For too long, commercial insurance companies had too few options where premium financing is concerned. These business entities can provide an additional source of revenue, yet require time and effort to manage and maintain. As a result, commercial insurance companies frequently overlook the potential for added profits.
That challenge is why we decided to step up to the plate with an innovative solution for commercial insurance companies. By bringing to the table our own skills in the often complicated area of premium financing, we enable chief executive officers, chief financial officers and other members of the C-suite to have confidence that their business needs will be met and exceeded at the highest possible level so they can focus on the important work of running their business day to day.
It’s understandable to have questions about this type of business arrangement, which is why we’ve taken the time to create a brief overview of our program and the kinds of services we offer to commercial insurance companies just like yours.
Here’s why premium financing works for commercial insurance companies
Since 1989, we have been serving insurance companies by providing them with the resources they need to run their businesses of the highest caliber possible. This means taking several steps to build a premium financing organization within their own business.
The first thing we do is agree to create a profit center for your business. Our objective isn’t to create another avenue for you to send hard-earned revenue outside of your organization. Instead, we aim to help you take advantage of the internal skills and resources you already possess. You already work in the area of premium financing. We simply make it more convenient for you to manage, and our clients generally see from $30,000 to $40,000 in net profit per million dollars financed as part of this innovative solution.
The next step we take is to build a turnkey solution for your premium financing business. As a commercial insurance provider, your time is taken by critical business decisions, financial management and customer service. We help you by doing all of the work so you can focus on your core business without becoming distracted by the ins and outs of running a premium financing company.
A core component of our solution is technology including an online quoting and management system that’s robust yet easy to understand and apply to any commercial insurance business. Our industry-leading tools are provided by trusted vendors with platforms that are flexible and powerful enough to handle any business need.
Your insureds have complete confidence in this model because of additional features that have proven their value in the marketplace. These features include electronic billing, online account management, around-the-clock phone support and much more. Your insureds can even make payments online or over the phone, ensuring the process is as smooth for them as it is for your internal management team.
You can have added confidence that premium financing is the right decision for your company because of the leadership of our organization. Our CEO and chairman is David E. Gebhardt, our CFO and EVP is Travis B. Klingler, CPA; and our CTO is Chris Gebhardt. Together, we have the depth of knowledge and experience to answer your questions and provide the confidence you need to incorporate a premium financing division into your organization.
Whether your commercial insurance company is well-versed in premium financing or is seeking a partner you can trust to help you grow your business, choose COST Financial Group. We look forward to working together.