PFB Company Meeting

2023 PFB Updates

Thanks to our wonderful clients, associates and business partners for helping PFB to have a very successful 2023. We wanted to take this time to reflect on some of our accomplishments, new product rollouts and service improvements from the past year.

  • 30% growth over 2022
  • Fine-tuned our process to provide improved terms for good paying renewals
  • Rolled out the PFB APP to provide more ways to communicate with us including quote requests and signed finance agreement submissions
  • Expanded our lending capacity to finance difficult to place accounts including audits, fully earned premiums and down-payments
  • Increased our associate count to provide more geographical coverage and even better service

PFB works for YOU and we will never stop our pursuit of providing the best possible experience with the highest degree of integrity.

Trucking and Transportation Insurance Financing Market

The current state of the trucking and transportation insurance financing market is very challenging to say the least. In order to try and help our clients, we have put together some tips that may help you navigate when putting together deals or programs in this space.

According to various industry resources (CRC, Insurance Journal) inflation, driver shortages, high fuel costs, supply chain problems, among other issues, have come together to make the trucking industry a very difficult one to operate in today. This can all lead to difficulty in finding insurance and doing so at an affordable price while providing flexible payment options to the insured. As a result of these difficulties, many insurance agents and brokers are having to shop new and different insurance carriers, MGA’s, wholesalers and even Risk Retention Groups to find insurance options for their insureds. This can also affect premium financing options.

When working with new or different insurance markets, be sure to get familiar with all of the terms and conditions of the proposed policy including any minimum earned premium clauses. Minimum earned premiums are important factors to consider when presenting insurance options to your insureds and also when requesting a premium finance agreement. All premium finance companies will want to know if there is a minimum earned premium and if so, how much it is. The finance company will also want to know if any of the policies are subject to State or Federal filings, so please be sure you have that information as well. (Insurance filing requirements)

If you are seeking financing of a Risk Retention Group policy, be mindful that not all premium finance companies will finance all or any Risk Retention Group policies. More time and effort may be needed to secure a premium finance agreement for these policies so be sure to factor that in to your insurance presentation. Additionally, you may want to check your agency E&O policy to make sure that you are covered when writing with a Risk Retention Group.

If you are working on a large account or are in need of special terms for the financing, you will want to request financial statements from the insured to help complete the underwriting package and assist with the credit evaluation on the insured by the finance company. Also keep in mind that premium finance terms an insured may have received in prior years may not be a realistic expectation for the current year due to all of the previously mentioned challenges in the marketplace.

Now more than ever it is critically important for you to be working with experts in the premium finance industry and that is where Premium Finance Brokerage can be your ally. We work for YOU and not for the premium finance companies. We are seasoned premium finance experts with decades of experience in underwriting, credit, sales support and creative financing along with access to multiple premium finance companies that will allow us to assist you in obtaining the best payment options for your insureds.

Premium Finance Success Stories

Premium Finance Brokerage has the experience, ability and the markets to help you with all of your premium financing needs. Here are some recent examples of accounts we have placed:

  • $138k trucking firm placed at 17% down and 10 installments

  • $14k medical doctor insured by a risk retention group placed at 10% down and 10 installments

  • $13k roofing company placed at 20% down and 10 installments

  • Several $1k-$2k homeowner/dwelling policies placed at 20% down and 10 installments for a real estate investor

  • $800k cannabis grower placed at 20% down and 10 installments

  • $10k prior balance audit for contractor at 25% down and 8 installments

We have many other successes helping our clients place all types and sizes of accounts. Please contact us at 866-381-6501 or info@premiumfinancebrokerage.com for immediate assistance. You can also use our free PFB APP to get in touch with us as well.

Financing Small Policy Premiums

Is your current premium finance company not financing smaller policies? Have they increased their minimums recently? Will they turn away personal lines policies? If so, Premium Finance Brokerage (PFB) can get all of these financed for you!

PFB has programs that provide financing for property and casualty policies of all sizes. We have financed amounts as small as a few hundred dollars all the way up to several million dollars and everything in between. Our decades of experience helps us to find a home for most policies and premium sizes which can save you a lot of time and energy while also meeting the cash flow needs of your insureds.

PFB works for YOU and we will never stop our pursuit of providing the best possible experience with the highest degree of integrity.

PFB APP

Premium Finance Brokerage is excited to announce that we now have our very own app for your smartphone! On the app you can:

  • Request a premium finance agreement or quote

  • Submit signed finance agreements

  • Make a payment to PFB

  • Get assistance via email or phone

  • Prospective new clients can download a new producer profile form and upload the completed form

Get the PFB APP here: www.premiumfinancebrokerage.com/get-app/

 

PFB works for YOU and we will never stop our pursuit of providing the best possible experience with the highest degree of integrity.

