Strategic Independent Agents Alliance (SIAA) Names ePayPolicy as a Preferred Vendor of Digital Payments for Members

by Uncategorized

Austin, Texas – ePayPolicy-  ePayPolicy is proud to announce that Strategic Independent Agents Alliance/SIAA has named ePayPolicy as a preferred vendor for digital payments

“We love ePayPolicy – they have been a game changer for our Alliance and our member agencies for payment processing,” said Tony Veteto of Tague, an SIAA Master Agency. “The user experience is amazing, and ePayPolicy provides a super efficient experience for everyone.”

“Digital payment is more than today’s reality, it’s today’s standard. Policyholders are consumers, and they’re used to paying by credit card or ACH. ePayPolicy enables SIAA members to offer digital payment instead of checks, thus speeding up policy binding and receivables. The platform also integrates with most agency management systems (AMS) and includes the fiduciary and other accounting and reporting capabilities specific to our industry.”

With the new partnership, SIAA members will now be able to quickly create their own digital payments page to start accepting ACH and credit card payments. ePayPolicy also offers over 18 AMS integrations that members may choose to take advantage of, allowing them to automate and sync many administrative and accounting tasks that were previously done manually.

The partnership helps serve ePayPolicy’s ultimate goal for customers of spending up receivables and binding business faster while providing a more secure and delightful customer experience for agencies and their insureds. 

About SIAA

SIAA is dedicated to the creation, growth, and evolution of the local independent agency. For insurance agency owners with a desire to grow, the return on membership is significant. Agencies that join an SIAA master agency become instantly big as they access top national carriers – strategic partner companies paying top-level commissions, national and local incentives, and profit sharing without minimums.

About ePayPolicy

For most insurance companies, payments are a headache. Over 6,500 insurance companies trust ePayPolicy to speed up inefficient payments with an easy-to-use, connected platform. Secure, online ACH and credit card payments, daily check collection, and payables network tools, all within a single dashboard. Featuring time-saving management system integrations, ensuring your accounting team is just as delighted as your customers. Learn more: epaypolicy.com

Referral Programs: Unlocking Benefits and Boosting Business Growth

by Uncategorized

In today’s competitive market, businesses are constantly searching for effective strategies to attract new customers and expand their reach. One approach that has proven to be highly successful is the use of referral programs. By harnessing the power of satisfied customers and incentivizing them to refer friends and family, referral programs can yield substantial benefits for businesses. 

What Are the Benefits? 

  1. Trust and Credibility

Referral programs tap into the power of trust and credibility. When a satisfied customer recommends a product or service to someone they know, it carries significant weight because personal recommendations are perceived as trustworthy. By leveraging these relationships, businesses can gain a competitive edge by capitalizing on the positive experiences and strong relationships their existing customers have with their brand.

  1. Increased Customer Acquisition

Referral programs act as a powerful customer acquisition tool. Traditional advertising and marketing efforts can sometimes come across as impersonal, but referral programs rely greatly on word-of-mouth marketing, which is highly targeted and personal. Satisfied customers become brand ambassadors, actively promoting products or services to their social circles. By offering incentives, such as discounts or rewards, referral programs motivate customers to actively spread the word. This leads to a higher likelihood of acquiring new customers who are genuinely interested in the offerings and have a higher conversion rate compared to other marketing channels.

  1. Cost-Effective Marketing

Referral programs are usually cost-effective. In contrast to traditional advertising, which typically demands significant financial investment, referrals can be a cost-free alternative (unless you opt to reward customers who generate successful leads). A big advantage is that you only pay for leads once they have converted, unlike other marketing efforts where the conversion rate is uncertain. This is why referral programs have demonstrated superior ROI than traditional marketing methods.

  1. Enhanced Customer Engagement

Referral programs can foster a sense of engagement and community among existing customers. Customers feel appreciated, which leads to increased satisfaction and a stronger emotional connection to the brand as well as other users. As customers engage in the referral process, they become more invested in the brand’s success, which leads to increased long-term business and further customer growth. 

  1. Measurable and Trackable Results

Referral programs offer businesses the advantage of tracking and measuring results. Through analytics systems and referral software, businesses can monitor the performance of their referrals in real-time. This data allows them to assess the effectiveness of their program, make necessary adjustments, and optimize their referral strategies. 

