Merchant services accounts have long been a norm for insurance payments. But with more clients paying digitally than ever – 71% of CFO’s reported an increase during the pandemic – it might be time to consider a specialized, insurance-built solution to replace your merchant account.
Coast General Insurance Brokers provides commercial lines and employee benefits coverage for California business owners. Niche industries include attorneys, contractors, food services, and truckers. Director of Operations/Senior Account Manager Angelina Lopez says: “We’re here to make their lives easier.”
One way they make things easier is offering payment options. The agency has been accepting credit cards for more than 10 years. It hasn’t always been smooth. Angelina describes having a credit card machine in the office and manually entering card numbers given over the phone. Next, they had a merchant service company — two, actually: one for credit card payments and another for ACH payments. Throughout, Coast General was absorbing all the costs. “We found ourselves having to increase our broker fees to offset the merchant charges,” recalls Angelina.
That all changed for the better in 2018. “We are part of IIABCal,” says Angelia. “That’s how we learned about ePayPolicy. They showed me their demo; it was quick and easy, and the payment page had our logo on it.”
ePayPolicy automatically deposits carrier payments into the trust account and fees into the operating account. “That was a problem before,” says Angelina. “ePayPolicy understands how insurance works, our fiduciary responsibilities.”
Angelina also appreciates that “our payment page looks like ‘us.’” She also loves the quick confirmation of payment (“I know when something is binding because I get the receipts via email”) and going into the ePayPolicy portal and seeing the batch reports.
She’s also using the platform to make payments. “A lot of our wholesaler MGAs use ePayPolicy. The money could be due tomorrow. I can make a payment today and the MGA receives the notification right away. It saves time for both of us.”
“I would say 95 percent of our agency bill clients are using it,” says Angelina. “About 50/50 ACH and credit cards. Business owners like to get their credit card mileage points.”
But like any agency, Coast General has a few “old school” clients. “If they’re afraid of the technology, I tell them it’s secure and very easy to use. I also point out that we can’t bind without payment. If they need the coverage now and are out on the road, ePayPolicy makes it happen.”
She notes that during the pandemic, Coast General started absorbing the $3 ACH transaction fee and are continuing with that practice.
The agency recently switched over to Applied EPIC. Angelina looks forward to integrating their new management system with ePayPolicy.
“For $20* a month, I would say to embrace this technology upgrade. And don’t be afraid. It’s so much easier for both our accounting department and clients,” she suggests, adding: “Our quote-to-bind ratio increased significantly once we started ePayPolicy. They sign electronically, they pay electronically, and it’s done.”
*Basic subscription. Other subscription plans available.
IIABCal members get two months of ePayPolicy for FREE when signing up with referral code iiabmember.
As the new year gets underway, we begin to see trends emerge in the world of insurance. By understanding what is likely on the horizon, insurance professionals have a chance to prepare and adapt, ensuring they’re in the best position to thrive.
If you want to make sure you’re ready for what’s to come, here are ten insurance industry predictions for 2022 from industry experts.
Digital transformation hasn’t been quick in the insurance industry. However, it became a necessity due to the situations created by the pandemic. Shelter-in-place orders and social distancing requirements altered the landscape dramatically.
Kim believes that digital transformation will continue moving forward, even if it was initially a slow start. “Digital transformation has taken longer in the Insurance Industry, but we are making great strides,” said Hedrick. “Regardless of the segment you are in – carrier, wholesale, MGA, specialty or retail – your team is more productive today by relying on digital tools that were not even an option just a few short years ago.
“The pandemic pushed us all out of our comfort zones, and we were forced to adopt certain technology quickly that we may have been resistant to before. For me, becoming proficient in six different virtual meeting platforms and mastering online grocery shopping was never a goal, but now that I have, I won’t be going back to doing things the old way.”
As Kim mentioned above, digital transformation is increasingly the name of the game. While the impact on internal operations is significant, it will also affect how customers engage with insurers.
Just like insurers won’t move away from some of the technologies they’ve embraced during the past two years, “I think the same holds true for the Insureds that paid their premiums and signed their applications electronically for the first time,” Hedrick stated. “I believe they will continue to expect this type of convenience moving forward even when the pandemic is far behind us.”
“As our industry is adapting to digital transformation and providing Insureds with secure and convenient options for managing and paying their premiums, I think we will continue to see an increase in digital payments.”
Rates increase based on several market factors. Along with repair and replacement costs, an increasing number of incidents and the rising severity of events can all be factors.