 

Insurance Agency Loans

At Premium Finance Brokerage, we strive to deliver the best premium finance experience in the industry. We do that by offering the most competitive markets, industry leading services and support while providing value-added products, including agency lending.

Insurance agency lending can take the form of different loans and purposes. Agency acquisitions, building upgrades, technology purchases, and buying books of business are some of the common requests we see. We have several funding options available for these loans with all different terms, structures and pricing.

If you have the need for an agency loan, please discuss your specific need with your Premium Finance Brokerage Sales Executive or contact PFB at 866-381-6501 or info@premiumfinancebrokerage.com.

Happenings at PFB

All of us at Premium Finance Brokerage have been very busy lately continuing to build on our goals of delivering the best premium finance experience in the industry and promising to never lose the passion to satisfy the needs of our customers. In support of these goals, we wanted to highlight some of our recent improvements and accomplishments for our current and future customers.

  • Enhanced our Concierge Service Plus (CSP) program to help agencies manage their premium finance portfolio and maximize revenue

  • Added an additional premium finance provider to expand our financing capabilities

  • Began offering technology that combines premium collection and premium finance solutions all in one platform

  • Refreshed our website home page and added the ability to complete and submit a new agency profile

  • Brought on a Chief Operating Officer to expand the firm’s operations, marketing and underwriting endeavors

  • Continued our tradition of giving back by donating to the American Red Cross and supporting the Millersville University (PA) TILLTING project

PFB works for YOU and we will never stop our pursuit of providing the best possible experience with the highest degree of integrity. You can reach us at 866-381-6501 or info@premiumfinancebrokerage.com.

Cyber Security Insurance and Premium Financing

Cyber Security insurance is one of the fastest growing segments in the insurance industry. Annual premiums have reached an estimated $10 billion and are expected to grow to nearly $23 billion by 2025, according to Fitch Ratings. Also, composite cyber insurance pricing increased 48% in the U.S. in the third quarter of 2022, continuing to outpace other products, according to Marsh’s Global Insurance Market Index. Companies of all sizes are looking to add or increase coverage in this area and Premium Finance Brokerage can help get the premiums paid for.

If you are not talking about cyber insurance with your clients, someone else probably is. With recent cyber attacks in the news and the threats ever increasing, it is in your best interest to educate yourself and your agency staff on cyber insurance. According to the FTC (Cyber Insurance | Federal Trade Commission (ftc.gov)), it is important for cyber policies to include among other things, data breaches, cyber-attacks on data held by vendors and other third parties and cyber-attacks that occur anywhere in the world, not only in the United States.

For your clients protection and improved agency performance, we urge you to embrace cyber-security insurance. When seeking payment solutions for these policies, please contact your PFB representative or get in touch at 866-381-6501 or info@premiumfinancebrokerage.com.

Financing Trucking and Transportation Insurance

Over the past year, trucking and transportation insurance has become an even more difficult niche in the insurance industry. Insurance carrier market options are declining while the ones that remain are making changes to underwriting criteria and increasing pricing. Insurance premium financing of trucking and transportation policies has similarly become even more challenging but Premium Finance Brokerage can help.

If you have tried to finance a trucking account recently you may have experienced sticker shock at the terms being offered. It is likely that you have seen high down payments, fewer installments, significantly higher interest rates and more stringent underwriting requirements if you can even get a finance quote at all. We can help you with the placement of your trucking and transportation accounts that would like to consider premium financing. We offer:

  • Decades of experience placing these types of accounts

  • Premium finance markets that cater to truckers

  • Ability to pre-underwrite your account(s) to address any unknowns prior to submission

  • Our Concierge Service PLUS program to help you manage your trucking book of business

For assistance in placing your trucking and transportation financing or if you simply want a second set of eyes to review your account, please contact us at 866-381-6501 or info@premiumfinancebrokerage.com. Premium Finance Brokerage, we work for YOU!

Financing Seasonal Insurance Policies

At different times throughout the year, particularly now, you can run across seasonal policies or businesses that need financing. If so, please don’t get frustrated or intimidated by these accounts. Although different, they are not outside of the realm of premium financing and PFB is here to help.

Some of the more common examples of seasonal policies or business include snow removal, ski resorts and golf courses. Each one can present unique challenges with placing the insurance as well as finding payment options for the insured. PFB can help you obtain payment options for seasonal business or policies.