Where does ePay fit in? 

ePayPolicy recently introduced our newest referral program with Referral Rock; through which our customers can easily sign up and refer qualifying businesses. Both the referrer and referee earn $100 for each successful referral, which is a strategy used by many companies leveraging referral programs. If you’re a current ePay client, we encourage you to test it out, earn some money, and maybe even implement it in your business.

In conclusion

Referral programs have emerged as a highly effective marketing tool that harnesses the power of satisfied customers to drive business growth. The benefits they provide, such as trust-building, increased customer acquisition, cost-effectiveness, enhanced customer engagement, and measurable results, make them a valuable addition to any business’s marketing strategy. By leveraging the influence of word-of-mouth and incentivizing referrals, businesses can tap into a powerful network effect that propels their growth and fosters long-term success in today’s competitive marketplace.



5 Ways to Speed Up Your Receivables with ePayPolicy

by Business Strategy

Your cash flow depends on prompt client payment. Ultimately, speeding up receivables hinges on changing client behavior. 

Today I’ll share five tips to get paid faster, and how ePayPolicy can help.

Accepting digital payments is a giant first step. But I want to make sure you’re aware of all the features ePayPolicy offers to turbocharge your payment collection (and reduce those boring process tasks).

Tip 1: Make sure clients know they can pay you digitally

Paying insurance premiums via ACH or credit card is easy, convenient, secure and instantaneous. Yet, some ePayPolicy clients tell us they’re still collecting too many checks! 

The key to getting more payers to break their check/cash habit is awareness. Here are some easy ways you can promote digital payment and increase client adoption:

  • Use the co-branded flyer in your dashboard to send out with your invoices and newsletters
  • Use the Client Tool Kit to access custom graphics and copy
    • Let your clients know you’re now accepting digital payments via social media
    • Send an email blast or include your new offering in your newsletter
  • Include a PayNow button in your email signature and on your website
  • Make digital the #1 payment option on your invoices

Tip 2: Make payment foolproof

Paying bills is a hassle, it’s no wonder people put it off. But, we have a solution. 

Our Prefilled ePayPolicy Payment Pages allow payers to pay with a click of a button (seriously).  This page contains your payer’s information already filled out to simplify the process -the hard work’s done for them! This is convenient for all clients, but even more valuable for those who need that “extra nudge” to complete their payments on time. 

Tip 3:  Promote payer-friendly features

As noted in tip #2, we want to remove obstacles to prompt payment; reducing (or eliminating) clients’ time and effort with features like “save payment information” and “autopay.”

When you pay the same vendor regularly, it’s a pain to re-enter your payment information every time and many policies require multiple payments per year. Let policyholders know they can securely save their payment information (we use tokenization). They can even store more than one bank account, credit, or debit card.

For clients paying a variety of invoices throughout the year, AutoPay offers the ultimate convenience.* Just set it, forget it, and wait for the e-receipt confirming the payment was made. 

*Only available for integrated payment pages.

Tip 4: Create positive client touch-points

Send automatic invoice reminders for due and past due invoices on your behalf.* When the client clicks the link, the page prefills with their due invoices. And you score points for being so thoughtful.  

*Currently available with AMS360, Sagitta, AIM & MGA systems. (More coming soon).

Tip 5: Integrate ePayPolicy with your management system

We typically think of management systems in terms of its benefits to agents and staff. But having everything in one place, including payment processing, creates a seamless user experience. Clients don’t have to search for invoices, they’re pulled directly from the management system integrated with ePayPolicy.  

Let’s review:

The key to speeding up receivables is to get more clients to pay digitally. Digital payments are easy and convenient for them, and they put money into your account right away — when they pay. ePayPolicy is designed to make the entire process a breeze. Payer-friendly features like prefilled payment pages, automated invoice reminders, auto-pay and more make paying you a positive, convenient experience — and almost impossible to be late. All of these factors combine to encourage prompt payment, leading to better cash flow and smoother business for you. 

Contact support if you need help setting up any of these features.

