Catalyit Premium Provider Since November 2023 | Last Updated November 2024
PayMyPremiums, AFCO Direct’s digital payment portal, is built to maximize efficiency and deliver exceptional client service. It offers a single workflow for both pay-in-full and premium finance transactions. And it produces results. Imagine reducing receivables by up to 80% and increasing premium finance revenue by up to 46%.
Features & Quick Stats
Core Business: Premium billing, collections, and financing
How PayMyPremiums Helps Independent Agents/Brokers: PayMyPremiums saves time by automatically extending flexible payment options on every policy. It also handles premium billing and collection, in addition to financing.
Integrations: View all integration partners
Partnerships: Vertafore Orange Partner, NetVU Gold Sponsor
Exclusive Catalyit Deal: The service is free for all to use!
Key Features:
- Premium Collection
- Flexible Payment Options
- Great Client Experience
Videos:
Website: about.paymypremiums.com
Contact: [email protected]
Headquarters: Lake Forest, IL
Number of Employees: 350
Area of Operations: United States (All)
Catalyit Team Review
AFCO Direct’s PayMyPremiums Is an Innovative and Essential Tool for Agents
Published: February 19, 2024
What we like:
- No cost to agents
- Premium finance capabilities
- Robust integrations
Things to consider:
- There may be state-specific fees for ACH non-sufficient funds, credit card chargebacks, etc.
| Yes/No | Top Features |
|---|---|
| Fees for non-sufficient funds? | |
| Compliance with state laws? | |
| Level 1 PCI compliant? | |
| Branded payment pages? | |
| Integration with AMS? | |
| Cost? | |
| Payment Types Accepted? | |
| ACH - 72 hours | |
| Credit cards - 72 hours | |
| Debit cards - 72 hours | |
| SWIFT | |
| Wire transfers | |
Summary:
PayMyPremiums (PMP), offered by AFCO, is a comprehensive digital solution designed to streamline the process of policy premium collection and financing. It is designed specifically for the needs of insurance agents, simplifying administrative tasks and enhancing the client experience.
Key Features:
- 100% Digital Agent and Insured Experience: PMP offers a fully digital platform for agents and their clients, ensuring a seamless and efficient premium collection process.
- Flexible Payment Options: The service provides multiple payment methods, allowing the insured to choose how to pay their policy premium. This includes the option for insureds to pay premiums in full or over time with a fiancé agreement.
- Integration with Existing Systems: PMP integrates with popular systems like Vertafore’s InsurLink, AMS360 Management System, and AFCO’s QIV quoting system. This compatibility enhances its utility and ease of adoption.
- Mobile-Friendly Design: The platform is optimized for mobile use, ensuring accessibility and convenience for users.
- Cost-Effective Solution: PMP is offered at no extra cost to the agent.
- Enhanced Client Experience: By leveraging digital signatures, down payment collection, and automated submission processes, PMP ensures a straightforward and intuitive user experience.
Benefits:
- Growth: PMP is designed to help insurance agents grow their business by streamlining the collection of premiums and payments.
- Time Efficiency: The platform significantly reduces the time spent on collecting premiums, payments, and processing finance agreements.
- Revenue Maximization: PMP helps maximize revenue from premium finance assets by offering flexible payment options and premium financing.
- Client Satisfaction: The digital and user-friendly interface of PMP ensures a positive client experience, which is critical in the competitive insurance market.
Final Thoughts:
PayMyPremiums stands out as an innovative and essential tool for insurance agents. Its emphasis on digital transactions and the integration of flexible payment options and a user-friendly interface position PMP as a valuable service for insurance agents. By reducing administrative burdens and enhancing the insured experience, PMP supports agency growth and aligns with the modern demands of digital efficiency and client satisfaction.
* Unbiased review based upon information and insights available.
Product Reviews
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PayMyPremiums by AFCO Direct Product FAQ
PayMyPremiums (PMP) is a 100% digital agent and insured experience. Collecting premium can be time-consuming and costly. Providing flexible payment options to insureds requires even more work and time. Insurance agents can now connect – within minutes – to our one-stop payment portal for premium billing, collection, and financing needs using AFCO Direct’s PMP. PMP is mobile-friendly, controlled by the agent and eases administrative efforts – all at no extra cost!
Company Name
AFCO Direct
Product Name
PayMyPremiums
How long does it take for an agency to get started?
20 minute setup call
Is your service free to the agency?
Yes
Payment types accepted:
ACH, Credit cards, Debit cards
What is the maximum funding per day per account?
No limit
Do you have ability for foreign currency exchange?
No
Do you provide options to protect against chargebacks, NSF’s, and incorrect banking information?
Yes
Do you provide premium finance options?
Yes
Do you fund within 24-72 hours?
Yes
Do you have the ability to agency brand on payment pages?
Yes
Integrations with Agency Management Systems?
Yes
What AMS systems do you integrate with?
Vertafore AMS360, Sagitta, and InsurLink
Are fully compliant with individual state laws, rules and regulations concerning agencies charging fees in addition to premiums.
Yes
Do you hold a Level 1 PCI Compliance and AOC certifications?
No
Do you have live experts available on-demand for training and service questions?
Yes
Where is your live, on-demand support primarily based?
United States
PayMyPremiums by AFCO Direct Videos
PayMyPremiums Demo
The PayMyPremiums Process
Q&A with PayMyPremiums
PayMyPremiums Product Pitch
PayMyPremiums Testimonial
Need 1:1 Help?
Our team of industry leaders can help you maximize your existing technology, discover and evaluate potential alternatives, and even assist with implementing new solutions in your agency.
Compare PayMyPremiums to other solutions on the Catalyit Digital Payments Guide.
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