“Auto and Home rates will continue to trend upwards based on weather-related losses combined with an increase in the cost to repair both home and auto claims,” Howell stated. “Commercial and Business Auto will in some cases see significant increases depending on the type of risk and geography.”
Another area that’s seeing growth is embedded insurance at points of sale. Along with being positioned as a convenience for customers, they can bolster the bottom line of companies looking to overcome pandemic-related hardships or other industry challenges.
According to Howell, “the industry will see an increase in embedded insurance at the point of sale as Vehicle Manufacturers and other industries continue to move towards creating another revenue stream to assist with their overall financial performance.” Insurance is a potential profit-driver, making it an attractive target. As a result, insurers should anticipate an expansion in this area, allowing them to adapt to the shifting climate.
Initially, insurtech concentrated on the service and claims business areas, and with good reason. Those systems supported a range of everyday operations, making them prime targets.
However, remaining competitive requires more than effective service and claims management. “Insurtechs have catered to the companies on service and claims,” said Cass, “but now they realize that giving agent tools for marketing and sales will help everyone.”
Essentially, during 2022, expect expanding toolsets that focus on areas beyond service and claims, especially capabilities that focus on business expansion and customer retention.
Workers’ compensation costs relating to the pandemic were incredibly high. Considering that COVID-19 was an unprecedented event, the insurance industry couldn’t prepare for such an incident in advance. Additionally, making adjustments to certain policies wasn’t practical at the height of the pandemic, leading to a long-term challenge for those operating in the space.
“Industry estimates for workers’ compensation losses as a result of the pandemic range from $500-$750 million in claims for workers’ compensation carriers,” said Nix. “Profitability for workers’ compensation will take a hit until premium increases take effect.”
As a side effect of increasing digital transformation, the number of cyber incidents is anticipated to rise. According to research from S&P global, pricing in the industry will increase in response.
“The trend toward digitalization will inevitably lead to a higher likelihood of cyber incidents,” said S&P Global. “Prices in the cyber re/insurance market could therefore rise sharply over 2021-2023, even doubling in some cases.”
As part of the broader digital transformation trend, AI and machine learning-supported automation is on the rise. According to research by McKinsey & Company, “more than half of claims activities [will be] replaced by automation” by 2030.
Premium growth is expected to continue in 2022. As a result, finding ways to enhance the customer journey will be essential. According to William Trainer, “the lingering 3-year pandemic has only enhanced the need for more insurtech solution development and further digital transformation in the industry which allows insurance professionals to work remotely, and provides customers a pleasant online journey.”
However, that doesn’t mean the transition will be seamless. “One of the greatest challenges for the insurance industry in 2022 will be the ability to find and hire enough insurance tech-savvy talent to effectively manage the growth,” William Trainer stated.
Essentially, without tech-savviness, adapting to emerging solutions becomes challenging. In turn, this can result in impeded growth. By making tech-savviness a talent acquisition priority, embracing new systems come naturally, accelerating growth significantly.
Research conducted by Swiss Re indicates that insurance demand is increasing and could be poised to break premium records this year.
“Market conditions suggest that positive pricing momentum will continue across all lines and regions,” said Swiss Re group chief economist Jerome Haegeli noted when discussing the research. “Inflation-driven higher claims development in all lines of business, continued social inflation in the U.S. and persistently low-interest rates will be the main factors for market hardening.”
At ePayPolicy, we understand the importance of staying on top of emerging trends and shifting market conditions. That’s why we focus on remaining informed, allowing us to pass valuable information on to independent agents like yourself.
If you’re looking for more tips that can help your independent agency thrive in 2022, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.
The new year is upon us. It’s a time where independent agents, like yourself, set their sights on the future. Strategic goal-setting is typically the name of the game, allowing agents to focus their efforts in the right direction.
The issue is, you can’t just set new goals and hope for the best. Instead, you need a solid plan to achieve them. While that might sound tricky at first, it doesn’t have to be a challenge. By using the right approach, you can crush your goals in 2022. Here’s how to get started.
First, you can’t crush your goals in 2022 if you don’t have a target in mind. While you ultimately want your objectives to be well-defined, you don’t have to start that way. Instead, begin with a basic brainstorming session, jotting down ideas as they come to mind.
Whether a potential goal seems small or wild, give it a fair shake. The idea is to get a better grip of what you actually want, allowing ideas to flow unrestricted. Even if the target seems inconsequential at first, write it down. If a goal is meaningful, its size doesn’t matter.
Similarly, if a target is incredibly bold, capture it, too. You’ll never know if it’s achievable if you don’t give it a chance.
