Consider the benefits of setting up your premium finance program. Launching an in-house program will generate additional revenue, deliver superior customer experience, and position your agency as a formidable player in a thriving $150 billion per year industry.
Unlock a New Revenue Stream. Learn how to Launch your Premium Finance Program with our Comprehensive Guide
You’re leaving profit on the table. Our client, COST Financial Group, highlighted a common industry practice in an article published by Insurance Business:
Traditionally, when retail brokers and wholesale agents arrange loans for an insured through a traditional premium finance company, there is only a minimal commission offered by the premium finance provider for bringing in business, Gebhardt explained.
This leaves the bulk of the profit in the hands of a few of the country’s large premium finance companies. These institutionalized big players in premium financing drive the homogenization of the industry.
This leaves a significant portion of the profit in the hands of a few large premium finance companies, contributing to the homogenization of the industry. The opportunity lies in leveraging capital to create your premium financing program and retaining the entire profit.
Our revenue projections showcase the substantial income your premium finance subsidiary could generate. We offer personalized planning and structuring to help you estimate your revenue potential accurately.
| Average Premium | Total Contracts | Premiums Financed | Finance Charge Per Contract | Finance Charge On Portfolio |
|---|---|---|---|---|
| $1,000 | 1500 | $1,500,000 | $77.37 | $116,049 |
| $2,000 | 1250 | $2,500,000 | $134.73 | $168,416 |
| $3,000 | 1000 | $3,000,000 | $192.10 | $192,099 |
| $5,000 | 750 | $3,750,000 | $306.83 | $230,124 |
| $7,500 | 500 | $3,750,000 | $450.25 | $225,124 |
| $10,000 | 250 | $2,500,000 | $593.66 | $148,416 |
*Revenue projections are based on an APR of 18% which is, on average, is below the max APR in most States. We will assist you in planning and structuring your program, and provide you with a tailored estimate about how much you stand to make in revenue.
Today’s premium finance software solutions allows businesses to operate efficiently with minimal overheads. With 98% of labor replaced by automation, you can run your premium finance company seamlessly, leveraging your existing infrastructure.
The premium finance business model comes with built-in safeguards. When an insured defaults on his/her payments, finance companies simply contact the insurance carrier and collect the remainder of the loan as unearned premium. With collateral in the form of down payment, unearned premiums and the right software in place, risk mitigation is built-in to the model. Third Eye Solutions offers cutting-edge software that automates receivables tracking, ensuring you stay in control even when clients default.
Navigate the paperwork effortlessly with the guidance of our expert legal affairs team. We’re here to ensure a hassle-free process as you obtain the necessary licensing for your premium finance program.!
Make the most of your existing bank connection to secure initial funding. Third Eye Solutions offers hands-on support and introductions if needed, ensuring a streamlined path to financial backing for your premium finance venture.
Equip your agency with essential tools, processes, and expert guidance. With just 20 minutes a day, you’ll be on the fast track to success. Our comprehensive support ensures your premium finance program operates seamlessly, allowing you to focus on what matters most — growing your business and serving your clients. Here’s what Red River Bank had to say about our service:
“We were looking for a software solution to add the unique facets of premium financing to our suite of commercial lending products…particularly the need to provide a flexible, user-friendly experience to the agent in the field and the insured. The team at Third Eye delivered in every respect, particularly with the need to have our own documents delivered to the agent and to the insured. TE said they could do it…..and they did!”
Todd Marye | VP Loan Systems & Service Manager, Red River Bank
Ready to embark on this lucrative journey? Third Eye Solutions is your trusted partner in launching and managing your premium finance business. We’ll assist with:
See our software in action. Unlock new revenue streams today—launch your premium finance program with confidence!
Find out about our software capabilities, client success stories or even obtain industry insights.