Payment options can include the insured paying in full if they have the substantial funds on hand to do so. Absent that, PFB can help arrange for premium financing. Premium financing can involve setting up a customized payment schedule to align with the revenue stream of the insured so that payments are easier to afford when insured cash flow is highest. In some cases, the premium may be fully earned or the policy may have an unusually high minimum earned premium component. In these cases, PFB can work with you to develop a customized financing option that can work for the insured, agent and premium finance company. PFB has the experience, creativity and resources to get most of these policies financed and paid for.

Financing seasonal policies can be a challenge and require a little more effort in order to secure but PFB has the solutions for these types of situations. Please contact your PFB representative or get in touch with us at 866-381-6501 or info@premiumfinancebrokerage.com.

Alternative Lending

Have you ever had a situation where a policy, premium or balance due to the agency doesn’t fit into what the premium finance company finances? If so, read on as Premium Finance Brokerage (PFB) has solutions!

Some examples of items that may not fit are short-term policies, non-financeable fees or policies written by unrated carriers. In these situations, the client would have to pay for them in full, use an existing credit line or apply for a new loan from their bank. None of these options are ideal for the client. PFB can help with alternatives! We have expertise and experience helping many insureds with situations like these and we very likely would be able to help your clients in similar situations.

Also, with year-end fast approaching, it is time to get your agency’s house in order. That can mean getting those client audit balances or additional premiums paid for and generally cleaning up your books and accounts receivable. PFB has alternative lending solutions to help your agency do any of that! We have also helped insurance agencies obtain agency loans for acquisitions or other agency needs outside of traditional premium financing.

Please contact us to discuss how PFB can help your agency and your clients with alternative sources of lending for special needs situations. We work for YOU! 866-381-6501 or info@premiumfinancebrokerage.com.

We Work for YOU

Does your premium finance representative work for you or for the premium finance company? At Premium Finance Brokerage, we work for YOU!

  • Like independent insurance agents, we work for our clients and represent multiple providers. This enables us to provide the most competitive financing program for all of your business.

  • We offer a unique program called Concierge Service PLUS to help you manage your premium finance accounts. It means less work with better results for your agency.

  • Our independence and industry expertise empowers us to provide flexibility and creative solutions to premium finance challenges.

Premium Finance Brokerage, a better way to premium finance. We work for YOU!

CAREER OPPORTUNITIES AVAILABLE

Part-Time Sales Executive

We are seeking insurance industry professionals who want to semi-retire or work part-time and have control over their schedules. This opportunity comes with unlimited income potential and the chance to own your book of business in the insurance premium finance industry.  We can teach anyone who desires a second career or wants to take a step back from the demands of a full-time role.

You will work with insurance agents, brokers and wholesalers to help them place their premium finance business with our diverse network of commercial and personal lines premium finance providers.  Most importantly, you will provide customers with the best possible experience with the highest degree of integrity.

What we offer to help you attain success:

  • Personalized training from our leadership group

  • Short term draw

  • Social media coordinator/personalized marketing support

  • No territory restrictions

  • Prospecting and lead generation assistance

  • Laptop computer, if needed, with technical support

  • Business ownership planning

 What you can do to attain success:

  • Give 125% of your time and energy. Apply yourself and learn the business quickly and get out and sell.

If this sounds interesting to you and you have excellent interpersonal and negotiating skills along with a passion for service and a commitment to integrity, we would love to talk with you about the opportunities we offer.  Please call Premium Finance Brokerage at (717) 767-7088 or email a cover letter and resume to: careers@premiumfinancebrokerage.com to explore our opportunities.

 

 


 

Sales Executive & Business Owner

We are looking for motivated self-starters who want to control their careers and their futures.  This opportunity comes with unlimited income potential and the chance to own your book of business in the insurance premium finance industry. While premium finance or insurance experience is a plus it is not necessary to join our team. We can teach anyone who really wants a career owning a business. Veterans and others who want to work very hard are most welcome to apply.

You will work with insurance agents, brokers and wholesalers to help them place their premium finance business with our diverse network of commercial and personal lines premium finance providers.  Most importantly, you will provide customers with the best possible experience with the highest degree of integrity.

 

What we offer to help you attain success:

  • Personalized training from our leadership group
  • Short term draw
  • Social media coordinator/personalized messaging
  • No territory restrictions
  • Prospecting and lead generation assistance
  • Laptop computer, if needed, with technical support
  • Business ownership planning

 

What you can do to attain success:

  • Give 125% of your time and energy. Apply yourself and learn this business quickly and then SELL, SELL, SELL.

 

If this sounds interesting to you (or you have an existing book of business) and you have excellent interpersonal and negotiating skills along with a passion for service and a commitment to integrity, we would love to talk with you about the opportunities we offer.  Please call Premium Finance Brokerage at (717) 767-7088 or email a cover letter and resume to: careers@premiumfinancebrokerage.com to explore our career opportunities.

