AUSTIN, Texas, January 22, 2020 – ePayPolicy is proud to announce its latest state insurance association endorsement. Independent Insurance Agents of West Virginia (IIAWV) recently named ePayPolicy as the recommended payment processing provider for its member agencies. IIAWV CEO Traci Nelson explained: “Our mission is to provide members with the tools they need to serve their clients and build their business. Technology is a huge driver of operational success. With ePayPolicy, our members get industry-specific payment technology that serves a dual purpose of increasing agency efficiency and increasing client satisfaction. That’s the kind of win-win we strive to deliver to IAWV members.” ePayPolicy Co-Founder Todd Sorrel commented: “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 IIAWV members to offer digital payment in lieu of check, 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.” IIAWV is the 29 state association of independent insurance agents to endorse ePayPolicy. Concluded Sorrell: “We’re always excited to partner with fellow technology evangelists. IIAWV recognized long ago that technology is the future of our industry. In fact, in 1999 (the association’s 100-year anniversary), their published history stated: ‘Even as we are in the midst of enormous operational and cultural change, we have come to view such dramatic change as commonplace and take it for granted. When we stop to think about the degree of change that engulfs and propels us, it is just short of unbelievable.’ They also recognized that ‘computerized operations have evolved from a novelty to a necessity.’ Two decades later, InsurTech continues to drive our industry forward. We’re delighted to extend ePayPolicy’s solutions to IIAWV members and to their clients.” About IIAWV With roots dating back to 1899, the Independent Insurance Agents of West Virginia (IIAWV) is the state’s oldest and largest insurance trade organization. IIAWV is an affiliate of the Independent Insurance Agents and Brokers of America, Inc. (IIABA), the largest property and casualty insurance producers organization in the world. IIAWV is a strong and committed advocate for more effective representation of independent insurance agents and consumers with both the state and federal legislatures. The association offers its members a variety of products, educational programs and services to increase their effectiveness and give them a professional edge in today’s competitive business environment. Learn more at https://www.iiawv.org/default.aspx About ePayPolicy ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs, and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide. To find out more visit https://epaypolicy.com
ePayPolicy Poised for Growth with Serent Capital Investment
AUSTIN, Texas, January 8, 2020 – Electronic payment processing company ePayPolicy has received a significant investment from Serent Capital, a San Francisco- and Austin-based private equity firm focused on investing in high-growth technology and services businesses. ePayPolicy, an industry leader in electronic payment solutions for the independent insurance industry, will leverage the Serent funding for continued product enhancements, integration with the most widely used agency management systems (AMS), and accelerated growth. Since its founding in 2014, ePayPolicy has been a proactive proponent of technology adoption by the insurance industry (“insurtech”). Specifically, the company has been on a mission to replace paper checks by enabling policyholders to pay electronically via credit card or ACH. Today ePayPolicy processes over $2 billion in payments annually, serving 2,300 independent agents, brokers, MGAs, and premium finance companies in the Excess & Surplus (“E&S”) insurance market. Some 28 Big “I” (Independent Insurance Agents and Brokers of America) state associations endorse ePayPolicy as their digital payment processor of choice for their members. “This investment from Serent is a game-changer in our ability to strengthen our brand presence across the industry, integrate with even more agency management systems and take our platform to the next level in user (agency) and end-user (policyholder) experience,” said Todd Sorrel, Co-Founder of ePayPolicy. Leonis Partners advised ePayPolicy on capital raising strategy. Kevin Frick, Partner at Serent Capital, explained the firm’s decision by saying, “We knew immediately ePayPolicy would be a great fit for Serent. Their stellar reputation and innovative, industry-specific technology stood out. Their client satisfaction scores are exceptional and their references prove the most important point – they deliver.” “We’re incredibly excited to partner with Co-Founders Todd Sorrel and Milan Malkani to expand ePayPolicy’s market reach and continue to drive exceptional value for their clients and the insurance industry as a whole,” concluded Frick. About Serent Capital Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com About Leonis Partners Leonis Partners serves as a full-service advisor to entrepreneur-led technology businesses. Calling on decades of experience from some of the largest leading global financial institutions, Leonis crafts highly calibrated solutions to achieve their clients’ needs as they pertain to M&A, capital raising, fairness & valuation opinions, and other special situations. Leonis Partners’ experience and track record in these core areas provide clients with superior results. The firm is headquartered in New York. For more information visit http://leonispartners.com/ About ePayPolicy ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs, and premium finance agencies. The company’s innovative electronic payment processing portal enables clients to accept credit cards or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide. To find out more visit https://epaypolicy.com ###
Putting Community First! with Mobile Loaves & Fishes
We had the privilege and opportunity for our entire office to volunteer at Community First! Village. A staple of Mobile Loaves and Fishes, this planned community on 51 acres provides affordable and permanent housing for the disabled, chronically homeless in Central Texas. Chronic homelessness is considered anyone who has been without a home and on the streets for over a year and since 2015, Community First! Village has helped over 250 homeless men and women and moved them into a supportive community and home. For almost 15 years now this transformative program has become the largest community-based model in the country.
