How commercial insurance firms can improve premium financing

57298268 - park and modern building in shanghai, chinaAs a commercial insurance professional, you understand the value of work that is both important and complex. You don’t have a lot of time to explore alternate business models and opportunities for new revenue streams – and for good reason. The work you do requires significant time, attention to detail and ongoing management.

Our company has worked with the commercial insurance sector for more than 25 years. We recognize that you want to grow your business but might not have the in-house resources to focus on the strategy needed to take your organization to the next level. Our commercial insurance experts can position your company for the next phase of development in a way that protects your core mission and services.

If you are exploring commercial insurance options that can complement existing revenue streams, you’ve come to the right place.

How commercial insurance benefits from premium financing

Premium financing is nothing new to commercial insurance professionals. We view premium financing as an opportunity to partner on a very specific component of your business. Together, we can optimize your performance and build our revenue.

We call this approach The COST Program. Our top objective is to create a new profit center for your company. We will work with you to ensure the premium financing you secure for outside sources has reciprocal benefits. We have averaged at least $30,000 to $40,000 in net profit per $1 million financed for our clients. That’s real money, and it can have tangible benefits for your company.

If the process sounds complicated, we want to assure you that it isn’t. In fact, we have developed a turnkey solution that makes premium financing simply painless. We aren’t in this to commandeer and exploit a crucial part of your business. You retain ownership of this premium financing entity, but you save time and energy by allowing us to do the work on your behalf. Backroom operation of premium financing isn’t for everyone, and we know you have numerous other important tasks that deserve your attention.

A few of the tasks we are happy to help with include:

  • Providing guidance on how to form a premium financing company
  • Licensing in the states where you will be operating
  • Customizing forms including premium finance agreements, disclosure statements and monthly billing statements
  • Preparing license applications
  • Configuring online quoting, account-status system and insured system
  • Making introductions to banks for lines of credit
  • Establishing a deposit-only bank account for your organization’s premium finance company

We are pleased to provide not only the financial and technical expertise needed to get your company up and running, but also the technology that will drive positive change in your organization. We’ll show your team how to use our online quoting and management system. Leading tech vendors have worked with us to ensure this system is easy to monitor and manage.

At the end of the day, we recognize premium financing is about people. That’s why we’ve invested in phenomenal customer service for you insureds. We offer electronic billing, online account management, around-the-clock phone support and more. Simplicity is important to you, and it’s critical for us to provide the best service possible.

If you’d like to learn more about premium financing options for commercial insurance companies, visit COST Financial Group or call 800-844-2678. We look forward to developing an ideal solution for your organization’s financial needs.

COST Financial Group, Inc.
info@costfinancial.com
800-844-2678

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