Agile Premium Finance delivers flexible and reliable premium funding solutions designed to help businesses and individuals manage insurance costs efficiently. With a focus on transparency, speed, and customer support, our approach simplifies complex insurance payments while supporting smarter financial planning and long-term stability.
What Is Agile Premium Finance?
- Agile Premium Finance provides a service where clients do not need to pay the full insurance premium upfront, and instead, do a partial payment, and the full payment is spread over time.
- Agile Premium Finance is a division of First Financial Bank, and focuses on premium financing solutions tailored for insurance clients.
- Agile Premium Finance uses technology to make the process quicker for agents and improves the experience for clients and insurers.
How Premium Financing Works?
A premium financing provider (such as Agile) pays the insurance premium on behalf of the client.
Then, the client (individual or business) repays the financing provider in installments over an agreed term.
This method is more typical of commercial insurance or high-value insurance policies where premium allotments are larger and spreading premium payments offers value.
Why Consider Agile Premium Finance?
The following outlines why one would choose Agile:
- Speed and ease of doing business: Agile prioritizes fast interaction and ease of access through mobile devices and streamlined workflows.
- Agent-centric Features: Agents on the Agile platform have access to automated commission processing and fully integrated commission management.
- Technological Synergies: Agile collaborates with partners such as ePayPolicy which integrates financing options at the point of sale and other embedded payments with contracts and agreements.
- Backed by a Strong Institution: The affiliation with First Financial Bank provides institutional backing and support.
Strategic and Operational Benefits of Agile Premium Finance
Choosing Agile Premium Finance provides you with certain strategic and operational advantages:
Cash Flow Management
Having the option to pay insurance premiums in smaller installments instead of one large payment helps you manage your cash flows more effectively.
This is even more advantageous to businesses with seasonal income or revenues that give a cash flow cycle.
Agent and Broker Productivity
Agents on the Agile platform are provided tools to rapidly quote and produce contracts as well as manage commissions and reporting. This is a form of administrative burden which has been significantly optimized.
Better Client Experience
For insureds, the process is more user-friendly mobile-friendly portals, online applications, electronic and remote signing and the like.
Retention is improved with financed premiums, as insurance stays more affordable and clients are less inclined to cancel coverage due to large up-front costs.
Competitive Differentiation
Premium financing may be offered at the point of sale as ‘buy now, pay later’ to attract many business clients.
The more you understand how the process works, the more you know what to expect.
Step by Step: How to Use Agile Premium Finance?
- Choose your insurance policy and decide you want to finance your premium.
- Applying for financing is done through Agile or your agent.
- Agile pays the insurer the full premium amount or agreed portion on your behalf.
- Here, you sign a Premium Finance Agreement (PFA) that states the terms of the ‘finance agreement’ such as interest, payment schedule and any service fees.
- Per the contract, you make monthly or periodic payments to Agile.
- After the term is complete or if your policy is adjusted or canceled you settle with Agile as the contract describes.
- Here, you are allowed to pay off the contract early, or settle the contract as a policy change adjustment.
- Be sure to look over the interest rate, term, the payment schedule, and any other fees to be charged.
- Any time an insurance policy is cancelled or changed, adjustments to payment financing may be necessary.
Be sure to take proper due diligence on your obligations under the PFA. choosing a provider like Agile that offers digital ease and agent support reduces friction.
Who Should Consider Agile Premium Finance?
Target Candidates
- Businesses or individuals with large insurance premiums and want to spread the payment.
- Insurance agents/brokers aiming to provide streamlined value-added services and digital ease in financing arrangements.
- Organizations that offer efficient digital solutions and proactive support in financing.
When It’s Especially Helpful?
- When large premiums are single payments and wish to preserve capital.
- When cash flow is stretched and irregular, predictable and evenly spaced payments are needed.
- When an agent provides financing as a competitive advantage.
Common Misunderstandings on Premium Finance
- It’s just a loan: Premium finance agreements are tied to insurance and are more than just a loan.
- It’s more expensive: There are interest fees, but the cash flow benefits afforded by spaced payments may justify the expense.
- It’s complicated: Service providers such as Agile simplify, streamlining, accelerating, and digitalizing payment offerings.
- Only for large companies: A few individuals may qualify for premium financing even if they do not meet the business profile, although this is generally restricted to large policies issued by the provider.
FAQs
What is the minimum premium I need to use Agile Premium Finance?
Minimum premium amounts is determined by the provider, policy type, and even the region. This is best determined by contacting an Agile agent or representative.
Can I finance the full insurance premium or only part of it?
Yes. Depending on the circumstances, you may be able to finance the entire premium or only part of it, in accordance with the provider’s policies and their underwriting guidelines.
What happens if the policy is cancelled or I stop making payments?
If the policy is cancelled, altered, or not paid for, this will necessitate an adjustment on the premium finance agreement. The contract will detail any outstanding contracts that may be accrued and the possible negative impacts they will carry.
Is premium financing through Agile available for all types of insurance?
In general, financing is available for commercial lines, insurance policies of greater value, or more complex risks. The underwriting guidelines of the provider will determine this based on the policy type, size, and their underwriting rules.
How does working with Agile Premium Finance compare with paying the premium in full?
While paying the premium in full offers the benefit of eliminating interest, fees, and potentially simplifying the transaction, Agile Premium Finance would allow you to conserve working capital and cash flow and provide more flexible payment plans to your customers. For many businesses, this additional flexibility can be very important.
