A bank's guide to insurance premium finance
The plan to take business from other banks
Evolution has worked with banks and others who worked for banks that were lenders to the premium finance industry for many years. Our knowledge is immense. Countless man years has been put into these premium finance guidelines that cover from where to start to daily operations of booking and servicing premium finance loans.
We have put together all the documents, including guide on how the premium finance industry works, who are the players, new methodology to gain market share, pro forma(s), critical path, software, to create a bank's guide to insurance premium finance.
Other banks are in the premium finance business for one reason, low risk loans with huge profit margins (see list).
Premium finance provide new loan opportunities and can bring new assets into the bank. As in any new endeavor you will need more information like premium finance company facts. Why migrate to this industry? How is the industry average mark off of ½ of 1% of accounts receivable possible? Finance Charges. How all loans are collateralized by the remaining unearned portion of the insurance policy. Why would agents switch to your bank? Renewals and other bank benefits. Exit strategy. Introduction into premium finance marketing. Bank Strategy. The Community Reinvestment Act. Agent Facts and Banks Future Impact. Bank Facts and Solutions. (see in depth)
As a bank how can you prove that is something that can give you such high yields like these;
- Returns on Investment (ROI) of 45-65% and
- Returns on Assets (ROA) of 4-5% based upon
- Net Interest Margins in excess of 4½% (spring 2008).
How Evolution can help;
- See for yourself with our Excel premium finance pro forma spreadsheet. Let your CFO prove the numbers.
- Also, a in-depth 18 page book that explains cells within the pro forma spreadsheet. Sample screen shots below.
- This pro forma was created by Evolution working in conjunction with banks and a seasoned executive with over 28 years of progressive experience in the marketing of financial services products and 20 years in management within the Premium Finance Industry.
- "Banks Entry into Premium Finance" is a 30 page book full of valuable information.
- Includes current premium finance methods and four new "Agent Plans" developed out of our experience in the industry that helps you gain market share and retain it.
- Critical path for the lender.
- A turnkey plan that includes Independent Monitoring, Agreements, Marketing, Audit, Customer Service, Compliance Insight, Consulting Services, Software.
- Software created specifically for banks with methodology that can give you the edge and change the industry including four new "Agent Plans" that is outside the normal way premium fiance has been conducted.
- Expertise and much more.
Only entities using our methods can compete with you!
Property and casualty insurance premium finance changes, flexibility and features you will not find from any other software vendor.
To find out more call Don @ 913-284-2654 x105 or email us.