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Obtaining financing for insurance premiums can be cumbersome and time-consuming, requiring extensive back-and-forth exchanges between agents, financing providers, and insured customers. This process often leads to duplicate accounting work, longer collection periods, and fewer insureds being exposed to financing – until now. Applied Pay® is reimagining the workflow for premium financing by incorporating the process of obtaining funding directly into the checkout workflow. Maintain existing relationships with premium finance providers like AFCO Direct, FIRST Insurance Funding, and Imperial PFS while enjoying a fully embedded experience.

Get started with Embedded Premium Finance through Applied Pay today and make premium finance as easy as a click of a button!

Key Benefits

  • An icon with a blue hand under an outline of a woman with three vertical lines above her head

    Elevate Your Client Experience

    Empower your customers with more control at checkout. Within the same payment page, they can choose to pay their premium in full or opt for financing. The insured can sign a financing agreement, make a down payment, and set up monthly payments – all without ever leaving that same payment experience.

  • An upward trending line graph above a bar graph

    Boost Revenue and Speed Up Collections

    Amplify the volume of financed premiums from the average 10-15% to upwards of 30% of your agency's direct bill business. Data also shows that offering premium financing at the time of payment can reduce the typical premium collection time from 20 days to less than five, allowing you to speed up collection efforts.

  • A laptop icon with a dark blue screen displaying a checklist

    Streamline Back-Office Operations

    Save time and reduce errors that come with manual reconciliation of payments and transactions across insured policyholders, premium finance companies, Applied Pay, and Applied Epic®. When a financing agreement is signed and a down payment is made, the reconciliation of down payments and financed amounts across multiple policies is handled efficiently, further minimizing administrative burden.

Capabilities

  • Secure Integrations with Top Providers

    Offer your insureds one or multiple financing companies from the industry’s top three providers: AFCO Direct, FIRST Insurance Funding, and Imperial PFS. Selection logic lets you choose a primary provider with secondary options available to handle additional needs.

  • Automated Approvals Up to $100k

    Insureds can secure financing at the time of payment with no agent intervention on invoices up to $100k. For premiums over $100k, an agent-led workflow in Applied Epic makes it easy to capture additional data points needed for loans on larger, more complex policies and the option to offer financing or restrict it for that account.

  • Flexible Financing with Invoice Consolidation

    Insureds can solicit financing on a single large premium or multiple invoices to leverage the financing opportunity that best fits their financial needs.

  • Automated Funding Activity Communications

    When financing is secured, funded status information is automatically distributed to all stakeholders, keeping the agent, insured, and premium finance company updated without manual intervention.

  • Auto-Apply Payment Credits to Management System Debits

    Deep integration between Applied Pay, Applied Epic, and each finance company facilitates the seamless application of premium payment to the correct transactions on the insured's account in Applied Epic, saving agents time and reducing errors that come with manual reconciliation.

Related Resources

Ready to finance MORE premiums AND grow MORE revenue with LESS work?

Complete the form below, and someone from our team will contact you to walk you through the simple setup process.