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3 Ways to Improve Premium Financing

As an MGA, ensuring your commercial customers receive the quality service they deserve is a top priority—and premium financing options that help clients afford the best policies on the market are a great way to achieve that. The average premium finance loan can range from several thousand dollars to more than $25k—a welcome influx of cash that frees up customer capital to be applied toward more business-critical needs.

Unfortunately, establishing a premium financing process is a multi-step affair that can often be drawn out for weeks or even months. But thankfully, there is a way to streamline the process: by partnering with a premium financing provider that supplies quality services on an accelerated timeline.

How can a premium financing provider achieve this delicate balance? They do so by integrating automation into their processes, structuring certain aspects to address customer convenience and freeing up the crucial time you need to keep your company moving forward.

See also: It’s All About the Customer Journey  

Let’s take a look at some of the benefits of partnering with a premium financing provider that incorporates automated processes into their customer service delivery.

1. Automated quote integration

Want to add value to your offerings and boost customer loyalty? Partner with a premium financing provider that automates the policy quoting process. Not only does this speed up a necessary step for everyone involved, it serves as a great starting point for a conversation around competitive policy rates available to your customers—so they can easily assess which rate and policy works best for them.

2. Online customer portal

Another great way the right premium financing provider enhances the overall customer experience through automation is by granting customers access to an online portal. This allows your customers to follow along with every step of their premium financing journey, anytime they please, from start to finish.

3. Automated statements and reporting

Keeping good records has always been important, but in the age of information it’s more crucial than ever. Putting policy statements and reporting easily within your customers’ reach is another benefit of premium financing automation, ensuring transparency and the accurate delivery of key data.

Finally, even with all the benefits of automation, it’s worth noting that the right premium financing provider will also understand when to stick with more traditional methods. Key service offerings like live customer care—whether face-to-face or over the phone—are still critical to a successful premium financing partnership.

See also: 3 Keys to Success for Automation  

Automation can sometimes get a bad rap, but when applied to the right processes, it can be the perfect way to provide top-tier customer service to your commercial clients seeking premium financing services. Make sure to partner with a premium financing provider that shares these values and prioritizes you and your customers’ success.