Workers’ Comp Insurance Carriers Move to Payroll Billing

View the following article written by PYMNTS.com here The traditional billing model for workers’ compensation insurance was shown to be flawed during the pandemic. Typically, a 12-month estimate of payroll is made up front, and payment is made for the entirety of the premiums. At the end of that term, there’s an audit. “As you […]

How InsurePay Pay-as-you-go Works

As an insurance carrier, you always want to stay on top of the latest and greatest innovations to offer your policyholders. And as any business owner knows, the upfront costs of insurance premiums on coverage such as workers compensation can create major cash flow problems. InsurePay’s innovative platform makes it possible for you to offer […]

The Truth About Pay-as-you-go Billing

Given the nature of our business, it’s no surprise that when we are talking to workers comp insurance carriers, we regularly discuss pay-as-you-go billing to educate them on the fundamentals of the program and to promote the benefits for insurance companies, their agents and their policyholders. During these conversations, we often hear “we already offer […]

Payments can be the Low Hanging Fruit

By John Knotek, Vice President Operations – Payments, InsurePay Doing more with less. Overused phrase or reality? In looking at your agency, no doubt this may be more of a reality than a catchphrase in recent years. When faced with this reality then, there is a growing need to find operational efficiencies.  But where can […]

Increasing Insurance Sales Through HCM Company Partnerships & Pay-as-you-o Billing

Payroll companies are looking to grow the services they provide to their customers. In fact, Human Capital Management (HCM) companies already offer a lot more than payroll services! HCM’s offer human resource solutions including time keeping, recruitment, benefits, and tax management.  Many even offer workers comp insurance through in-house agencies, local agencies or brokers. Because […]

How Current Customers Can Get More Out of InsurePay Pay-as-you-go

When a carrier chooses to implement InsurePay Pay-as-you-go, it makes a commitment of time and money to benefit their agents and policyholders alike. As with any technology investment, the carrier wants to realize a return on its investment. To benefit from the investment in InsurePay Pay-as-you-go, adoption by carrier staff, agents and policyholders is critical. […]

An 11th Century Process Still Dominates in P&C Industry

By John Knotek, Vice President Operations – Payments, InsurePay A re-post article from ORBiT Canada May 2015 Newsletter The P&C industry is a complex ecosystem with many moving pieces for brokers and carriers alike. Despite the inherent complexity there has been substantial change and will continue to be more. There is one process however that […]

Gone Phishing

Now that the nice weather has arrived, it seems like a good time to relax and go fishing, or, should I say, “phishing.”  You can hardly go a day without reading yet another headline about a major cybersecurity breach. This subject has clearly garnered a lot of attention in the news. Given the prevalence of […]

Pay-as-you-go Billing as a Tool for Policyholders and Carriers During Times of Economic Uncertainty

Due to the COVID-19 pandemic, businesses in all sectors of the economy face uncertainty about their future. At this point, many questions remain about when the pandemic will end and what reopening of the economy really means. Most businesses, particularly those with limited cash to withstand a long shutdown or that depend upon high customer […]

The Pay-as-you-go Market Opportunity

According to the U.S. Small Business Administration (SBA), Office of Advocacy, there are nearly 29 million small businesses in the U.S. The SBA defines small businesses as having fewer than 500 employees of these small businesses, 80%, or 23.2 million, have no paid employees while only 20%, or 5.8 million had at least 1 or […]