(Image source: AFCO homepage.)
AFCO Credit Corp. (Rosemont, Ill.), one of the largest providers of insurance premium finance in the United States, today announced a new direct integration between its PayMyPremiums (PMP) technology and Vertafore’s (Denver) AMS360 agency management system.
PMP provides an entirely digital platform for agents created to make it easy for their insureds to pay premiums in full or collect down payments and finance their premiums. The integration is designed to deliver increased administrative efficiencies for agencies using AFCO and AMS360.
Using PMP, insureds can easily make payments via credit or debit card, or ACH, according to a joint statement from AFCO and Vertafore. Insureds electing to finance their premiums have the option to enroll in recurring monthly installments. Regardless of whether an insured pays their premium in full or finances it, agents receive gross premium from AFCO. Agents also benefit from reducing average days’ receivables, the ability to maximize premium finance revenue where allowed, and easing the administrative effort associated with premium financing.
Meeting Clients on Their Terms
“PMP’s integration with AMS360 enhances the easy-to-use technology solutions AFCO provides its agent clients,” comments Bob Pinkerton, President and CEO, AFCO. “Expanding our partnership with Vertafore will help us continue to meet our clients on their terms—wherever, however and whenever they want to transact business.”