!)
1. Process the Loan
You’ve worked with your client and found the best possible coverage for them. Now you need to find them the best possible premium finance partner. A partner that, first, offers a technology platform that is intuitive and easy to use in generating a premium finance agreement. Second, a partner that provides competitive rates and terms that are agreeable to both you and your insured.
Once the agreement is finalized and the insured has paid the down payment, your premium finance partner will then activate the loan and fund the loan proceeds accordingly. Plus, they will generate all the required statute notices. How easy is that?
2. Process the Payments
Now that your insured’s premium finance loan is set up, they are going to need to start making monthly payments. It’s likely they will want options, so your premium finance partner needs to offer a wide variety of payment methods.
The insured should have access to paper and/or electronic invoices. Do they want to set it and forget it? Automatic payments from either a checking account or with a debit/credit card will do the trick. Are they not sure exactly where the payment will be coming from on a month-to-month basis? They’re going to need the ability to make their installment in whichever way their current situation dictates. One-time payments made as an e-check, credit/debit card, money order, cashier’s check, wire transfer or paper check should also be available. Consideration must also be taken in the creation of user-friendly phone and web portals.
Your premium finance partner needs to ensure you have all the options for your client’s payment needs. They will spend time and energy to comply with all regulations, issue invoices and other loan notices, keep up with changing technology, and offer a knowledgeable and empathetic team that is available over the phone or electronically to answer questions, explain any details of a loan, and work with your client when they need any help or reassurance. How easy (and amazing!) is that?
3. Service the Loan
The responsibility of servicing a loan throughout its term is an on-going mission that can either go smoothly or hit a few bumps along the way. Your premium finance partner should have a reputation for outstanding customer service. What should a high caliber customer service relationship feel like? It should feel like calm in the face of anxious customers worried for the future of their insurance, their business, and their whole livelihood. Some businesses are seasonal, some have unexpectedly large expenses pop up, and some, especially in the wake of a pandemic, are just struggling to open their doors every day.
Your premium finance partner should lead with their heart. Not just look at this as another transaction. They should listen to your insured and do what they can to meet their needs. They should pride themselves on doing what they can to keep a policy in force. For example, an agency partnering with BankDirect Capital Finance, had this to say recently, “Through the pandemic, BankDirect has shown compassion and worked to keep my insured’s policies active and dreams alive.” How easy (amazing and heartwarming!) is that?
4. Make YOU the Hero!
Nobody wants a business partner that takes all the credit when situations are good and shifts blame to you when times get tough. Your premium finance partner will make your agency the HERO in all scenarios.
And it’s in the little things.
1. The opportunity to put your agency’s logo and colors at the forefront of the premium finance partner’s communications to your insureds and on the web portal they go to make payments and view their account.
2. The ability to customize reports to help you make the most out of your business position.
3. Access to a distinctive portfolio of efficient and state of the art technology tools.
4. Integration to reduce mouse clicks, reduce repetitive input, and increase your EASE.
Your success should be paramount to your premium finance partner because they should understand that their own success hinges on yours! How easy (amazing, heartwarming, and unparalleled) is that?
Your premium finance partner should simply make your life easier and be a value-added service that you’re proud to present. For the extra flexibility they offer regarding both cash flow and accounts receivables. For the compassion and care they provide in the best and worst of times. And for the tedious job of regulating, managing, documenting loans, and tirelessly working with each unique insured’s situation.
For more information or to request a FREE infographic with 4 Ways Your Premium Finance Should Be Making Your Life Easier, email [email protected].
Jessica Motyka – Business Solutions Analyst at BankDirect Capital Finance, a leading premium finance provider. My professional passion is making sure the sales team has what they need to present and achieve excellence for our valued clients. My personal passion is being part of a local performing arts theater company.
MORE ABOUT BANKDIRECT:
Aspiring to excellence in premium finance, we listen closely and work collaboratively to meet the needs of both our agent partners and their insureds. Keeping integrity at the heart of our company guides us in cultivating relationships of mutual trust and respect. As one of the largest commercial premium finance companies in both strength and expertise, our passion is to deliver value beyond our competitive rates and terms and to make premium finance the easiest part of your day.
Follow us on LinkedIn: https://www.linkedin.com/company/bankdirect-capital-finance