AFCO Direct has partnered with ePayPolicy to make their premium financing solutions for insurance companies easier to access for the industry.
Since the start of the COVID-19 pandemic, e-commerce customers have grown increasingly familiar with “Buy Now, Pay Later” (BNPL) options at checkout – the retail equivalent of installment plans. Companies like Affirm and Klarna have become globally recognized brands, as a surge in online shopping helped the top 5 lenders in that space grow 970% from 2019 to 2021 (source – CFPB).
With ePayPolicy’s latest feature release, Finance Connect, AFCO Direct can now offer the same level of convenience when paying premiums online.
The convenience of BNPL at checkout has been estimated to increase conversion rates by 20-30%, as well as increasing cart value by 30-50% (source). But unlike new BNPL entrants, many PFCs have long standing existing relationships with their partners, and need no justification for the value they bring.
“ePay is a trusted payment provider for the insurance industry and this partnership enhances the financing capabilities they are able to provide agencies,” said Mike Pappas, COO of AFCO Direct. “We share a similar vision of providing insurance agents leading digital solutions to grow their business and reduce costs associated with collecting premiums, while also providing flexible payment options to insureds.”
“Central to the creation of Finance Connect was our intent to preserve existing partnerships with PFCs,” added Engels. “We didn’t want to try and take business from them, or create a marketplace. We want to help both sides work together faster, for the convenience of the insured.”
By utilizing ePayPolicy’s new feature, AFCO customers can now enroll on financing – complete with e-signed PFAs and automatic payments – in a single online session, utilizing secure connections to AFCO’s systems and their management systems.
“Integrating our products is just the beginning,” added Pappas. “As innovators in our respective fields, we will continue our endeavor to make paying premiums easy, fast, and secure.”
Key Features
- Allows insurance companies to work with their existing PFC partners
- Premium financing options presented at checkout alongside pay in full options
- Simplified financing enrollment and upfront terms for insureds
- Easily generates consolidated premium finance agreements (PFAs)
- ePayPolicy is integrated with over 90% of the most popular agency management systems, saving time and manual data entry
About AFCO Direct
As a leader in premium finance, AFCO Direct supports insurance agencies by developing customized financing programs for their insureds. Our goal is to ease administrative duties for agents, improve cash flow for insureds – and provide easy-to-use technology for both. AFCO Direct has transformed its business with digital offerings designed to assist our agency partners by providing premium collection, billing, and invoicing solutions. Our innovative tools and technology make premium financing easy, simple, and fast, freeing up our agents’ valuable time and helping them to maximize their profitability. Learn more: afcodirect.com
About ePayPolicy
ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. 8,000+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com