If you’re genuinely struggling for ideas, here are some basic options that work for many independent agents:
As you consider your choices, above all, be reasonable. It’s okay to make a target challenging, requiring you to stretch a bit. However, you don’t want to go too far. If a goal feels impossible to achieve, it’s incredibly demotivating. The purpose is not to create fear that you’ll never get where you want to go, but to inspire success, so make that your priority.
Once you have some basic goals outlined, you need to refine them, ensuring they’re actionable and measurable. In most cases, that means adopting a sound strategy.
By choosing a known framework for your goals and updating all of your initial objectives to align with them, you’ll have an easier time refining your targets. Here’s a quick look at some tactics that can make this part a whole lot easier.
When it comes to the quintessential goal-setting strategy, look no further than SMART goals. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-Bound, outlining all of the characteristics of a well-defined target. Here’s a deeper dive into what each point means:
For example, instead of using “boost growth” as your goal, you’d adjust the target to align with the SMART framework. You could end up with an objective like “boost organic growth by 10 percent in the next 12 months by refining our value proposition and implementing data-driven changes designed to increase customer satisfaction and secure new referrals through our updated referral rewards program.”
With that updated version, you know precisely what you’re trying to accomplish, how to measure your progress, and when you want to get it done, making it an actionable goal.
If you’re looking for a simpler option that also comes with a degree of agility, the objectives and key results (OKRs) strategy could be a better fit.
You start with a simple target, like “update the agency’s online presence to increase traffic.” Then, you outline the deliverables or actions you need to take to make that goal a reality. One key result might be “perform an SEO analysis and integrate new keywords to boost the agency’s site’s position in search results.”
Essentially, you’ll create a to-do list that aligns with the initial goal. This option works incredibly well if a target isn’t easy to quantify or is inherently hard to define, as it lets you bring more detail into the equation through the addition of supporting key results, making the goals actionable.
Now that you have defined actionable goals, it’s time to take it up a notch. You’re going to create a goal-crushing roadmap, giving you a path to follow to achieve success.
Essentially, you’re outlining a step-by-step process that will take you from where you are right now to where you want to get by the end of the year. In some cases, this is pretty easy. You just consider what you need to do now to get on the path and then outline what comes next, continuing on until the roadmap is done.
If you find that approach difficult, then working backward could be easier. Focus on your goal and then determine what needs to happen right before that to make it happen. Then, figure out what occurs before that step, and so on, and so on until you work your way back to where you are now.
As you outline a step, take a moment to determine any resources you need and the amount of time it’ll take to complete. That way, you make the path as easy to follow as possible.
Additionally, don’t view your roadmap as rigid. Things happen over the course of the year, and you might have to pivot. By thinking of your roadmap as a living, breathing document, you’ll have an easier time adjusting it down the line if the need arises.
After creating your roadmap, it’s time to get moving. Start with the first step, working diligently to complete it within your set timeline. As you make progress, note it on your roadmap. Additionally, when you complete a step in full, cross it off the list, taking a moment to recognize the achievement, as that will help you stay motivated.
Ideally, you want to check your progress regularly, such as once a month. That way, you’re reminding yourself of your target and ensuring you remain committed to your goal. Plus, you’re creating opportunities for adjustments if the unexpected happens, ensuring you can keep moving toward a critical objective strategically.
The process above mainly focuses on agency-oriented professional goals, but it can work for personal or career-oriented ones, too. Simply choose the angle you want to explore, and apply the strategy to it. That way, you’ll be able to crush any type of goal in 2022.
At ePayPolicy, the OKR approach is how we crush our goals each and every year. It lets us work from the top down, ensuring our objectives are clear and everything remains in alignment.
If you’re looking for more tips about goal-setting for independent agents, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.
Austin, TX 2022 — Built In announced that ePayPolicy was honored in its 2022 Best Places To Work Awards. Specifically, ePayPolicy earned a place on 50 Best Small Companies to Work for in Austin. The annual awards program includes companies of all sizes, from startups to those in the enterprise, and honors both remote-first employers as well as companies in the eight largest tech markets across the U.S.
“ePayPolicy prides itself on creating a company and work culture that puts its people first. Our goal is for our employees to thrive and grow personally as well as professionally. It’s an honor to be celebrated by Built In for this commitment to our people,” said Mark Engels, CEO of ePayPolicy. “2020-2021 brought a lot of change, but our team has stuck by and dedicated themselves to making ePayPolicy what it is today.”
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation, benefits and companywide programming. To reflect the benefits candidates are searching for more frequently on Built In, the program also weighs criteria like remote and flexible work opportunities, programs for DEI and other people-first cultural offerings.
