We recently sat down with experts from across the insurance industry—including Top 100 Brokers and MGA’s— to talk accounting automation. Read on for a peek behind the curtain of how automation is impacting their businesses.
Navigating Unclaimed Property Laws and the Challenges for Insurance Carriers and MGAs
Insurance companies face complex compliance challenges due to unclaimed property laws, with $77B in unclaimed assets. Digital payments can reduce risks, cut costs, and improve compliance and efficiency.
Checklist: 10 Payment Processor Must-Haves for Insurance Carriers
When insurance carriers are choosing a payment processor, there’s a lot more to consider than just cost. Sure, price matters, but it’s just one piece of the puzzle.
ePayPolicy Joins NAMIC as a Corporate Member to Drive Innovation in Insurance Payments
Austin, TX – ePayPolicy, the leading provider of digital payment solutions for the insurance industry, is excited to announce its membership in the National Association of Mutual Insurance Companies (NAMIC). This strategic partnership aligns ePayPolicy with NAMIC’s mission to strengthen and support mutual insurers as they serve policyholders and communities across the nation.
As a corporate member of NAMIC, ePayPolicy is poised to contribute to the association’s efforts to modernize the insurance industry and improve operational efficiency. ePayPolicy’s secure, user-friendly platform simplifies premium collections and payables by enabling carriers, agencies, and MGA/wholesalers to send, accept, and reconcile credit card, ACH, and other digital payments with ease.
“Our mission at ePayPolicy is to make insurance payments fast, easy, and secure for everyone,” said Mark Engels, CEO of ePayPolicy. “By partnering with NAMIC, we are able to further this mission while engaging with an incredible network of mutual insurance companies dedicated to protecting their policyholders. We are excited to collaborate and innovate together.”
NAMIC represents over 1,500 mutual insurance companies, accounting for 66% of the U.S. property/casualty insurance market. ePayPolicy’s membership underscores its commitment to supporting mutual insurers with cutting-edge technology designed to streamline processes, enhance customer experiences, and improve cash flow.
Through this membership, ePayPolicy will participate in NAMIC events, contribute to industry discussions, and offer its expertise to help NAMIC members navigate the digital transformation in insurance payments.
ABOUT EPAYPOLICY
ePayPolicy is the leading provider of digital payment solutions tailored specifically for the insurance industry. Trusted by thousands of agencies, carriers, and MGAs, ePayPolicy provides an intuitive platform that accelerates receivables and simplifies the billing process. Headquartered in Austin, Texas, ePayPolicy is on a mission to modernize insurance payments.
ABOUT NAMIC
The National Association of Mutual Insurance Companies (NAMIC) is the largest property/casualty insurance trade association in the country, serving its member companies through advocacy, education, and networking. NAMIC’s members represent the diverse needs of mutual insurers and their policyholders.
Diversifying Insurance Offerings: Securing Future Growth
In an ever-evolving landscape of risks and uncertainties, insurance companies face the pressing need to re-evaluate their value propositions to ensure long-term profitability and sustainability. As traditional models of insurance become increasingly challenged by emerging risks and changing consumer expectations, companies must adapt by expanding their coverage options and venturing into new markets.
The Need for Diversification
Insurance companies traditionally operate within well-defined sectors such as life, health, property, and casualty insurance. However, as the world becomes more interconnected and risks become more complex, the demand for specialized coverage is on the rise. From cyber threats to climate change-related perils, there’s a growing recognition that traditional insurance products may not adequately address modern risks.
Stagnant growth in mature markets and increasing competition have also compelled insurers to explore new avenues for revenue generation. Diversification offers insurance companies the opportunity to tap into underserved markets, differentiate themselves from competitors, and mitigate concentration risk.
Expanding Coverage Options
One of the most effective strategies for diversification is expanding coverage by developing innovative insurance products tailored to specific industries, professions, or lifestyle choices. Insurers can introduce policies covering cyber liability, reputation management, or even pandemics.
When certain policies do not cover an entire claim or casualty, there is opportunity to offer customers a marketplace of complementary services at lower prices to acquire substitute products. In this way, businesses can better serve customers while obtaining a new revenue stream.
According to a recent Deloitte study, more business insurance customers are seeking greater levels of flexibility in their insurance products and policies. A significant portion express the desire to adjust coverage and premium rates periodically throughout the year, contingent upon business conditions. The traditional models of annual reviews and one-time coverage modifications are no longer considered viable.
The primary motivations behind desiring such flexibility do not revolve around cost reduction. Instead, respondents expressed a greater interest in optimizing their coverage. An example is having the ability to deactivate insurance coverage during periods of inactivity, such as with pay-as-you-go workers’ compensation policies. This approach enables adjustments to coverage when a company undergoes layoffs or experiences a seasonal downturn.
Entering New Markets
Expanding into new geographic markets or demographic segments offer immense growth potential, driven by rising incomes, urbanization, and increasing awareness about the importance of insurance protection in emerging economies.
