General Agents & Wholesalers

gotoPremiumFinance offers the most complete premium finance solution for MGAs and wholesale brokers with flexible payment terms and software integrations that save time.

Managing general agencies, general agencies and wholesale brokers frequently have no control over the financing of the policy premiums that they sell.

However, as the industry continues to mature, more wholesale entities are playing a role in the referral of premium finance agreements.

Solutions

Our program can provide wholesalers with the means of directing and participating in the premium financing transaction. In these arrangements, the wholesaler directs its agencies to use “its” financing program (rather than agents making their own decision about which finance company to use).

An important component of premium financing is ease of use and financing at the wholesale level is more effective when integrations are in place and every insurance quote is accompanied by a signature-ready premium finance agreement. This facilitates ease of use for the retail agency and often leads to a higher “hit-rate” on wholesaler-directed premium financing.

These types of programs are often very successful when the wholesaler has a broad agency base of smaller retailers. Retail agencies will take advantage of easy to use financing with competitive terms. Additionally, due to the larger relationship between the wholesaler and the finance company, the small broker will receive a level of attention and service they may not be able to command otherwise.

Private Label

Where name-recognition is important, some wholesalers prefer to create affinity with their agencies and policyholders by branding the finance program.

The wholesaler still directs its retail agents to submit new business to the premium finance company and the wholesaler still receives a fee but the financing contract and all subsequent documents will have a private label branded name in place of the finance company’s name.

Key Benefits

• Increased Hit Ratio
  

  Offering a convenient payment plan with each insurance quote can increase the number of policies sold. A broker will see the value in a complete offering instead of leaving the billing terms unfinished and requiring further work.

• Seamless Process

  By creating an integration with your policy management system a finance agreement can be produced with every quote with no additional keystrokes. If a system integration is not feasible, our online quoting system can used to produce a finance quote quickly and easily.

• Improved Retention

  Our generous cancellation cycle, online cancellation hold feature and online payment option provide your company and customers tremendous flexibility in avoiding costly cancellations and rewrites. These features will in turn help you hold on to your valuable and hard earned commission dollars.

• Increase Revenue

  We have creative programs that can increase your revenue per transaction. Note: Limitations apply per state laws.

• Improved Cash Flow

  Your accounting department will love us! Typically, you wait up to 30 days or more for funds to be sent from your broker. When you don’t get paid in a timely manner, you must undertake costly and time consuming collection efforts. With our wholesaler programs, you are paid within the time frame that you request - on every policy.

• Reducing Fraud Exposure

  You put yourself at risk each and every time you allow the broker to be funded directly on a financed premium! If the broker fails to submit funds to your company, you and/or the insurance carrier may still be liable for repaying any premiums back to the finance company. Under our program, you are funded directly and the broker risk is eliminated.

• Reduce Administrative Expenses

  We will help reduce the numerous verification calls that your office receives from premium finance companies. We get to know your markets and the business you write so the need to call you for policy provisions or company information is quickly eliminated.