Reconciliation

InsurePay® Reconciliation

InsurePay® Reconciliation is designed specifically for the insurance industry as a closed environment to transfer both the funds and the settlement information. The service provides the brokerage the ability to establish the amount payable, date and electronically approve payments to carriers.

Transfer funds from the brokers’ 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 BMS

Notification and approval process
Posted to InsurePay Reconciliation, Reconciliation Report to carrier
Carrier Receives Payment and Account Summary

Key Features

Seamless Integration to AMS

  • Ability to integrate to all major AMS’, allowing for brokers to start + finish within the AMS.

  • InsurePay Reconciliation runs silently in the background.

Easy Installation

  • No upfront costs.
  • Local installation of connectivity tool to provide data to generate electronic payment and transmission of relevant policy data.

Pay Electronically

  • Funds are transferred automatically - no specialized banking services required.
  • Broker authorized – payment amount and deposit date are controlled by broker.
  • Only carriers or MGA’s can receive funds.

Multiple Users with Customized Authority Levels

  • Choose differing levels of authority in the brokerage – ability to view only, generate payments, or approve payments.
  • Remote approval, designated authorities in brokerage can approve payments wherever you have an internet connection – phone, tablet or computer.

Automated reconciliation report

  • Data and funds are transmitted based upon brokerages entries into AMS.
  • Carriers receive real-time reconciliation reports in their preferred format.

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.

Custom Designed for Insurance Industry

  • Closed system that can only process payments from brokerages to carriers.
  • Works with multiple systems and accounts.
  • Carrier settled.

Customize and Mange 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 brokerage 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 brokerage (filter search criteria).

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

Key Benefits