Targeting underserved demographics such as millennials or gig economy workers can be lucrative, as these groups often have unique insurance needs and preferences, necessitating tailored products and distribution channels.
Insurance organizations should also look at rising trends within their markets, like electric vehicles and ride-sharing in the automotive industry, to assess opportunities for growth.These trending markets carry high avenues of expansion with possibly low competition.
Re-evaluating Value Propositions
In the quest for diversification, insurers must re-evaluate their value propositions to align with changing customer expectations. This involves emphasizing transparency, simplicity, and customer-centricity. Transparent pricing, devoid of hidden fees or complex terms, fosters trust and enhances the perceived value of insurance products.
Furthermore, educating customers about risk mitigation strategies is paramount in today’s risk-prone environment. Insurers can leverage digital platforms, interactive tools, and personalized advice to empower customers to proactively manage risks and reduce potential losses. By positioning themselves as risk management partners rather than just providers of financial protection, insurers can deepen customer engagement and loyalty.
Challenges and Considerations
Despite the opportunities presented by diversification, insurers must navigate several challenges. Regulatory compliance, cultural differences, and operational complexities can pose hurdles when entering new markets. Moreover, developing innovative products requires substantial investment in research, technology, and talent.
Insurers must strike a balance between diversification and maintaining underwriting discipline. Overextending into unfamiliar territories or offering overly complex products can expose insurers to undue risks and erode profitability.
Implementing Diversification
Expanding coverage options, entering new markets, and re-evaluating value propositions are key strategies for meeting the evolving needs of customers and securing future growth.
By embracing innovation and transparency, as well as prioritizing customer-centricity, insurers can differentiate themselves in a crowded marketplace and build a resilient business model capable of withstanding the challenges of tomorrow. In doing so, they not only safeguard their own profitability and sustainability but also contribute to the overall resilience of the societies they serve.
White Paper: 8 Reasons To Consider a New Insurance Payments Processor
Download this white paper: 8 Reasons to consider a new insurance payments provider.
How to Choose a Payment Processor for Your Insurance Organization
Historically perceived as lagging behind in adopting modern technologies, many insurance companies are now catching up, modernizing their tools and payment processes. Change is accelerating around us, and for insurance, selecting the right tools to manage their business is not just an option; it’s a necessity for continued success in today’s dynamic landscape. The selection of a payment processor is a critical decision that directly impacts the efficiency, security, and overall success of a business.
Let’s delve into key criteria insurance companies should consider when selecting a payment processor and why (we believe) opting for a provider tailored to the insurance market is essential.
User Interface (UI) and User Experience (UX)
Insurance companies should prioritize payment processors that offer a user-friendly interface for both customers and internal staff. A well-designed UI enhances customer satisfaction and reduces the likelihood of errors during payment processing. It also makes sure that payers understand your new process and can easily submit payments online on the first try. The UI of your payment page should also align with your own branding to foster a sense of trust and certainty that the payer is in the right place.
Using an insurance-specific payment processor aids in the streamlining of processes for your team. If the payer is able to input invoice/account number, include notes, and select policies pulled directly from your management system, it will make your teams’ job much easier when it comes to tracking and managing payments.
Payment Types and Flexibility
Insurance companies operate in a diverse market with varied customer preferences. It is essential to choose a payment processor that supports a wide range of payment types, including credit/debit cards, ACH transfers, and checks. The four major credit card vendors are Mastercard, Visa, American Express, and Discover. When choosing a payment processor, make sure they take payments from all of these.
Recent inflation-driven economic changes have also underscored the value PFCs bring to their insurance payments ecosystem. Many consumers and businesses have noticed their monthly insurance payments going up. Because of this, it has become imperative to offer financing options to clients. The perfect scenario is your PFC partnering with your payment processor, like ePayPolicy’s newest feature, Finance Connect.
Authorization Approvals
Efficient authorization approval processes are critical for insurance companies to minimize delays in policy issuance and claims processing. The chosen payment processor should offer swift and reliable authorization approvals, reducing the risk of declined transactions and ensuring a seamless customer experience. Advanced fraud detection mechanisms and real-time authorization checks contribute to enhanced security while maintaining operational efficiency.
When choosing digital payments over checks, companies want the speed that comes with online payments. Ask payment processors how long it takes for payments to clear, and know that the answers will vary from credit cards to ACH and check lockboxes.
Cost Optimization
Cost considerations are paramount for insurance companies when selecting a payment processor. It is crucial to evaluate the fee structure, including transaction fees, monthly subscription costs, and any additional charges. While cost optimization is essential, it is equally important to assess the overall value provided by the payment processor, considering factors such as security features, customer support, and scalability. The needs of insurance companies vary and depend on their size, offerings, and clientele.
Some payment processors, like ePayPolicy, allow companies to pass transaction fees to insureds, either wholly or partly. This works because the payment processor is passing the fee, not you, the insurance company. A transparent fee structure allows insurance companies to manage their budget effectively and avoid unexpected expenses.