Financing Risk Retention Groups and Unrated Carriers

In the world of commercial insurance, you are almost certain to run into a Risk Retention Group (RRG), a liability insurance company owned by its members, or an unrated carrier, one that does not carry an insurer ‘financial strength rating’ given by a rating agency like A.M. Best. Both can pose challenges when it comes to insurance premium financing.

While RRG’s and unrated carriers are slightly different types of entities, they both need special attention when financing their insurance premiums. First, you need to check with the finance company to see if they have already approved the RRG or carrier in question. If so, you should confirm that the finance company has sufficient capacity to finance your account(s).

If the finance company has not approved the RRG or carrier, then you will need to have them become approved before you can finance the premiums. This will likely entail having the RRG or carrier provide a complete set of financial statements or their “Yellow Book”, which is the annual reporting forms used to file with the state insurance departments, to the finance company. The finance company may possibly ask for a narrative about your accounts or program that you will be financing and may also ask to speak with the CFO or other knowledgeable party at the RRG or carrier in order to determine what, if any, capacity amount the finance company might be willing to approve.

While the approval process may not be quick or easy, don’t let that deter you from considering financing the premiums in these cases. Our experts at Premium Finance Brokerage (PFB) can help you every step of the way! Just contact your PFB Sales Executive or contact PFB home office at: info@premiumfinancebrokerage.com or 866-381-6501 and we will be more than happy to guide you and make the process less challenging.

A Survival Story

For this edition of our News Post, we are going to pivot and share a personal, human-interest story and the associated importance of CPR training.

Recently, one of our associates at PFB had a health emergency that rendered her unconscious as her heart had stopped. Fortunately, her son was home and was able to call 911 and perform CPR for 4 ½ minutes until the ambulance arrived. Our associate survived and is on the road to recovery which we are all grateful for. The doctors at the hospital said that had her son not known and performed CPR, she would have passed away.

PFB has long supported the American Red Cross. They offer many classes and courses including CPR, First Aid, AED and others, all for a minimal cost. PFB urges all of you to get trained in CPR or take a refresher class if you haven’t taken one in a while, it could very well save a life! Please visit the American Red Cross website at https://www.redcross.org/ for more information or to make a donation.

Premium Collection and Financing Tool

Could your agency benefit from any of the following?

  • A premium collection and financing tool all in one

  • Reduce time spent on premium collection

  • Eliminate paper and time wasted handling documents

  • Ability to collect down payments immediately when financing

  • A FREE tool to help manage all of this

If you answer YES to any of these, Premium Finance Brokerage (PFB) has a solution for you!

Now you can automate all of your premium collection and premium financing in one place with a free agency tool! PFB works for YOU and represents finance providers that offer the newest technology that will allow insurance agencies to improve their efficiencies, reduce costs and make the process of doing business with them easy. The new premium collection and financing tool is the cutting edge of insurance payments and provides a superior user experience that will make your customers’ and your agency’s lives easier.

Contact PFB today for more information on this exciting new tool! Call 866-381-6501 or email us at info@premiumfinancebrokerage.com.

The Prime Rate and Insurance Premium Financing

What is the Prime Rate? How does it relate to insurance premium financing? What else influences premium finance rates? These common questions and more addressed here!

The Prime Rate is the most common and widely recognized index in the financial markets. It is used as a starting point for all types of loan interest rates including mortgages, auto loans and business loans. It is defined by Investopedia as: “The prime rate (prime) is the interest rate that commercial banks charge their most creditworthy customers, generally large corporations. The prime interest rate, or prime lending rate, is largely determined by the federal funds rate, which is the overnight rate that banks use to lend to one another.”  As the Prime Rate changes, generally so too will borrowing rates on most loans.

While the Prime Rate is important, it is not the only factor that matters in insurance premium financing rates. Since premium financing is generally a short-term loan (less than a year), other short-term indexes are also important, such as the federal funds rate, short-term treasury bills and LIBOR. In addition to interest rate indexes, other factors may affect the premium finance interest rate such as how much money is being borrowed, the payment terms of the premium finance loan and the creditworthiness of the borrower, among other factors.

While determining premium finance rates can be complex, you can rest assured that Premium Finance Brokerage will work for YOU to ensure your customers receive the best possible rates for their premium finance loans. Contact us at 866-381-6501 or info@premiumfinancebrokeage.com for assistance with any of your premium finance needs.

It’s all about the SERVICE

Providing good service isn’t an option these days, it’s a requirement. Although many companies say they provide good service, what does that actually mean and how does it benefit the customer? With Premium Finance Brokerage we can answer those questions.

