AFCO Direct

AFCO Direct is an insurance premium finance company serving insurance agents, brokers and their insured clients. Premium finance lets a business or individual spread the cost of an insurance policy over installments, with the finance company paying the carrier up front and collecting payments from the insured over the policy term. The company describes its approach as pairing technology with industry expertise, holding that premium finance works smarter when people and technology work together.

AFCO Direct groups its solutions into quote management tools, insured management tools and value-added services intended to improve efficiency. The quote management tools include myAFCO, a customizable digital portal for account management; Quotes in View, for paperless quoting workflows; and ADEPT, a combined quoting and account management solution. For managing insured accounts, the company offers an invoicing program for premium billing, collection and finance; Electronic Premium Financing Plus, which lets users set up and complete the entire financing process electronically; and Intelligent Mail Tracking, designed to reduce the time and expense of premium cancellations and reinstatements. If an insured stops paying, the finance company can typically cancel the policy after written notice and recover the unearned premium from the carrier, which makes cancellations and reinstatements a routine part of servicing financed policies.

Agents and brokers can also download forms and documents online, and the company handles technical support and account questions. AFCO Direct says it is invested in its clients' success and treats each relationship as a partnership, offering a broad product line for insureds' needs and funding capacity to accommodate its partners' growth. For agencies, offering financing can make larger policies, particularly commercial ones, easier to place with clients who would rather not pay the full premium at once.