1. Licensing: Obtaining your licensing is as easy as completing the correct paperwork and filing it with the State. Third Eye Solutions’ expert legal affairs team can help facilitate this process, free of charge.
2. Funding: Most agencies leverage their relationship with their existing bank to obtain their initial funding line. Because Premium Financing is a secure form of lending, banks are rarely hesitant to provide funding. Agencies starting with a revolver as low as $50,000 can finance up to $150,000 in insurance premiums. Third Eye Solutions can walk you through the process of obtaining funding, make introductions to banks if necessary, and teach you how to maximize its potential.
3. Operating Framework: This means software, processes, and people. Third Eye Solutions will provide the software you need and coach you through the rest. If you have an employee who can spare 20 minutes a day, you’re already on the right track.
The following projection illustrates the expected revenues that can be made from owning a premium finance subsidiary:
|Average Premium||Total Contracts||Premiums Financed||Fin. Chg. Per Contract||Fin. Chg. On Portfolio|
*The revenue projections are based on an APR of 18% which is, on average, the allowed 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.