Integrations with Core Systems
Insurance companies rely on a variety of core systems for policy management, claims processing, and other essential functions. Seamless integration between the payment processor and these core systems, especially your AMS, is a big plus when it comes to operational efficiency. The chosen payment processor should offer robust integration capabilities, allowing for a unified and automated workflow. Integration eliminates manual data entry, reduces errors, and accelerates overall processing times.
PCI Compliance
Payment Card Industry Data Security Standard (PCI DSS) compliance is non-negotiable when it comes to handling sensitive financial information. Insurance companies must prioritize payment processors that adhere to PCI standards to ensure the security of customer data. Compliance with these standards safeguards against data breaches and instills trust among customers regarding the confidentiality and integrity of their payment information.
Why Generic Payment Processors Fall Short
While generic payment processors may seem like a convenient option at first glance, they often lack the industry-specific features and insights that insurance companies require. Payment processors specializing in the insurance market understand the unique challenges and regulatory requirements of the industry. They offer tailored solutions that cater to the specific needs of insurance businesses, such as automated reconciliation of premium payments and seamless integration with agency management systems.
As insurance companies, it’s important to not only collect payments, but also send funds to partners like carriers. It’s also important to request policy information on the payment page, and to automatically update management systems when payments go through.
Selecting the right payment processor is a strategic decision that directly influences the success of insurance companies in today’s digital landscape. By prioritizing criteria such as user interface, payment versatility, authorization approvals, cost optimization, integrations, and PCI compliance, insurance businesses can ensure a seamless and secure payment experience for their customers. Moreover, opting for a payment provider specializing in the insurance market offers tailored solutions that go beyond generic processing, ultimately reducing manual labor and streamlining accounting processes for increased operational efficiency.
ePayPolicy Wraps Up 2023 With Winning Multiple Badges from Gartner Digital Markets
ePayPolicy is thrilled to announce that we have been recognized as an impactful software solution for insurance organizations by Gartner Digital Markets. We are proud to serve the insurance industry in the best way possible, allowing companies to collect and send payments online to speed up receivables and streamline their operations.
ePayPolicy has been recognized in the following software categories:
Capterra Ease Of Use Badge and Best Value Badge for: Recurring Billing
Checkout some of our reviews:
“Engaging with ePayPolicy was a game changer in my agency. It provides for a much super-efficient way to bind new business and makes the renewal process much easier. In a world of customization, online payments is one more option we can offer to our clients.” – Holi M. [Capterra]
“St is very functional and easy to use. It gives instant notification to your email when a payment is received, and it processes the funds quickly through your bank.” – Alexa B. [Capterra]
Software Advice Customer Support Badge and Most Recommended Badge for: Recurring Billing
Check out these reviews:
“I have loved using ePayPolicy ever since I heard about it on a podcast years ago. I started my own Youtube channel and always recommend it to other agents/agencies out there!” – Chris C. [Capterra]
“The system and process is extremely user friendly. Moreover, the support (when needed) has been prompt and always helpful.” – Ashley B. [Capterra]
GetApp Functionality and Features Badge for: Recurring Billing
Here are some reviews:
“The customer service experience is exceptional and I couldn’t be more pleased with the decision to engage them for ePayment. As the only vendor at the time which integrated with our Vertafore product, I initially felt captive in selecting them, but they are a delight to work with and our customers love it as well!” – Melyssa M. [GetApp]
“The fact that it works exactly like they said it would is incredible. The features, integration, ease of use, and savings have taken my agency to another level.” – Diane T. [GetApp]
We have always strived to achieve higher customer satisfaction, which is why ePayPolicy has been a top-rated product on all Gartner Digital Markets sites, with an overall rating of 4.9 out of 5. We would like to thank all our users for supporting us and making this possible.
About ePayPolicy
Built by insurance professionals for the insurance industry, ePayPolicy is the fastest, easiest and most secure way to move money for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages and automated check processing, with CheckMate. 7,000+ insurance companies trust ePayPolicy to handle their payments every day. Learn more: ePayPolicy.com
About Gartner Digital Markets:
Gartner Digital Markets is the world’s largest platform for finding software and services. More than 100 million people visit Capterra, GetApp, Software Advice, and UpCity across over 70 localized sites every year to read objective research and verified customer reviews that help them confidently choose the right software and services. Thousands of B2B companies work with Gartner Digital Markets to build their brand, capture buyer demand, and grow their business. For more information, visit https://www.gartner.com/en/digital-markets
2024 Insurance Industry Outlook
The insurance industry in 2024 stands at the precipice of transformation. Embracing technological advancements, fostering strategic collaborations, prioritizing customer-centricity, and championing inclusivity will be key tenets for success.
Cogitate Announces Integration with ePayPolicy to Expand Premium Payment Options
Cogitate Technology Solutions announces its partnership with ePayPolicy to offer policyholders the flexibility and convenience to pay by method of choice.