AFCO Direct

Name

AFCO Direct

Legal name

AFCO Credit Corporation and AFCO Acceptance Corporation

Website

https://afcodirect.com

Company type

Private

Founded year

1957

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Insurance Premium Finance

NAICS

Sales Financing (52222), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Embedded Insurance Distribution & Premium Financing (FSAGALAF)

Keywords

• Insurance premium finance
• Premium billing solutions
• Commercial insurance lending
• Down payment collection
• Agency financing platform

Headquarters

HQ city

Lake Forest

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Premium Finance Interest Income: AFCO Direct provides insurance premium financing loans to commercial insureds. Revenue is generated through interest on loans extended to policyholders who finance their insurance premiums. The company works with insurance agents who facilitate these financing arrangements, providing agents with gross premiums from AFCO while insuring agents receive financing options for their clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

AFCO Direct provides insurance premium financing loans to commercial insureds, enabling them to pay insurance premiums in installments rather than in a single lump sum. The company delivers this financing through a suite of digital platforms—including PayMyPremiums, myAFCO, ADEPT, and Quotes in View—that insurance agents and brokers use to quote, originate, and service premium finance loans for their commercial clients. Operating as a subsidiary of Truist Financial Corporation, AFCO Direct underwrites, funds, and services these loans using the unearned portion of the policy as collateral.

Product overview

AFCO Direct offers a unified premium finance platform with multiple interconnected digital tools designed for insurance agents, brokers, and their insureds. The core offerings include PayMyPremiums (PMP), a fully digital billing and financing solution; myAFCO, a customizable digital portal for both agents and borrowers; ADEPT (formerly BDSecure), a complete quoting and account management platform; and Quotes in View (QIV) and Accounts in View (AIV), paperless workflow tools. Supporting modules include Electronic Premium Financing Plus for e-signature-based financing, AFCO Direct Invoicing for billing collection, Intelligent Mail Tracking for payment detection, Cash Flow Analysis, Continuing Education, Continuous Pay Collateral Program for cash-constrained insureds, Policy Preservation Process, and Debtor in Possession financing. These products integrate with major agency management systems including Vertafore AMS360, Sagitta, and InsurLink, as well as payment processors ePayPolicy and Applied Pay.

Differentiator

Problem solved

Functional benefit

Brands

• PayMyPremiums: A fully digital premium billing, down-payment collection and financing solution platform.
• ADEPT (AFCO Direct Easy Premium Technology)
• Quotes in View (QIV)

Products and services

• PayMyPremiums (PMP) Fully digital premium billing, down-payment collection and financing solution that enables insureds to pay premiums in full or finance through credit/debit card or ACH payments, with optional recurring monthly installment enrollment. Agents receive gross premium 100% of the time.
• myAFCO Digital Portal Customizable digital portal accessible from desktop or mobile that allows agents to generate premium finance quotes, tailor loan solutions, and determine payment options, and is also available to borrowers (insureds) to independently manage premium finance loans 24/7.
• ADEPT (AFCO Direct Easy Premium Technology) Complete quoting and account management solution with real-time data, 24/7 access, electronic signature, electronic downpayment, electronic return premium, real-time reporting, agency user management, and customized branding for insured payment portals.
• Quotes in View (QIV) Paperless quoting workflow for agents, brokers and associates built on industry standard software for familiarity and ease of use; integrates with Electronic Premium Financing Plus for electronic signatures and payments.
• Accounts in View (AIV) Enables business development officers and associates to provide back-office support to Quotes in View users, accessing account information and management tools.
• AFCO Direct Invoicing Premium billing collection and finance system for insurance companies, wholesalers, managing general agents and managing general underwriters, allowing them to outsource premium billing and collections to AFCO Direct.
• Continuous Pay Collateral Program Insurance financing plan tailored for insureds with constrained liquidity or cash-flow issues, providing a simple, continuous, and manageable payment plan. Designed for agencies serving vehicle fleets and the livery industry.
• Debtor in Possession Financing Lending solution for organizations in Chapter 11 bankruptcy that need to maintain property and casualty insurance coverage, supported by AFCO's in-house legal team specializing in bankruptcy code requirements and documentation.
• Policy Preservation Process Exclusive process that safeguards insured relationships throughout the billing cycle, provides clear payment obligation understanding, preserves coverage and agency revenue, reduces agency account servicing costs, and strengthens receivables management.
• Cash Flow Analysis Solution that helps insurance agents, brokers and their insureds understand how to improve cash-flow management by comparing the true cost of financing with the return on retained working capital.
• Continuing Education for Agents and Brokers 2-hour premium finance continuing education course for insurance agents and brokers, taught by state-accredited instructors to deliver CE credits.

