While it may be easier for insurance agents to sell premium financing if they pitch it as “free insurance”, such a sales pitch might get them into trouble for being misleading. A presentationl was definitely needed to explain to them how premium financing works.

In real life, premium finance is actually a loan that is granted to high net worth individuals so that they can take an insurance policy that is worth millions. They do not have to sell their assets. They only need to present a minimum collateral and then negotiate a loan with a financial institution, typically a bank. When the loan is granted, the financing bank pays the insurance company for the premiums of the policy. When it comes out, the bank keeps the insurance policy as collateral.

When the insured person dies, the bank uses the death claim to pay for the premium financing loan (principal plus interest), and gives the balance of the claim – as well as the minimum collateral - to the heirs.

Wet Sand’s Animation

When Premium Finance approached us, the company already had two graphics on their website which visually explain the processes of premium financing for when a person decides to insure himself with a premium financing loan, and what happens when he dies. But the graphics are basically for insurance agents who visit the company’s website.

Wet Sand created an animated version of those graphics. The company’s representatives bring it with them to face-to-face Business Opportunity Meetings (BOM) with insurance agents. The presentation was received with awe, like how very good animated presentations are received by audiences. This presentation is also sent out to agents who sign up through the website.

And because of Wet Sand’s presentations, insurance agents for Premium Finance take on a more informed approach to selling premium financing, rather than do a hard sell with the “free insurance” sales pitch.