FOR IMMEDIATE RELEASE
Contact: Mike Qualls, President
May 8, 2002
Insurors Bank Introduces Premium Finance Service
Nashville, TN - Insurors Bank of Tennessee launched its premium finance service on March 1. This unique service gives insurance agents the ability to offer their customers on the spot financing for insurance premiums. Another new bank service, insurance premium financing is provided through the bank’s subsidiary, Insurors Finance, Inc, and is funded by Insurors Bank. The operation includes a premier internet based system with instant online access available to independent insurance agents throughout Tennessee. Agents who offer premium financing services enable their customers to minimize the immediate expense for insurance and to spread their payments over time. Financing can be arranged almost instantly in the insurance agent’s office.
With Insurors Bank’s online system, participating agents have direct access via the Internet to obtain immediate quotes on rates, terms and payment amounts for each customer. Agents can also generate and print contracts on the spot, so their customer never has to wait.
“Our focus is to provide service, convenience and speed to our customers,” says Insurors Bank President Mike Qualls. “With the technology we have available, we deliver banking service where people work and live.”
The bank’s new premium finance service is available on both commercial and personal lines of insurance for annual premium amounts of $2,000 and higher. Customers will typically make a down-payment of 20 to 35 percent of the premium, then spread the balance over eight or nine months. Since introducing its premium finance service just over 60 days ago, more than 20 Tennessee insurance agencies have signed up for the program, and the bank is approaching its first $1,000,000 in financed premiums.
“Insurance agencies report that the program is simple to use and provides quick funding of the accounts. This new line of business is consistent with Insurors Bank’s mission to serve independent insurance agents and their customers across the state,” says the bank’s Chief Operating Officer Anne Cheatham.
Insurors Bank of Tennessee was formed to serve independent insurance agents, their clients and employees, businesses and the general public in the state of Tennessee. Since the bank has no brick-and-mortar offices, its lower operating costs equate to very competitive deposit and loan rates.
Insurors Bank is owned jointly by InsCorp, Inc., a Tennessee bank holding company established by members of Insurors of Tennessee, and by Civitas BankGroup, a multi-bank holding company. The bank has regional representatives serving all areas of the state and is headquartered at 2505 21st Avenue South, Suite 204, Nashville, Tennessee – and on the Internet at www.insurorsbank.com.