How Carriers Can Offer Policyholders Pay-As-You-Go Billing in Four Easy Steps

Typically, carriers will submit the following information to InsurePay via web service integration:

• Policy number and effective/expiration dates of coverage
• Policyholder’s name, EIN, and address
• Policyholder contacts, phone and email address
• Rating data (eligible state(s), class code(s), est payroll/premiums)
• Total policy premium

Once InsurePay receives a policyholder’s information from a carrier, InsurePay automatically sends an email to the client contact, prompting them to complete a one-time registration that includes:

• Review and Accept Terms of Use
• Create Login Credentials
• Payroll information and how the payroll will be submitted
• List of key individuals named on the policy
• Complete an ACH authorization form for automatic deduction of insurance premiums.

Once an account is created, InsurePay will request information from the policyholder’s payroll company or the policyholder if they prefer to self-report. This information will then be used to automatically calculate the premium (even for different employee classifications) for the payroll period.

InsurePay will calculate the premium amounts based on the payroll check date submitted by the payroll provider or policyholder.   After that InsurePay will send out an email to notify policyholders about the amount to be withdrawn from their authorized bank account.

Along with calculating the premium amounts, InsurePay will also automatically implement key individual minimum and maximum payroll amounts and capping rules for all NCCI states and independent bureau states (some exceptions may apply).

Next, InsurePay will generate a daily remit file which can be used by a carrier’s finance department to reconcile payments. This file will include information about each day’s pay-as-you-go billing transactions, such as:

• New billings
• Re-billings of failed transactions
• ACH returns

Furthermore, it’s also possible to update a policyholder’s information throughout the policy lifecycle.  Whether it’s a renewal, endorsement, reinstatement, or cancellation, InsurePay makes it easy to update information and keep premium payments in sync at all times.

For almost 20 years, we’ve been successfully helping carriers of all sizes implement Pay-As-You-Go billing.  Whether you’re thinking about partnering with a solution provider or building an in-house solution, we’d love to see if we can help you out.  To schedule a no-obligation consultation, contact sales@insurepay.com to schedule a 30-minute call.