InsurePay Gains Significant Market Momentum with Enhancements to SaaS Platform Offerings

InsurePay, a leading Insuretech SaaS platform that enables the accuracy of premiums, integrated payments, and reconciliation in real-time has gained significant market momentum by enhancing our SaaS platform offerings.

With the addition of 45 customers year to date in 2023, InsurePay is bringing platform solutions to the market that specifically meet the needs of Insurance Carriers, Agents, and MGAs across North America. InsurePay’s SaaS platform creates a seamless user experience for all parties by providing a full suite of products for money and data movement that increases the ease of doing business for collecting, sending, and reconciling payments for the various transaction types involved in the insurance process.

Carrier, Agent & MGA Platforms

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.

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.

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.

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.


Product Roadmap

Charting our course to success: A roadmap for the journey ahead

For our Pay-as-you-go product, we have added premier payroll connections and integrated credit card payments, expanding our access to payroll data and increasing options around payments for the policyholder.

Enhancements to our Payments product include additional embedded payment options by adding an ACH widget, additional Agency Management system integrations, and premium finance options.

InsurePay continues to enhance our Claims product with a similar methodology to the payments solutions, ensuring that the right claims payment gets to the right place at the right time.

We are expanding our API for issuing payments to allow carriers to easily integrate InsurePay into their existing applications and processes and we are continuing to work with multiple system providers within the payments ecosystem to expand this offering. InsurePay not only integrates with the core systems, our API is integrated outside the core system which allows us to be agnostic as to where we plug in.

InsurePay is in conversations with the top players in the payments ecosystem exploring partnerships with Visa, MC, Stripe, and others to continue to broaden our payments solution and further bolster our claims payments options by leveraging the existing payment rails with the ability to move money directly into any merchant account.

And finally, moving beyond Workers’ Comp, and into BOP/GL insurance lines of business, we are looking at bringing additional data into InsurePay to cover the variables outside of payroll – primarily, sales and square footage.

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.  

The path to smarter insurance payments