Premium finance programs can add to your bottom line without adding more work

For insurance agencies, general agents, and insurance companies, a typical day of work includes many elements that aren’t exactly “typical.” Professionals working in the commercial insurance business must stay on top of constantly changing regulations, those that are current and those that are new. There’s rarely an end to documents in need of organizing and filing, and communication with teams and customers needs to remain open. With the constant workload of insurance services, it may be difficult to spend what feels like precious time on developing new revenue channels to boost your bottom line. And yet, boosting the bottom line is what most businesses aim for, right?

If you have responsibility over your own insurance agency, including arranging financing, you may not feel like you reap the financial benefit from the extra work that these programs create. If you’re looking to increase your bottom line, read on to learn how premium finance programs can help to skyrocket your profits. And if your agency already offers premium financing, as many commercial insurance companies do, there are solutions available to streamline the processes and procedures you’re already handling day-to-day.

It’s important that you balance your responsibility of time, financial resources, and staff. By delegating the operations of your premium finance programs to COST Financial, you’ll have the bandwidth to address the broader needs of your agency or company.

We help insurance agents and agencies manage premium finance programs

In today’s competitive insurance market, you know the importance of expanding the insurance services you offer to stay current with your clients’ needs and to attract future prospects. We partner with businesses to accomplish these goals through the growing of premium finance programs. We take the time to learn about your business, then use that knowledge to integrate our programs into your existing daily operations. This “backroom” operation frees you up so you can be the best you can be.

With the flexible approach of COST Financial, insurance agents and agencies retain complete ownership of their financing programs. You will earn the profit generated from the financing you arrange, while COST does the rest. What is the “rest?” We’re glad you asked. COST Financial handles the following pieces of financing:

• Operations
• Accounting, including electronic billing and online account access
• Licensing
• Customer service, with 24/7 phone support for insureds
• Collections, online payment processing and pay-by-phone options

We work closely with cutting-edge vendors to provide powerful, flexible technology that allows you to provide quotes (online, if desired) in a quick and easy manner and to manage the flow of customer needs. We also offer excellent customer service for those you insure and for members of your team, as well. We want your premium finance programs to run smooth and easy, and will work diligently to accomplish this objective.

Lastly, when we talk about your bottom line, your profit potential, and hitting that profit target through these programs, just how much are we talking about? (Here’s a hint: traditional commission programs don’t even come close.) We’re talking about tens of thousands of dollars.

Specifically, for every one million dollars of financing arranged, your agency — or yourself as a general agent — can earn up to $40,000 (or more) in net profit earnings. Depending on portfolio size, these numbers add up pretty quickly. Why would you pay your revenues to outside sources? You don’t have to! Keep that hard-earned profit right there with your insurance company and enjoy the benefits of partnering with COST Financial.

About Us
For more than two decades, we have managed and operated premium finance programs owned by insurance agents, agency groups, insurance companies, and general agents. We specialize in helping people just like you to tap into the profit potential of premium finance. Call us today at 800-844-2678 to learn what COST Financial can do for you!