Reconciliation

InsurePay® Reconciliation

InsurePay® Reconciliation is designed specifically for the insurance industry as a secure environment to transfer both funds and reconciliation data between agencies and carriers. This service provides the agency the ability to establish the amount payable, date and electronically approve payments to carriers.

Funds transfer from the agencies designated bank account to the Carrier for both monthly receivables and one-time payments. Properly formatted reconciliation data is delivered back to the Carrier’s accounting and policy administration systems.


4 Step Process

Submit Payment from AMS

Notification and approval process
Posted to InsurePay Reconciliation, Reconciliation Report to carrier

Carrier Receives Payment and Reconciliation Data

Key Features

Custom Designed for Insurance Industry

  • Secure system that processes payments from agencies to carriers.
  • Works with multiple systems and accounts.

Customize and Manage Users

  • Designate and manage users.
  • Customize user settings to determine access levels and notifications.

Real Time Notifications

  • You receive full notice of pending payments upon the agency authorizing payment.
  • Policy data is directly associated with payment.

Access and Manage Payment Reports

  • View real time reports that identify payment stages as pending, authorized or deposited.
  • Access associated policy data needed for reconciliation.
  • View historical deposits by agency.

Automated Reconciliation Report

  • Turnkey auto-reconciliation with Guidewire and Duck Creek systems.
  • Choose file format to receive data.
  • Direct web services feed available for straight through processing.

Bank Level Security

  • Funds are transferred based on established and safe banking procedures.
  • InsurePay Reconciliation utilizes a level of system protection on par with many international banking institutions, including 256 bit encryption and data exchanged with standard security protocols.

Learn more today

About InsurePay® Reconciliation

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Key Benefits

Save Time

  • Reduce handling and secure storage costs handling checks.

  • Reduce needless communication between departments.

  • Automatically generate reports.

  • Eliminate duplicate entry.

Save Money

  • No more expensive printing costs for checks.

  • No more courier charges.

  • No more chasing down signatures.

  • Significantly reduce bank fees for electronic debits vs checks.

Simple Implementation

  • Low time commitment (wizard driven set-up).

  • Support available 12 hours a day.

Eliminate Check Fraud

  • The insurance industry is a popular target by fraudsters

  • Electronic funds transfer is proven to be safe and secure

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