It’s a situation that is bound to happen from time to time: One of your customers was making their business insurance premium payments on time, and then, without any warning signs, the payments stop.
Cancellation for missed payments is more common than you might think. Business owners are quite busy running their operations, managing employees, and dealing with day-to-day tasks. As a result, they sometimes forget the insurance payment due date or misplace notifications. Or they may experience financial hardship due to unforeseen circumstances.
At US Premium Financing, we understand the importance of saving your customers’ policy and avoiding the problems caused by late payments and cancellations. That is why we developed a comprehensive system to increase customer retention and revenue. It’s USPF CAPE, which stands for Cancellation, Anticipation, and Prevention through Engagement.
Online system monitors payment activity
Before we explain the many benefits of CAPE, we want you to know that it’s completely automatic and does not require any signup or activation. CAPE gets deployed and goes to work right away for you and your clients.
CAPE has the automated tools needed to pinpoint possible cancellations and help prevent them. This ensures that your customers’ policies remain in full force.
Here’s how CAPE works. It is a robust and secure online system that houses all of your customer’s information and monitors their payment activity. It provides you with pre-cancellation and cancellation reports weekly. In addition, you have online access to your client's insurance billing history, cancellation notices, and reinstatement requests, which can be printed or emailed directly to your customer. Plus, the USPF mobile app is equipped with text alert functionality.
How CAPE helps prevent cancellations
If your customer suffers a disruption, as an agent, it's essential for you to minimize cancellation risk. The first step is to collect all necessary information and payments. This can take time and put a dent in your productivity. But with CAPE, you're covered. We can help prevent cancellations and lost revenue by putting a cancellation hold for up to seven days. In addition, we engage your customers multiple times throughout the payment and pre-cancellation cycle.
Next, CAPE keeps your customers informed with several automatic reminders so they are always informed of their policy’s status. This includes providing them with invoices via regular mail and email, sending an “intent to cancel” notice 10 days before cancellation, and contacting them via telephone seven days before cancellation. Lastly, a reminder email is sent five days after the past due payment with multiple payment options to choose from.
Put CAPE to work for you
As a commercial business insurance agent, paying customers are your business’s lifeblood. But to be successful, you need to do more than grow your book of business - you also need a high retention rate. This starts with five-star customer service and flexible, dependable financing solutions. Here at USPF, we’ve been providing all this for over three decades - and CAPE is another way we put you and your customers first. And we repeat for emphasis - CAPE is automatic and 100% free to use. Contact us now to learn more about CAPE and to start using it.
Loans subject to credit approval. US Premium Finance is a division of Ameris Bank.