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Premium financing essential for companies to supply as companies get well


“With the impact of COVID-19 on businesses – especially small businesses – the premium funding was not only very necessary during the pandemic,” said Chris Gebhardt, Chief Technology Officer at COST Financial Group, “but will also be important in recovery. “

Find out more: Find out everything you need to know about COST Financial here

Given the financial hardships of last year, when businesses get back on their feet and are back at full capacity, they are unlikely to be sitting on excess capital that would allow them to pay their insurance premiums in full. As a result, Gebhardt predicts that the demand for premium financing is likely to increase in the course of 2021 and beyond, which agents and brokers need to be prepared for.

However, not all premium financing solutions are created equal. COST is a premium financial services company that enables agents to start their own financial company and generate income that would otherwise go to traditional premium financial lenders. These lenders typically offer brokerage income through standard commission programs, but even the best commission programs in the industry pale in comparison to the revenues of broker-owned premium finance firms.

Additionally, many states prohibit commission programs, which means the agent will not receive anything for funding from traditional premium financial firms. However, in any state, agents can set up their own premium finance company and generate significantly higher profits from operating it.

By using COST, brokers can own their own premium finance company and lend the money to clients themselves. COST takes care of all the heavy lifting by providing all of the backroom services for these premium financial companies. The agent no longer has to buy software, hire staff, or find office space or equipment. In return, agencies can earn $ 30,000 to $ 40,000 or more for every $ 1 million in funding they arrange. From initial licensing to the day-to-day running of the premium financial company, COST does all of the work so the agent can continue to focus on their core insurance business. COST customers immediately gain an experienced partner in the premium financial industry who has the knowledge and experience to properly operate their premium financial business.

Continue reading: Agents need to improve their digital offerings to meet customer expectations

“This is our 32nd business year, so we have more than three decades of experience in leading these premium financing companies and in working with the individual states on licensing and compliance issues,” said Gebhardt. “In theory, anyone could start a finance company, but insurance agents want to focus on selling insurance – and they don’t have the time or desire to explore another industry and hire people to do things internally. We meet this need by providing the people, expertise, and technology that enable our clients to own a premium financial company without the traditional problems of owning and running a second business. “

The agents’ barrier to entry into premium finance is reduced when they can use a program like the one offered by COST. In this model, agencies benefit from control over every aspect of their premium financing process. Instead of negotiating with an external premium financial company, agents can adjust the interest rates directly, offer special conditions and waive fees on a case-by-case basis.

“It’s their company, so they ultimately make the decisions, and it’s this flexibility that they value more and more [working with COST]”, Said Gebhardt.

Continue reading: Agents no longer have to worry about premium funding

Over the past three decades, COST has refined its processes and focused on serving the needs of its various insurance clients. This applies to everyone from trucking agents operating in the Southeast to customers writing contractors on the West Coast and everyone in between. To serve its diverse customer base, COST is flexible and understands what each of its customers expects from their premium financial company.

“The track record we have in generating sales for our customers is three decades,” Gebhardt told the insurance business. “We don’t over-sell our program, we don’t pretend that it does something it can’t… and we don’t try to sell it as a one-size-fits-all solution. The agent is the one who arranges the funding and we believe he should be the one who earns all of the profit from the premium funding. Our 32-year track record speaks for our ability to meet and exceed our customers’ expectations. ”

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