During our time there it was very evident that community plays a huge part in the success of their residents which in turn helps build the community. As we talked with Charlie, our project manager, he shared that all of the residents feel a huge sense of ownership of the community, and take pride in maintaining it and working hard to continue the success and growth of it.
For many of the residents, homelessness occurred after a significant and unforeseen life event occurred but fortunately, this community helps them get back on their feet in a dignified way by providing them with all the resources and skills they need. “Housing will never solve homelessness, but the community will.” -Amber Fogarty, President & Chief Goodness Officer of Mobile Loaves & Fishes
“We love this city and the community in it so of course, we want nothing more than to give back to it! We love what Community First! and Mobile Loaves & Fishes stand for and all that they are doing to help people. We look forward to volunteering again very soon.” -Todd Sorrel (Co-Founder of ePayPolicy)
For more information on how you can volunteer or how you can give, visit mlf.org/ways-to-give/.
The Future Generation Of FinTech
We had the pleasure of working with a group of students from the McCombs School of Business at the University of Texas during their recent fall semester as part of their Financial Technology (FinTech) Practicum Course. The undergraduate students were provided with a hands-on learning opportunity working with local Fintech companies in Austin that are driven by Ernst & Young. The purpose of the program was for the students to provide problem-solving solutions for the current and future needs of the company they selected. At the conclusion of the semester, the students presented their findings and provided actionable steps for implementation. The students were not the only ones who benefitted from this, however. ePayPolicy also received insights on a variety of topics such as Google’s latest SEO algorithm, a complete chatbot analysis across the industry, and a detailed market research report on areas and verticals to explore / expand in 2020. When the students weren’t working on these projects they were helping with small tasks around the office and finding solutions for minor problems affecting the ePayPolicy team. Working with these students was an amazing opportunity and we were humbled to be selected by them and EY. We look forward to continuing to contribute to this program in the months to come and appreciate the effort given from the future generation of FinTech.
Going Beyond The Terms and Services For Your Clients
Your Clients Mean the World to You and Your Agency, Be Sure They Know It!
As we approach the holiday season take the time to identify your key clients and reach out to them with a handwritten note, letting them know how much you value their business and relationship. Taking five to ten minutes and collecting your thoughts can pay significant dividends for your agency and adds another differentiator to your business. Even if you don’t have the resources to fully apply The Pareto Principle (also known as the 80/20 rule, which states that, for many events, roughly 80% of the effects come from 20% of the causes) to your client base select your top five and go from there. To make your gesture even more impactful, start sending notes outside the regular holiday season. The reason for this is that it’s unexpected and will catch the attention of your insureds and not get lost in the holiday shuffle.Want To Track Those Efforts?
