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Navigating variability in payroll estimates and premiums

In the world of Workers’ Compensation insurance, payroll estimates and premiums are essential components that can significantly impact both carriers and policyholders. However, the inherent variability in payroll estimates can lead to a multitude of challenges, often resulting in financial strain, administrative burdens, and strained relationships. Let’s delve into the core issues stemming from this […]

Why The Future of Billing and Payments is Now

Over the last two years, carriers, agents, and brokers have accelerated their digital initiatives due to the pandemic and rising customer expectations. According to a Deloitte Institute for Financial Services study, 96% of insurers reported they were focused on accelerating digital transformation initiatives to improve the customer experience and enhance operations. For personal and commercial […]

How to Transition More Policyholders to Pay-as-you-go Worker’s Comp

For businesses already leveraging InsurePay’s Pay-as-you-go Workers’ Comp billing, the advantages are clear: streamlined processes, improved cash flow, and greater accuracy in premium calculations. However, many companies may not realize the full potential of expanding this model to more of their policies. Here’s how to get more of your policies on Pay-as-you-go and why it’s […]

How Automating Workers’ Compensation Payments Can Save You Money

No matter what industry you find yourself in, having workers’ compensation insurance is an absolute must if you have employees. This remains true regardless of the size of your business. Without workers’ compensation coverage, not only could you end up being held liable for an injured employee’s medical costs and lost wages following a work-related […]

What is a Payment Platform?

Navigating the complexities of various payment systems and technologies can be daunting for businesses. A payment platform simplifies this landscape by offering a unified solution that facilitates connections with numerous third-party services, enhancing both the efficiency and security of financial transactions. Understanding Payment Platforms Payment platforms streamline the integration of diverse payment services and technologies, […]

InsurePay Successfully Completes a SOC 2 Assessment to Further Data Security  

At InsurePay, we continually invest in security best practices to ensure that our client’s data stays safe and secure. As a part of an on-going effort, we are excited to announce that we’ve successfully completed our SOC 2 report.    The examination was conducted by A-LIGN, a technology-enabled security and compliance firm trusted by more than 4,000 global organizations to help mitigate cybersecurity risks.  “InsurePay’s SOC 2 report validates […]

4 Questions You Need To Ask Before Building a Pay-as-you-go Solution

In the early 2000s, the decision between building or buying tech solutions was straightforward—build, as there were few ready-made options available for carriers. Fast forward to today, and the vendor marketplace has transformed immensely. Carriers now have the luxury of choosing from a plethora of vendors, each offering tailored solutions that promise to align with […]

Harnessing Data and Payments for Enhanced Insurance Lifecycle

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 […]

How to Compete with Payroll Firms offering Workers’ Comp Billing

In the evolving landscape of workers’ compensation insurance, carriers and agents face a growing challenge: payroll companies entering the market with their own Pay-As-You-Go (PayGo) workers’ comp offerings. These payroll companies often capitalize on their existing relationships with businesses to provide integrated payroll and workers’ comp solutions. However, carriers and agents have unique strengths that, […]

Top 5 Myths About Pay-as-you-go Workers’ Compensation Debunked

At InsurePay, we understand that transitioning to a new payment model for workers’ compensation can seem daunting. There are myths and misconceptions that might hold you back from embracing an approach that could revolutionize how you manage insurance premiums. As experts in Pay-as-you-go (PayGo) workers’ compensation, we’re here to clear up these misunderstandings. Let’s debunk […]