There is a new way for insurance companies to integrate premium financing
The following article was provided by ePayPolicy.
ePayPolicy announces Finance Connect, integrating premium financing with online checkout for insurance companies
Today, ePayPolicy announced the addition of Finance Connect to their suite of insurance payments and reconciliation products for insurance companies. Finance Connect enables insurance companies to offer premium financing options – with their existing premium finance partners – at the point of online payment for their insured customers.
“Premium financing is essential in our industry because it gives customers greater payment flexibility with financing options,” said CEO Mark Engels. “We’re combining the ease of integrated online payments with financing at checkout to help improve conversion rates for our customers and eliminate the manual aspects of enrollment in a financing agreement with their partners.”
ePayPolicy has over 6,500 customers in the insurance industry, including Premium Finance Companies (PFCs). Existing customers will have early access, with integrations to their existing PFC partners to ensure a seamless experience for all parties involved.
“As premiums increase, access to financing becomes more important,” said CTO Nish Modi. “Finance Connect is going to help insureds pay faster and bind policies sooner, helping both insurance companies and their PFC partners.”
“The financing offer and terms are presented right on the page,” added Modi. “We’ll then leverage our existing integrations to streamline payments with AutoPay and payment reminders.”
Finance Connect is the latest integrated product for an industry in need of greater digital efficiency and automated back-office operations. ePayPolicy’s founders experienced firsthand the operational pains of check collection and manual reconciliation in insurance, which led to the company’s first product – secure, online payment pages that were fully customizable to match the insurance company’s brand.
ePayPolicy recently introduced CheckMate, an automated check acceptance and reconciliation solution that utilizes machine learning, and announced the Payables Connect tools for automating the reconciliation, creation, and payment of market payables.
Finance Connect is the next of several product releases, with the goal of continuing to streamline the accounts payable, receivables and disbursement experience for customers in the insurance industry.
“We want to be the place our customers go to reconcile their payables and receivables and to tie it all together with their existing accounting solutions,” said Modi. “We’re building an industry-wide network that allows money and the associated data to flow freely through the industry while saving time and providing security for our customers.”
- Allows insurance companies to work with their existing PFC partners
- Premium financing options presented at checkout alongside the option to pay in full via ACH or credit card
- Auto-payment enrollment and payment reminders for enrolled customers
- Simplified financing enrollment and upfront terms for insureds
- Easily generates consolidated premium finance agreements (PFAs)
- ePayPolicy is integrated with over 90% of the most popular agency management systems, saving time and manual data entry
ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. 6,500+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com
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