For those that want to track their ROI it can be as easy or as complex as they would like. A good place to start is recording the clients that are receiving personal notes in a CRM and compare their engagement with your agency (renewals,m social posts, industry events, referrals) with those that aren’t receiving any personal messaging. As you get more creative with your nurturing strategy be sure to record your activities in detail, this will help build a strong baseline of your efforts and allow you to optimize your strategy in 2020. As you continue to invest in client-facing services such as chatbots, app portals, and digital payments don’t forget to invest in your relationship with your clients.OIA Endorses ePayPolicy for Digital Payment Processing
We Welcome Ohio to Our Endorsers List AUSTIN, Texas, November 21, 2019 –Ohio Insurance Agents (OIA) has named ePayPolicy as its electronic payment processor partner. The partnership offers OIA members a special signup offer on ePayPolicy services, which enable them to improve their customer experience by accepting credit card and ACH payments online. “Independent insurance agents are embracing technology at a rapid pace. We’re here to help them meet increasing consumer demand for digital forms of payment. ePayPolicy makes online payments simple and seamless — for the consumer and for the agency,” said Todd Sorrel, ePayPolicy co-founder. “We’ve eliminated the traditional barriers like pesky merchant accounts and long-term contracts. Plus, with ePayPolicy agents and brokers can get setup in 2 – 3 business days.” According to OIA’s chief executive officer, Jeff Smith, JD, CIC CAE, “We have high standards for the products we recommend to our members. Partners must be agent-friendly champions of the independent agency system, as well as best in their class. ePayPolicy scores 100 percent on all measures.” Concluded Sorrel: “Selection by OIA significantly broadens our penetration within Ohio and elevates our profile across the country. We appreciate their confidence in our abilities. We look forward to enhancing the insurance-buying experience for consumers and to supporting OIA members’ tech-enabled growth. Online payment is a big step forward for all involved in these goals.” Bring seamless online payments to your agency Agents who want to join OIA, or learn more about ePayPolicy and the other benefits and resources available to them through an OIA membership should visit www.ohioinsuranceagents.com/agent or call (800) 555-1742. About Ohio Insurance Agents (OIA) Ohio Insurance Agents Association (OIA) is the collective voice of 1,200 independent agencies that employ nearly 10,000 Ohioans and protect hundreds of thousands of Ohio consumers through personalized insurance plans. OIA members write 82 percent of the commercial insurance policies and 44 percent of personal insurance policies in Ohio. OIA promotes, progresses and protects the professional advice and guidance only independent insurance agents provide. The company helps agents by providing professional consulting services, agency valuation and succession planning, operational benchmarking reports, and other business solutions and industry thought leadership. For more information visit https://www.ohioinsuranceagents.com/ About ePayPolicy ePayPolicy is the simplest way to collect digital insurance payments. Designed for independent agents, brokers, MGAs, premium finance companies, and their clients, their innovative electronic payment processing portal enables clients to accept credit card or ACH without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide. To find out more visit ePayPolicy.com.
The Real Value Of An Instagram Like For Your Agency
If No One Can See My Likes… Does My Content Really Count?
Last week Instagram announced that they would be getting rid of the “likes” feature on the app for users in the U.S, in other words no one will be able to see how many likes your posts get. However, you will still be able to view the like count within your own account. This may not come as a huge surprise since Instagram started testing out this change back in July in Australia, Brazil, Canada, Ireland, Italy, Japan and New Zealand. This update will begin as a test to some users in the U.S this week before the change becomes more permanent.
So what’s the deal, Instagram? What’s so wrong with those little hearts? Instagram CEO, Adam Mosseri said the reason behind this big change is, “about creating a less pressurized environment where people feel comfortable expressing themselves.” This update will serve as a way for users to concentrate on the posts and interacting with the app rather than just focusing on the amount of “likes” their post may garner.
It seems Instagram’s reasoning behind this change is pretty valid and may prove to be beneficial to its users, but what will this mean for your marketing efforts for your insurance agency? Well, that depends on your social strategy. Many companies and brands who want to work with influencers use the number of likes from posts to determine if they have enough “influence” with their audience. The update to remove likes will now require more work from the company or brand’s side to look further into whether an influencer is worth the investment. However, like most insurance agencies if you don’t rely on influencers and are providing great content get ready to roll up your sleeves.