Quantifiable outcome

• Reduce agency receivables by up to 80%
• +5 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core.

• ePayPolicycoreTechnology or Integration · 24 April 2024AFCO Direct partnered with ePayPolicy to make AFCO Direct's premium financing solutions more accessible to the insurance industry. ePayPolicy simplifies and automates insurance payments for agencies, brokers, MGAs, and carriers, and integrates with more than 90% of the most popular insurance agency management systems. Under the partnership, ePayPolicy clients using Finance Connect can incorporate AFCO Direct's premium finance solutions in their checkout process.
• VertaforecoreTechnology or Integration · 31 May 2023AFCO Credit Corp. announced a direct integration between its PayMyPremiums (PMP) technology and Vertafore's AMS360, a leading agency management system. The integration delivers increased administrative efficiencies for agencies using both AFCO and AMS360. Insureds can easily make payments via credit/debit card or ACH, and those electing to finance premiums can enroll in recurring monthly installments.
• Vertafore (InsurLink)coreTechnology or Integration · 1 January 2022AFCO partnered with Vertafore to integrate its PayMyPremiums payment portal with Vertafore's InsurLink client experience platform. This equips independent insurance agencies with the capability to provide insureds with invoicing, payment, and premium financing through InsurLink. Agents using InsurLink along with AMS360 can simply enroll in AFCO's PayMyPremiums and receive an electronic key to activate the feature.
• Vertafore (Orange Partner Program)coreGTM or Marketing Partner · 1 January 2022AFCO joined Vertafore's Orange Partner Program, which helps agencies meet business needs by creating integrations between best-in-class technology solutions. AFCO works with Vertafore's product teams to ensure coordinated technology enhancements to benefit insurance agencies looking for better ways to serve their clients.
• Applied Pay (Epic Agents)coreTechnology or IntegrationAFCO Direct integrated with Applied Pay to provide seamless financing for Epic agents through embedded premium financing options in digital payments workflow. The integration provides secure digital payments including credit cards and ACH, syncing financing and payment data to eliminate manual entry errors.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Imperial PFS: Specialty commercial premium finance company providing installment financing for commercial insurance premiums through independent agents, including niche segments like auto dealers and restaurants — closely comparable to AFCO's commercial-bill financing business.
• IPFS Corporation: Established premium finance provider serving independent insurance agents with installment premium financing across multiple lines of business, including both P&C and specialty lines — overlap is meaningful despite IPFS's UK-centric branding.
• First Insurance Funding: A large bank-owned premium finance company (subsidiary of First Citizens BancShares, formerly CIT) that offers commercial P&C premium finance loans to independent agents and brokers — virtually identical core product and distribution model to AFCO Direct.
• First American Premium Finance: Premium finance operation within First American Financial Corporation offering premium financing solutions for commercial and personal lines through insurance agents — directly comparable product for the same target user.
• Premium Financing Specialists: Independent commercial insurance premium finance company offering installment financing of commercial insurance premiums through independent agents — direct competitor with overlapping customer base and product set.

Others

• Vertafore: Largest agency management system vendor in the U.S. (AMS360, Sagitta, InsurLink) — strategic technology partner through which AFCO distributes its PayMyPremiums and premium finance experience, and thus an ecosystem architect for AFCO's go-to-market.
• Applied Systems / Applied Pay: Dominant agency management system vendor whose Applied Pay digital payments product has integrated AFCO's premium finance directly into Epic workflows — an enabling technology partner whose choices shape AFCO's distribution.

Emerging players

• ePayPolicy: Insurance payments platform whose Finance Connect feature embeds premium financing (including AFCO's own) into agency checkout workflows — partial overlap as an emerging player intersecting the premium-finance experience layer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/afco-direct

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFCO Direct