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“Insurance coverage corporations could by no means contact a paper verify once more”

ePayPolicy’s founders skilled firsthand the operational pains of verify assortment and guide reconciliation in insurance coverage. This led to the corporate’s first product – safe, on-line fee pages that had been totally customizable to match the insurance coverage firm’s model. Extra capabilities – like industry-specific administration system integrations, customized API connections, community payables, and extra – had been added as ePayPolicy’s buyer base swelled above 5,500 insurance coverage corporations.

And but, although their shopper corporations most well-liked the pace and ease of on-line funds, a lot of their largest prospects brazenly lamented about entrenched verify funds.

“As straightforward as on-line funds are, we consider you’ll be able to’t in the end inform a buyer they need to pay a sure manner if they only don’t wish to,” mentioned Mark Engels, CEO of ePayPolicy. “The insurance coverage {industry} will ultimately catch up when it comes to digital funds, however we wish to assist our corporations handle that hole in adoption now.”

Certainly, a latest research by PYMNTS.com discovered that verify funds nonetheless account for over 50% of funds within the insurance coverage {industry}, in comparison with 22% or much less for many different industries. ePayPolicy’s prospects echoed this as in step with their expertise.

“We’re actually lucky to have such a transparent concentrate on making insurance coverage corporations’ lives simpler,” mentioned Nish Modi, chief product and expertise officer. “CheckMate offers prospects choices with out sacrificing effectivity, as a result of it leverages the identical instruments we’ve come to be recognized for with digital funds.”

CheckMate is the following of a number of deliberate merchandise that Modi’s workforce has deliberate, with the objective of constant to streamline the funds expertise for the {industry}.

“CheckMate is an enormous step ahead for us and our prospects, however there’s extra we are able to do to modernize and simplify how insurance coverage corporations transfer cash,” Modi mentioned. “We’re as motivated as ever to transcend simply digital funds and assist remodel how our prospects do enterprise.”

Key options

  • Prospects can route checks to a number of CheckMate areas for quicker assortment.
  • Scheduled, every day verify assortment and processing Monday-Friday.
  • Test photographs and remittance particulars uploaded in every day batches to the ePayPolicy buyer dashboard – a single dashboard for each digital and bodily verify funds.
  • Present and future API integrations permit CheckMate to reconcile verify information with invoices from the shopper’s accounting system, lowering guide double work and the chance for accounting errors.
  • Flat, per-check pricing, with out further month-to-month charges or contracts.

Availability and makes use of

  • CheckMate could be utilized in three other ways, relying on the shopper wants.
  • Prospects could select to make the most of CheckMate’s routing and reconciliation capabilities, with connections to the accounting and administration programs.
  • Prospects could make the most of CheckMate’s fast routing, batching and processing of verify information to their ePayPolicy dashboard, with out additional integration.
  • Prospects with a longtime or contractually-bound, generic lockbox service supplier can nonetheless benefit from CheckMate’s customized API integrations and reconciliation.

About ePayPolicy

Constructed by insurance coverage professionals for the insurance coverage {industry}, ePayPolicy is the quickest, best and most safe approach to transfer cash for insurance coverage. ePayPolicy’s merchandise carry insurance coverage funds up to the mark for companies, carriers, MGAs and PFCs, with safe on-line fee pages and automatic verify processing, with CheckMate. 5,500+ insurance coverage corporations belief ePayPolicy and their skilled, reside assist workforce to deal with their funds each day. Be taught extra: epaypolicy.com

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