Insurance is an inherently a data-driven business, but often has no line of sight to critical policyholder payment data during the term of the policy. With InsurePay, customers can leverage technology to move data and money in tandem and gain visibility into what’s happening during the policy lifecycle.

Carrier, Brokerage & MGA Platforms

InsurePay has amassed 2000+ payroll connections that include ADP, Intuit, and Paychex. Payroll data is the key set of information supporting Workers’ Comp insurance. This historic access to employment data variables, along with our innovative SaaS platform tailored to the needs of the market, has allowed InsurePay to create a beachhead in Workers’ Comp Insurance, gaining us 7 of the top 10 Workers’ Comp insurance carriers as customers. Through InsurePay’s platform, this data access not only provides the mechanism for calculating premiums in real-time but also drives critical business insights for our customers.

InsurePay can drive significant value throughout the policy lifecycle from the benefits of data and money moving together rather than relying on estimates and manual reconciliation.

Functional areas such as Sales & Marketing, Underwriting, Reconciliation, Finance & Operations, Claims, and Underwriting struggle with inadequate systems built around the simple fact that data and money don’t move together, and manual processes are required.

Data and money flow throughout the policy lifecycle

Real-time data enables real-time risk assessment and real-time settlement

 

For Sales and Marketing, InsurePay’s platform can increase customer acquisition and customer satisfaction with enhanced payment options including Pay-as-you-go and a seamless credit card checkout.

Within Underwriting, our data insights around payroll and payments allow for a clearer real-time view of the risk in any book of insurance, enabling better underwriting and a more balanced total risk for your book of business.

Our Reconciliation product allows for money and data to move between carriers and agents without friction or manual processes. InsurePay customers experience a fully digital distribution of premiums and commission payments, paid at the right time, to the right party, and reconciled directly into the respective core systems.

That same product drives tremendous efficiency for Finance teams, eliminating the need for spreadsheets and manual entry, and truly streamlining the back-office operations.  We have custom integrations as well as accelerators with leading carrier management systems for ease of implementation.  This presents a significant opportunity for operational savings with over $7 billion in broker based premium payments automated in Canada alone by InsurePay in 2023. 

For Claims, InsurePay provides the ability to make frictionless and paperless distribution of funds to the right party at the right time, which complements existing claims management.  This includes the opportunity to start utilizing Interac email money transfers and other innovative payment methods.

For Premium Audit, the historical reason for audits in Workers’ Comp is the miscalculation between estimates and actuals during the policy life-cycle. The Audit is a records check – making sure both exposure and premiums are aligned. The InsurePay Pay-as-you-go product allows for real-time information inputs and monitoring throughout the policy life cycle creating a continuous Premium Assurance Process.

Payments and data: Ecosystem flow

Streamlining for all parties with easy-to-use solutions

 

InsurePay is delivering real-time payroll, real-time payments, and a real-time claims experience.  All driving better outcomes for the entire ecosystem.