30 Insurance Terms You Should Know

by Uncategorized

The insurance industry is an integral part of the modern economy, providing protection and peace of mind to individuals and businesses alike. With a wide variety of insurance products available, it can be overwhelming to navigate the terminology and concepts associated within the industry. That’s why we’ve put together a glossary of common insurance industry terms.  Whether you’re an insurance agent, broker, or policyholder, understanding these terms can help you make informed decisions and ensure that you have the right coverage for your needs.

The terms:

  1. Policy – A contract between the insurance company and the policyholder that outlines the coverage provided.
  2. Premium – The amount paid by the policyholder to the insurance company for coverage.
  3. Deductible – The amount the policyholder must pay out of pocket, in the event of a claim, before the insurance company pays their portion.
  4. Coverage – The amount of protection provided by an insurance policy.
  5. Claim – A request for payment made by the policyholder for a covered loss.
  6. Underwriting – The process by which insurance companies evaluate the risk of insuring an individual or entity.
  7. Risk – The likelihood of a loss or adverse event occurring.
  8. Insured – The person or entity covered by an insurance policy.
  9. Insurer – The insurance company providing coverage.
  10. Liability – Legal responsibility for something, such as an accident or damage.
  11. Umbrella policy – An insurance policy that provides additional liability coverage over and above your other insurance policies (protection against your assets if you were to be sued). You can have a personal umbrella policy which covers your home and auto, and then you can have a business umbrella policy which covers your business assets and commercial autos.  
  12. Endorsement – A change or addition to your insurance policy.
  13. Renewal – The process of continuing coverage under an insurance policy after the initial term has expired.
  14. Exclusions – Situations or events that are not covered by an insurance policy.
  15. Inclusions – Situations or events that are covered by an insurance policy.
  16. Benefit – The amount of money paid out by an insurance company for a covered loss.
  17. Agent – An individual who sells insurance policies and represents an insurance company.
  18. Broker – An individual or firm that acts as an intermediary between insurance companies and policyholders (can also be an agent).
  19. Indemnification – The process by which an insurance company compensates the policyholder for a covered loss.
  20. Actuary – A professional who uses mathematical models to evaluate the financial risk of insuring individuals or entities.
  21. Rate – The cost of insurance coverage, often expressed as a monthly or annual premium.
  22. Underinsured – A condition where the amount of insurance coverage is insufficient to cover the potential loss.
  23. Overinsured – A condition where the amount of insurance coverage on your policy is more than the potential loss (you are paying for more coverage than you can actually use).
  24. Cancellation – The termination of an insurance policy before the end of its term.
  25. Policyholder – The person or entity that holds an insurance policy.
  26. Subrogation – The process by which an insurance company seeks to recover costs paid out for a covered loss from a third party.
  27. Adjuster – An individual responsible for evaluating and settling insurance claims.
  28. Loss ratio – The proportion of premium dollars spent on claims and company expenses, compared to their profits.
  29. Insurance Fraud – Deception committed in order to obtain payment from an insurance company for a covered loss that did not actually occur.
  30. Solvency – The financial stability and ability of an insurance company to pay claims and meet its obligations.

 

We hope this glossary is a helpful resource for those within this industry. Understanding these terms can help you communicate more effectively with clients, evaluate risk and coverage options, and navigate the complex landscape of insurance products. As the insurance industry continues to evolve and adapt to changing market conditions, it’s more important than ever to stay informed and up-to-date on the latest trends and developments. By staying informed and knowledgeable, you can ensure that you’re providing the best possible service to your clients and protecting their interests for years to come.



The Differences Between Independent and Captive Insurance Agents

by Uncategorized

Regardless of whether you’re a newcomer or a seasoned insurance professional, it’s important to understand the terms often used in the industry. Within the insurance space, there are two distinct types of agents: independent and captive. Each operates in different ways and have their own perks and drawbacks. In this blog, we will discuss their key differences and provide clarity as to how each type of agent operates. 

Independent Agents

Independent agents work for themselves and are responsible for building their own book of business. They typically have more flexibility in their operations than captive agents, who are bound by the rules and regulations of the insurance company they represent. Independent agents have more control over their client relationships and can provide unbiased advice as they are not beholden to any one insurance company.  These agents typically work more based on commission than salary. 

