CANCELATION AVOIDANCE
Writing an insurance account can be very difficult, so it’s important to keep that account from canceling unnecessarily. Premium Finance Brokerage, LLC (PFB) can help you manage your accounts and assist in cancelation avoidance.
Being premium finance experts, PFB can provide tools and resources to help you maximize the profitability of your financed insurance loans. Some of the tools and resources are as follows:
- Setting the appropriate payment due dates when quoting. This is an often-overlooked aspect in avoiding cancelations. Your insured may receive revenue at certain times of the month or year. You may want to schedule payments so that insured revenue collection coincides with premium finance loan payment due dates. Please think about this factor and consult with your PFB representative so that the proper payment due dates and payment schedule can be created at the time the premium finance agreement is provided to the insured for signature.
- Receiving pre-cancelation reports. PFB can send you your list of accounts that are getting close to canceling. This would give you a heads-up on them and allow you to contact the insured for payment or take other action should you choose to do so.
- Cancelation hold requests. Your PFB representative will work with you to see if there are accounts on your pre-cancelation report that are in need of a hold in order for a payment to be made and the cancelation avoided. If approved by the premium finance company, the hold would provide a few extra days for that payment to be made.
The bottom line is, when a financed account cancels, we all lose money! If you would like to learn more about how PFB can help you manage your premium finance portfolio and maximize your revenue, please contact your PFB representative or contact PFB at info@premiumfinancebrokerage.com or 866-381-6501.