Rosemont, IL, May 31, 2023 – AFCO Credit Corp., one of the nation’s leading providers of insurance premium finance, today announced a new direct integration between its PayMyPremiums (PMP) technology and AMS360®, a leading agency management system from Vertafore®.
PMP provides an entirely digital platform for agents that makes it easy for their insureds to pay premiums in full or collect down payments and finance their premiums. The integration will deliver increased administrative efficiencies for agencies using AFCO and AMS360®.
Using PMP, insureds can easily make payments via credit or debit card, or ACH. 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.
“PMP’s integration with AMS360® enhances the easy-to-use technology solutions AFCO provides its agent clients,” said Bob Pinkerton, AFCO’s President and CEO. “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.”
AFCO is a subsidiary of Truist Bank, which is a subsidiary of Truist Financial Corporation (NYSE: TFC). As a pioneering leader in premium finance, AFCO supports insurance agencies by providing customized premium finance programs; all while easing administrative duties, improving cash flow and providing digital access to meet both agency and insured’s needs. AFCO is transforming its business with technology designed to assist our clients by providing premium collection, billing, and invoicing solutions. For more information about AFCO, visit Contact Us | AFCO.
©2022 PayMyPremiums and the PayMyPremiums logo, and the AFCO logo are registered trademarks of AFCO Credit Corp. All rights reserved. All other trademarks are the property of their respective owners. ©2023 Vertafore and the Vertafore logo are registered trademarks of Vertafore. All rights reserved. All other trademarks are the property of their respective owners.