Captive Agents

Captive agents work for a specific insurance company and are typically considered to be employees of that company. They are trained on the products that their company offers and are incentivized to sell those products to clients. They tend to have less control over their client relationships and are more restricted in their operations than independent agents. Many times captive agents are paid on a salary basis because they don’t have ownership in the book of business they are building, and they act as an agency manager rather than the agency owner.

Key Differences

One of the key differences between independent and captive agents is the range of products that they can offer. Independent agents have access to a wider range of products, as they are not limited to the offerings of a single insurance company. They can offer their clients a variety of options, and can work with clients to find a solution that meets their specific needs. Captive agents, on the other hand, are limited to the products offered by their specific insurance company. While they may be able to offer a wide range of products within that company, many times cannot offer products from other companies.

Another important difference between independent and captive agents is the level of control that they have over their pricing. Independent agents have more control over the pricing of the products that they offer, as they are able to  negotiate with multiple insurance companies to find the best rates for their clients. Captive agents have less control over pricing because they are bound by the pricing policies of their specific insurance company.

Customer Service

In terms of customer service, independent agents may be able to provide a more personalized experience for their clients. They are not tied  to the rules and regulations of a single insurance company, and can, therefore, work with clients to find a solution that meets their specific needs. Captive agents, on the other hand,  may be more limited in their ability to provide personalized service, as they must follow the guidelines set by their specific insurance company.

In conclusion, there are a few reasons why someone might choose captive vs independent or vice versa. Independent agents offer a wider range of products, have more control over pricing, and can provide more personalized service. Captive agents have a more in-depth knowledge of the products offered by their specific insurance company, but are limited in their ability to provide a personalized experience for clients.

Here’s a quick table to summarize the differences between the two types of agents:

Independent Insurance Agents

Captive Insurance Agents

Affiliated with multiple insurance companies   

 Affiliated with a specific insurance company

Provides a variety of options

Limited to the products offered by their specific insurance company

Provides unbiased advice

May be incentivized to push certain products

Has more experience and knowledge of the insurance market

Has more in-depth knowledge of the products offered by their specific insurance company

Has more flexibility to obtain better rates

Limited negotiating power

Provides personalized service

May have to follow specific guidelines set by their insurance company



Alabama Independent Insurance Agents, Inc. Endorses ePayPolicy as Digital Payments Processor of Choice

by Industry News & Company Updates

(Birmingham, Alabama– AIIA) ePayPolicy is proud to announce its 41st state insurance association endorsement. Alabama Independent Insurance Agents, Inc. / AIIA recently named ePayPolicy as their recommended payment processing provider for its member agencies.

“The Alabama Big I is excited to partner with ePayPolicy for a new member service,” says AIIA Executive Vice President Bill Jacka, Jr. “This partnership with ePayPolicy is a fantastic resource to our members who want to streamline clients’ insurance payments and to reduce overhead expenses such as credit card processing fees.”

With the new partnership, AIIA members will now be able to quickly create their own digital payments page to start accepting ACH and credit card payments. ePayPolicy also offers over a dozen AMS integrations that members may choose to take advantage of, allowing them to automate and sync many administrative and accounting tasks that were previously done manually.

“Digital payment is more than today’s reality, it’s today’s standard,” says Mark Engels, CEO of ePayPolicy. “Policyholders are consumers, and they’re used to paying by credit card or ACH. ePayPolicy enables AIIA members to offer digital payment instead of checks, thus speeding up policy binding and receivables.

The partnership serves ePayPolicy’s ultimate goal for customers of spending up receivables and binding business faster, while providing a more secure and delightful customer experience for agencies and their insureds. 

About AIIA


Founded in 1896 and having more than 250 members statewide, the Alabama Independent Insurance Agents (AIIA) is the state’s largest and oldest association dedicated to Property and Casualty Insurance.  Our members offer customers all lines of insurance – property, casualty, life, health, employee benefit and retirement products from a variety of insurance. Any person, partnership, or corporation operating as an independent insurance agency and having agency appointments by at least two property and casualty companies or life and health companies may become a member of the association. Learn More: www.aiia.org