Posted by: jmwilsonmga | August 14, 2012

Why Finance? Benefits For You and Your Insureds

Everyone needs insurance.  However with the current state of the economy, it is hard for some individuals and businesses to afford the insurance they need.  If the insurance policy premium isn’t available right out-of-pocket, then financing a policy is a great option for both your insured and you (their insurance agent).

Here are the top 8 benefits of financing your next policy:

  1. Full Commission Fast : When you premium finance an account, you can collect the down payment and take your full commission up front.
  2. Simplicity : By premium financing an agency billed policy, all you have to do is collect the down payment.   All of the monthly installation payments are collected by the finance company.  This will save your agency even more time and expense.
  3. No Notices : Let your finance company take on the responsibility!  Your finance company will issue all notices (i.e. Notice of Intent to Cancel, Notice of Cancellation, and Past Due Notices) for you.  The finance company is responsible for collecting payments and issuing notices based on the monthly installment payments.
  4. Easy Payments : Make it even easier for your insured!  Most finance companies offer e-check or credit card payments, as well as automatic withdrawal options for your insureds.  You can even direct your insureds to pay it themselves online!   We can also offer flexibility in the number of payment installments.
  5. No Penalties : There is no penalty to your insured for early pay off.  Your insured can get added payment flexibility by financing, no matter how short the period of time they may need it.
  6. Smooth Collection Process : By sending all gross return premiums to the finance company, the collection process will continue smoothly and without complications.
  7. Quick Quotes : Your JM Wilson underwriter will provide you with a premium financing quote, along with your coverage proposals, making it quick and easy to finance while you are already speaking with your Underwriter!
  8. Wide Availability : Financing is available for nearly every product offered by JM Wilson!  At this time the only products we are unable to finance are fully earned premiums, flood policies, and surety bonds.  Currently, Cedar Finance is available in Illinois, Indiana, Michigan, Missouri, Ohio, South Carolina, Wisconsin, and West Virginia.

Contact your underwriter to learn more about Cedar Finance, J.M. Wilson’s in-house Financing Company.  Already have an existing finance company relationship?  We accept all other finance company contracts.  We look forward to working with you, your agency, and your insureds!

Disclaimer :  This article is for informational purposes only.  There is no legal advice being suggested or proffered.  The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.  This article is the opinion of the author and is not supported or endorsed by J.M. Wilson.  It should not be relied upon and may contain inaccuracies or content may have changed over time, contact your underwriter for the most current and accurate information.  Any comments or responses are the opinions of their authors.  Content on this site is believed to be covered under Fair Use. Legal

Copyright 2012 J.M. Wilson Corporation

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