Premium Finance and InsurTech Leaders Partnering to Equip Independent Agencies with Modern, Best-in-Class Client Digital Experience Solutions
March 24, 2022
AFCO, the leading provider of insurance premium finance and payment options, and Vertafore®, the leader in modern insurance technology, today announced a partnership to equip independent insurance agencies with the capability to provide their insureds with invoicing, payment, and premium financing through Vertafore’s® InsurLink™ client experience platform. AFCO will integrate its industry-leading payment portal, PayMyPremiums, with InsurLink™, enabling agencies to offer even more 24/7 information and services to meet the needs and expectations of modern consumers.
Agencies that use InsurLink™ along with Vertafore’s® AMS360® agency management system can simply enroll in AFCO’s PayMyPremiums and receive an electronic key that will activate the feature in InsurLink™.
“AFCO’s PayMyPremiums solution provides an entirely digital platform for agents using InsurLink™ to make it easy for their insureds to pay premiums in full or to finance their premiums,” said Bob Pinkerton, AFCO CEO. “Our focus is on improving the digital-user experience, and our partnership with Vertafore® complements AFCO’s vision to transform the premium finance industry for the benefit of agents and insureds.”
Using PayMyPremiums, insureds can easily make payments via credit/debit card or ACH. Those insureds electing to finance their premiums will have the option to enroll in recurring monthly installments. Regardless of whether an insured pays in full or finances, agents receive gross premium from AFCO 100% of the time – no more chasing funds from multiple parties.
In addition to digitizing the entire premium financing process for insureds, the benefits to agents include: reducing average days’ receivables; enhancing the agents’ ability to maximize premium finance revenue; and saving the agent time by easing the administrative effort associated with managing premium financing.
“Our partnership with AFCO aligns with our commitment to help agencies modernize their business and better serve their clients,” said James Thom, chief product officer at Vertafore®. “InsurLink™" gives agencies of all sizes the tools to offer a dynamic, branded client digital experience, and the integration of AFCO’s PayMyPremiums solution builds on those capabilities by allowing insureds to make premium payments in ways that best suit their needs.”
About AFCO
As a pioneering leader in premium finance for more than 65 years, AFCO Credit Corporation works with insurance agents to provide customized premium finance solutions to commercial insureds, with the objective of making insurance affordable while helping to improve cash flow and working capital. AFCO is transforming its business to a digitized, dual premium collection and financing product powered by new digital portals designed to simplify the way its clients do premium financing and to improve the overall client experience.
Reach out to us at pmp.insurlink@afco.com to learn more about AFCO’s PayMyPremiums-InsurLink™ integration. If you are an agent or broker, learn more by completing the form at Contact Us | AFCO. You may also contact us toll-free at 800-288-6901. For additional information about AFCO, visit afco.com.
About Vertafore®
As North America’s InsurTech leader for more than 50 years, Vertafore® is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore’s® solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers. For more information about Vertafore®, visit www.vertafore.com.
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