It’s Time To Get To Work!
If you want your content to stay in your followers’ feed, this update will challenge your content strategy (and all Instagram content producers for that matter) to create quality content that does not rely on the “group influence effect” to receive engagement. Your content will need to capture and keep your followers’ attention and focus on the point you’re trying to convey.
If you’ve been waiting to up your Instagram game and really display your creativity, now is a perfect time! No more “like” comparison, it will be a level playing field for everyone on Instagram.
Jumping on the Agency Re-branding Bandwagon?
When Should You Rebrand Your Agency?
Social networking giant, Facebook, unveiled a new logo on Monday that is meant to distinguish the parent company, Facebook, from the companies they own, Facebook, Instagram, WhatsApp and more. The new logo is a GIF that shows the word “Facebook” displaying in different colors to represent the different brands. The new logo will begin to roll out in the coming weeks within Facebook products and marketing materials.
So when it comes to branding what can your agency take away from Facebook’s new redesign? See it as a new opportunity to possibly freshen up your own branding and image in the industry. Re-branding helps your business stay current and relevant and offers opportunities to clarify your values and messaging in the marketplace. It’s important that your organization adapts to the changing trends and stays ahead of the curve so that your brand and mission continues to align with your existing demographic and prospective clients. When reviewing your logo something as simple as rounding out your corners can help differentiate you from your competitors by conveying a sense of modernism and technology. Remember updating your logo isn’t going to change your agency that writes $100,000 in premium to a million in premium, but it’s a start in the right direction. If you’re interested in learning more or ready to start re-branding, there are A TON of resources available that can fit almost any budget. Here’s a few check out: For those who are unsure of where to start and in need of guidance, I recommend reaching out to consulting services like Agency Performance Partners. For those who have a vision of what they would like to do but just need a little help bringing it to life, a service like Upwork or Fiverr will help you find your ideal designer. To learn about the why’s behind Facebook’s new logo and the design you can read more here.A New Type of Giving This Season
Not your average haircut
As we approach the season of giving you may be wondering what you can do to help someone in need, but a haircut may not come to mind for most of us. Last week, our sales trainer, Keith Langtry, went in for a haircut, but this time his hair wouldn’t just be swept up and thrown away. Instead, his hair would be sent to Children With Hair Loss in South Rockwood, Michigan, and assembled into a wig for a child with hair loss.What is CWHL?
CWHL or Children With Hair Loss is a non-profit organization that provides human hair replacements to children and young adults facing medically-related hair loss at no cost to them. Currently, CWHL has provided a customized human hair replacement and care kit to over 300 children a year with their mission being, “covering young heads to heal young hearts”. What may be “just hair” to us may be something more than cosmetic for a child with hair loss.
Other ways to help
Did you know that human hair replacement system and hair care kit can cost a family of a child with hair loss up to $5,000 a year? If you are not able to donate your hair, you can still help out by making a monetary donation to CWHL.
Looking for other organizations to donate your hair too?
Here is some info on other hair donation charities that you might find helpful:
How to donate to Children With Hair Loss
If you or someone you know is interested in donating to CWHL, check out this quick video for a walk-through tutorial!Finding The Perfect Payment Processor For Your Agency
“It’s not us, it’s you.” Several insurance agents that use large payment processors (operate in multiple verticals) have reported being kicked off their payment processor, with no other explanation than “our product is not a good fit for your industry.” Well, their loss is potentially your gain. We can’t tell you exactly why these companies are rejecting business from the insurance industry. But we have some educated guesses. Even better, we have a solution! First and foremost, the insurance industry is highly regulated and involves a lot of tracking funds for compliance purposes. Some payment processors are designed for straight sales transactions. They simply can’t handle the additional levels of accounting and code compliance the insurance industry demands, in other words, they don’t speak insurance. “Not a good fit” is their way of admitting they’re not set up for a complex, regulation-driven industry like insurance. Here are some likely reasons why they might be rejecting business from insurance agencies: