Insurance Journal Forums

I've been getting calls from several premium finance companies. Before I set any meetings with any of them, what are you opinions and who do you use?

I'm run a small commercial agency in the midwest. Which companies are good for paying fees? Any I should stay away from?

Robbo75, We use Premium Finance Specialist, never had a problem. Don't know if their available in your area. Call Darisa Watts 800-473-1171 ex 118. :rolleyes:

Ever use First Insurnace Funding? They're local and I've been thinking of talking to them. I've heard they're good at paying fees. I know a guy who works at an agency that uses Sagitta and he says it integrates with their quoting software.

Not that I'm using Sagitta any time soon, but if I get AMS going...

I've heard some good things about PFS as well. Can PFS integrate with AMS? Do they do ACH funding?

Too many choices. At my old company we used AI Credit, but I wasn't thrilled with their service. Cheap rates, but cheap service as well. Canawell used to be good, but I heard they went up for sale and can't even find a buyer.

Robbo75, I believe your over concerning your self with Premium Financing. It's a no brainier, placing the financing is incredibly easy. You said that you had a small agency, unless your financing 500,000 or more your commission kick back is not that much. If your only financing commercial insurance policies, then what the problem. This is a piece of cake. Just call A rated company and be done with it.

Hi there Robo,

Yes there are alot of premium finance companies out there. But to find one that cares about your clients as much as you do is the challenge. I work with a small premium finance company that works very hard to compete with the big guys, we're not the cheapest when it comes to rates, but we do pride oursleves in our commitment to service. I wrote an article for Insurance Journal that lets you know what you should look for in a premium finance company: <a href='http://www.insurancejournal.com/magazin ... /33862.htm' target='_blank'>http://www.insurancejournal.com/magazin ... 862.htm</a>

I would welcome the opportunity to discuss our programs with you to se if we could be of assistance for your premium financing needs. You can either email me or call me.

Phil Duncan
Mountain West Premium Finance
888-280-0235 Ext 11
phil@financepremium.com

Hi Eneryone
I must agree with sanddog. PFS is a great company and we love do business with them. :blink:


<a href='http://web1.premiumfinance.com/asp/default.asp' target='_blank'>http://web1.premiumfinance.com/asp/default.asp</a>

Class Act Insurance Services
Marco D

I agree, PFS is a great company that I have dealt with in several states. Their customer service is pretty good, their rates are pretty average, and you can issue online, which is very convenient.

However, premium financing for me has not made much sense. I typically try to place what I can on direct bill. When it makes sense to do so, I will finance surplus lines or larger more complex accounts, but most of the accounts I write go on direct bill. More and more insurance companies are offering flexible direct bill payment plans, and many will pay you up front annual commissions as soon as the first invoice is paid by the insured. I prefer not having the responsibility of the finance contract, down payment, etc. and instead let the insurance company handle that. Direct bill also allows the CSR to spend more time tracking and servicing the client's policies, rather than deal with billing and accounting issues, as most companies have direct numbers for clients to deal with them specifically for payment issues.

Good luck!

Robbo75,

My name is Joe Felice and I am the Sr VP of Sales for BIC Finance. We are nationally licensed and are a subsidiary of Webster Financial ( NYSE Symbol WBS) I encourage you do give us a try. Check out
http://www.bicfinance.com

Joe

For agency bill stuff, I routinely use Baytree Finace out of Illinois. They are based in a small town bank and are very helpful.

Scott

Thanks for the info. I know this is a no-brainer, but I've already received so many calls that I'd like to put some time into this, make one decision and never think about it again if I don't need to.

Sounds like the majority here is pretty sold on PFS. If their rates are "pretty average" and they have the same online quoting as others, what makes them so great? Just curious.

Robbo75, I must give you just a little GRIEF. Does beating a dead horse, or the term worry wart come to mind. :unsure: :unsure: :unsure: :unsure:

Also use PFS. The online rating is great because quote and agreement can be saved as *.pdf and e-mailed to client.

Also, they have the "standard" rate and are negotiable on larger accounts and renewals.

They also offer an agency override (don't tell Spitzer) for accounts placed using the standard rate. Also, their website lets you pull up a list of your accounts and it tells you which ones are overdue, cancelled etc.

Good luck, and don't worry about it too much - GO DIRECT BILL WHENEVER POSSIBLE!!!!