MGA Billing Solutions
Insurance - Sunrise, Florida, United States
MGA Billing Solutions Employees
MGA Billing Solutions Details
MGA Billing Solutions assists Insurance Managing General Agents in improving their retention rate by helping them implement creative billing solutions. How Can MGA Billing Solutions Help Your Company?Customer Retention is an important part of any business, especially in the insurance industry. Obtaining new customers is a very expensive proposition. Once you have those customers on the books, it is important to have a system in place which makes the renewal process easy.Direct Bill Insurers are estimated to have an 80% to 90% renewal rate, or more.Why, because they provide their insureds with a simple, direct process for insureds to renew their policy.But certain insurance carriers do not provide a payment plan. Consider using a Direct to Insured Renewal Program for your MGA. How do you manage your renewals? Do you renew exclusively through your agents or do you send renewals directly to the insured? Do you follow up on policies not renewed? Do you include finance agreements with quotes or renewals?BILLING OPTIONSConsider "Direct to Insured Renewals" for Your MGAMore MGA's are beginning to offer a "Direct to Insured Renewal" option when the insurance carrier does not provide a payment plan. The insurance agents continue to be an important part of the process and they receive copies of the renewal documents, but now, certain MGA's are also sending the renewal notices directly to the insureds in an effort to increase their retention rate.Renewal Documents are created to include your usual insurance documents. The cover letter is modified to include payment options: Pay in Full or an Installment Plan through a premium finance company; and a Premium Finance agreement is includedRenewal Documents can be sent via regular mail or can be emailed to the Insuredwww.mgabillingsolutions.com
