Transform the way you collect, send and reconcile payments
Are you an Agent looking to easily move money, automate your back-office processes, use your data to gain insights and ultimately grow your business? If yes, then you are reading the right blog!
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. 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.
Data and money flow throughout the policy lifecycle
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.