CAPE: Helping prevent business insurance policy cancellation
100% free to use, saves time and increases revenue.
It’s a situation that is bound to happen for one reason or another. 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 a lot more common than you might think. Business owners are very busy running their operations, managing employees, and dealing with a myriad of day-to-day tasks. As a result, they sometimes forget the insurance payment due date, misplace the notifications, or experience financial hardship due to unforeseen circumstances. Here at US Premium Financing, we understand the importance of saving your customers’ policy and avoiding the risks associated with 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.
CAPE handles various administrative tasks and is completely automatic.
How CAPE can help prevent cancellations.
If your customer suffers a disruption, it is essential to take steps to minimize the risk of cancellation. This includes following up immediately to collect all necessary information and payments. As you know, this takes time and can put a dent in your productivity. But don’t worry, because USPF’s CAPE has you covered. We can help prevent cancellations and lost revenue by allowing 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 ten 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.
Now is the time to put USPF’s CAPE to work for you.
As a commercial business insurance agent, your paying customers are your business’s lifeblood and financial well-being. To be successful, you need to do more than grow your book of business. It would help if you also had a high retention rate. This starts and ends with five-star customer service and flexible and dependable financing solutions. Here at USPF, we’ve been providing this for over three decades, and CAPE is another way we put you and your customers first. As we mentioned earlier, CAPE is automatic and 100% free to use – there is absolutely no cost for you to use it. Contact us today to learn more about CAPE and start using it.