It’s no secret that thousands of brokerages out there are already offering a number of insurance products and services to their clients. Starting their own premium funding company can fit right within their business model easily and allows them to offer competitive payment terms based on individual needs. This would make all the difference in whether a deal is sealed or not.
Moreover, an agent will know about the needs and financial means of a policyholder better than anyone else. By forming your own premium funding company, you are able to manage your business the way you want.
The FlexiFundIt Premium Funding Software is a unique, intelligent cloud-based software program that incorporates all the systems, procedures and documentation you need to run your own premium funding company.
Consider a scenario where you’re placing a number of financed policies in each week, a month, and a year. This will help to increase your business income and help you build the value of your company for the long run.
Premium financing works in a way where a qualified borrower will access third-party financing to pay for large insurance premiums. When you sign a finance agreement, the insured agrees to have the premium funding company advance the annual premium to your brokerage on their behalf. Then, the insured is provided with a payment plan from your company that includes premium and interest payments.
There are plenty of benefits when you run your own premium funding company, one obvious benefit would be generating income. Your company generates income by borrowing money at a certain interest rate from the bank or private investor and lending money at a higher interest rate to policyholders who are looking into financing options. The profits you make from premium financing can also include late fees and other incidental charges. If you’re committed to promoting financing transactions, the proper financial modelling will help you generate a diverse portfolio of premium financing loans and produce a considerable return on the investment.
No matter how large or small your company may be, you’ll find it easy to use FlexiFundIt’s Premium Funding Software. Our software is well suited to the Insurance industry and is designed to manage and automate key activities in your business such as;
- Financial Agreements
- Calculation of Funding Requirements
- Managing payments from your clients
- Daily Accounting & Administrative Tasks
- Supplying Quotes
- Creating Loans
- Creditor & Debtor Management
The software arms you with all the tools and features you need to start or run your existing premium funding company.
Other benefits of FlexiFundIt’s Premium Funding include:
- Achieve greater income streams from your existing client database compared to just outsourcing your premium funding to third-party finance companies
- Attract new customers by providing flexible and easy payment solutions designed to work with their cash flow
- Improve client retention by providing diverse and flexible payment options
- Your premium funding income becomes a new asset adding further wealth in you and your business
- Create new premium funding opportunities within your own business. This means premium funding is no longer just an add-on, it’s now a way you manage your Debtors and power up more income.
Software Features Include:
- All-in-One System
- Mobile Access
- Multiple Branches & Users
- Electronic Interface with Third Parties
- Reporting Systems
- Flexible Payment Method for Clients
- Technical Support
When running your own premium funding company, you must be reminded that you’re placing your own capital at risk and you directly control the insurer you’re working with. If you’re willing to risk your own capital in anticipation of a bigger financial reward, you’ll gain better control over your insurance program. Your benefits will also include stabilised pricing and availability of insurance and improved cash flow, attaining a broader coverage.
Is premium funding what your business needs to grow? For more information about what our software can do for your business, get in touch with the FlexiFundIt team to get the answers you need.