Archives for installments

No Stamp NeededAs much fun as kids might find it to lick stamps and label envelopes, your clients will appreciate not having to do either once they sign up for AutoPay with iMGA.

Not only will they avoid the need to do any of that, but they can rest assured that every month they’ll get a notice letting them know exactly how much and on what date the system will charge to their checking account. It’ll always be the minimum due on their policy, and will be drawn from their account on the due date (or even a couple days later).

Not only will they save worry and time, they’ll also save money in several different ways:
– They won’t have to pay postage.
– They won’t have to buy envelopes or checks.
– They won’t have a late fee (assuming the payments don’t bounce).
– They will save a minimum of $2 off each installment fee. (This only applies if you set them up for AutoPay when you submit the policy.)

So be sure to ask your clients about AutoPay and set them up with it when you bind the policy.

If you’re a Texas insurance agent who doesn’t yet work with iMGA and you’d like to learn more about us, please tell us more about you.

Installment InvoiceWhen we introduced our billing system we tried to make things as easy as possible on the customers. One of the ways we did that was to automatically spread any underpayment across all future installments. So, if their payment had been $100/month and they missed a month and had four payments left, the remaining payments would be $125 each instead of $100.

You might or might not be surprised by how many confused calls that created.

We definitely were surprised. We had tried to be nice, but in doing so we had made things too complicated. So we’re returning to simple. As of now, if the insured’s bill is $100 per month and they miss the bill (or under-pay the bill), the full amount they missed will be added to the minimum due on the next installment, exactly the way it works on pretty much every other bill (credit card, utility, etc.).

We’ve also found that a small number of customers cause the majority of late payments, cancellations and reinstatements. To encourage those customers to keep on schedule, we’ve introduced a $9 late fee. It will be applied to any invoice that is not paid by its due date.

Late payments and under-payments cause lots of problems and significant service expense and issues. These changes will minimize the number of customers who receive cancellation notices or otherwise require additional special handling, and should make understanding the billing much easier for both you and your customers.

We know retaining customers and preventing unnecessary additional interactions is important to you. We look forward to these changes helping reach those goals.

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