AFCO's Premium Billing Collection & Finance System
AFCO offers a Premium Billing Collection & Finance System specifically designed for wholesalers, MGA's, MGU's and insurance companies. This customized approach allows agencies to bill their insureds under their own name, without the related administrative and financial burdens. Since product inception, over 75,000 insureds have been billed in this format.
Significant Benefits to Business Partners
By providing all receivable billing and collection-related administrative tasks, AFCO offers significant benefits to agencies. This system:
- Enhances your renewal retention rate through branding, as all billing invoices and notices are fully branded with the name of your business
- Reduces your costs
- Reduces receivable balances
- Reduces both agency fraud exposure and earned premium exposure
- Saves your retailer the administration and expense of arranging financing
Here's How It Works:
- A customized invoice provides the insured with two payment options: either payment in full or premium finance. If the finance option is selected, your insured is directed to sign the accompanying Premium Finance Agreement
- Regardless of the payment option selected, the insured is instructed to forward all required monies and documentation back to AFCO. Upon receipt by AFCO, the premium proceeds are pre-funded in full to the appropriate party
- All billing notices are produced and mailed in the name of your business
- The timing of notice mailings (the billing cycle) can be tailored according to your specific requirements
Great Rates and Terms
AFCO works with the broker to provide rates and terms that are otherwise unavailable in the market. This allows you a significant competitive advantage and assures you control over the premium cash flow.
Easier for Your Retailers
Most of us travel the road of least resistance. If the retailer receives the "complete" sales package from you, including a finance program, then the process is made easier, the product more salable and your service more valuable.
With AFCO's Premium Billing Collection & Finance System you have the time to focus on your core business, and know that a proven leader in the industry is handling your premium billing and collections. Plus, it may provide you with an additional revenue stream.