Premium Finance Brokerage is committed to the strictest ethical and service standards while offering the most competitive markets in the premium finance industry. It is our sole objective to provide our customers the best possible experience with the highest degree of integrity. We provide many services with specific benefits including:

  • Concierge Service Plus suite of services to minimize cancellations, assist with the quoting process and maximize your premium finance assets
  • One source and one point of contact for all your premium finance needs simplifies the process for your agency
  • Access to several National and Regional providers to ensure you are getting the best offerings for your insureds
  • We work for YOU and represent the finance providers so you have a team of industry veteran experts working for you throughout the entire premium finance process
  • If our customer service does not meet your standards, we will refund 100% of our gross profit on that particular transaction. 

If you haven’t worked with us recently or ever, we would love the opportunity to earn your business. Please contact us at info@premiumfinancebrokerage.com or 866-381-6501 to see how we can help you streamline your premium finance process and maximize your agency’s potential. We work for YOU!

Bankruptcy Premium Financing

Can insureds in bankruptcy obtain premium financing? Are there special forms required for premium finance loans for insureds in bankruptcy? What are the agent’s responsibilities? These are all important questions that will be addressed.

The most important question on this topic is can an insured in bankruptcy finance their insurance premiums? The answer in most cases is YES. It is critically important to ask the insured if they are in bankruptcy or currently involved in a bankruptcy proceeding. In most premium finance agreements, the Agent or Broker representations specifically asks if there are any known bankruptcy or insolvency proceedings so it is part of the legal loan document. If the question is not asked, it could lead to a potential E&O exposure.

If the answer to that question is yes, that information needs to be relayed to the premium finance provider so the account can be properly underwritten. After underwriting and upon providing the premium finance agreement, the premium finance provider may include additional documents that need to be signed in order for the premium finance loan to be accepted and funded. This may require more time between underwriting and funding so please keep that in mind when these situations arise. Each case can be unique so be sure to have an open dialogue with the premium finance provider every step of the way in the underwriting process.

If you have any questions about a bankruptcy situation or would like to discuss an account that is in or is contemplating bankruptcy, please contact your Sales Executive directly or Premium Finance Brokerage at 866-381-6501 or at info@premiumfinancebrokerage.com.

Zero Down Payment on Additional Premiums

If you write trucking accounts, specialize in transportation or have any commercial business with endorsements you know how challenging those accounts can be. Premium Finance Brokerage (PFB) has solutions for you! One of them is the ability to finance additional premiums with no additional down payment.

By not having to collect an additional down payment (limitations apply) you can simply add the entire additional premium to the existing financed account. This will make the process of paying for the additional premium easier and eliminate the need to wait for the insured to cut a check or deal with ACH or credit card payments to come in. This will require less time and effort by the agency thereby making the process more efficient and reducing expense related to servicing the account.

With zero down payments, our proprietary Concierge Service Plus program and our associates working for YOU, managing your premium financed accounts has never been easier. For more information, please contact your PFB Sales Executive directly or inquire with us at info@premiumfinancebrokerage.com or by phone at 866-381-6501.

Beating the Competition with PFB

Beating the competition is what business it is all about. Keeping your existing accounts and winning new ones is the only way your agency will survive over the long run and Premium Finance Brokerage (PFB) is dedicated to helping you, the insurance agency, do exactly that.

There are many ways that PFB can help you beat the competition. Here we outline several key ways we can do that.

  • Complete a Premium Finance Physical with PFB if you haven’t done so recently or ever. The PFB Physical link here is a comparative analysis tool that we created to provide a clear picture of your current premium finance program and offers recommendations for improvement. Having the most competitive and appropriate program for your book of business is critical in ensuring success for your agency. With our portfolio of premium finance companies, we can work with you to find the best program for your premium finance needs.

  • Ask us about our Concierge Serve Plus (CSP) program. This cutting-edge program was designed to help you manage your premium finance assets, maximize your profitability and minimize or eliminate much of the work required by the agency to do so. Ask us about how our CSP program can help your agency today!

  • Offer premium financing to every client and prospect, even if they have not financed before. This is critical in retaining clients because you never know when the client might have a more pressing need to use their capital. It also shows new and existing clients that you are working for them by providing them with options to help them pay for what can be one of the largest expenses a business has, their insurance. And remember, if you don’t offer premium financing, your competition very likely will.

If you are not currently working with PFB, we would love the opportunity to earn your business. Anyone interested in learning more about how PFB can help you beat the competition, please call us at 866-381-6501 or email us at info@premiumfinancebrokerage.com.