“It is my honor to extend congratulations to the 2022 Best Places to Work winners,” says Sheridan Orr, Chief Marketing Officer, Built In. “This year saw a record number of entrants — and the past two years fundamentally changed what tech professionals want from work. These honorees have risen to the challenge, evolving to deliver employee experiences that provide the meaning and purpose today’s tech professionals seek.”
ABOUT BUILT IN
Built In is creating the largest platform for technology professionals globally. Monthly, more than three million of the industry’s most in-demand professionals visit the site from across the world. They rely on our platform to stay ahead of tech trends and news, develop their careers and find opportunities at companies whose values they share. Built In also serves 1,800 innovative companies of all sizes, ranging from startups to the Fortune 100. www.builtin.com
ABOUT BUILT IN’S BEST PLACES TO WORK
Built In’s esteemed Best Places to Work Awards, now in its fourth year, honor companies across numerous categories: 100 Best Places to Work, 50 Best Small Places to Work, 100 Best Midsize Places to Work, 50 Companies with the Best Benefits and 50 Best Paying Companies, 100 Best Large Companies to Work For, and 100 Best Remote-First Places to Work.
Today, technology is at the heart of nearly every insurance agency. Independent agents rely heavily on a range of systems, allowing them to organize operations, manage client data, attract new customers, and work more efficiently.
While your current technology may have served you well in the past, new advances emerge seemingly every day. If you don’t update your tech stack regularly, you’re missing out on cutting-edge features and capabilities that can take your agency to the next level.
Luckily, updating your tech stack for 2022 doesn’t have to be difficult. If you aren’t sure how to tackle it, here’s what you need to know.
Generally speaking, a tech stack is a set of technology tools that helps you manage your independent insurance agency. Usually, it features a combination of solutions, ensuring all of your major needs are covered by an effective and efficient tech system.
Precisely what you’ll be in your tech stack can vary from one agency to the next. However, for independent agents, most of the solutions are going to be Software-as-a-Service (SaaS) solutions, allowing you to get robust tech at a fraction of the price of managing it on-site.
Updating your tech stack lets you tap emerging trends and harness cutting-edge technologies. You’re creating an opportunity to get the best of what the SaaS landscape has to offer, ensuring you aren’t held back by old-school software that isn’t designed to meet the needs of today’s leading agencies.
When you’re selecting new SaaS solutions, your main goal should be to simplify your technology and automate as much of your workflow as possible. It’s all about enhancing operational ease while simultaneously boosting the quality of your work.
If you aren’t sure how to begin building your tech stack for 2022, here’s a step-by-step process you can follow.
Updating your tech stack shouldn’t be a haphazard undertaking. It’s all about ensuring your critical bases are covered. One way to make that as easy as possible is to take a moment to learn about tech stack categories.
Each tech stack category is essentially a single functional business area independent agents usually need to manage. Here’s a quick overview of each one, as well as some example solutions.
Sales solutions make it easier to manage prospects, qualify leads, and pursue new clients. They provide opportunities for task automation, allowing you to streamline workflows, boost the efficiency of your sales team, and generate better results.
Some popular sales tools include:
With marketing software, it’s all about generating highly qualified leads, crafting personalized purchasing journeys, and creating meaningful interactions that move contacts through the funnel.
Some widely used marketing tools include:
Collaboration SaaS solutions ease communication between your team members. These support messaging, file-sharing, video conferencing, and more.
Here’s a list at some popular collaboration tools:
Client experience solutions make it easy for people to do business with you. They simplify contact, payments, and similar needs, ensuring you can offer an optimal customer experience (CX).
Some widely preferred client experience tools include:
With customer support tech, it’s all about boosting CX. These systems focus on critical areas like client communication and customer interaction, ensuring you can be reached whenever the need arises.
Here’s a list of popular customer support tools:
After you get to know the types of solutions present in an independent agency tech stack, it’s time to review what you have in place today. Consider whether each system you have actually meets your needs, as well as what category it represents.
Essentially, you want to audit your tech stack to identify missing segments and to determine if it’s the best setup for you. If you’ve ever found yourself frustrated with a system, including because of clunky operation, a subpar toolset, or anything else, then it could be time to make a switch.
When you’re building your tech stack for 2022, keep it simple. It isn’t about getting every solution; it’s about choosing the right mix of systems based on your needs and goals.
When you decide to add a new piece of tech, or replace an existing solution with something better suited to your operations, create a roadmap for implementation before you begin. You don’t want to overwhelm your team by bringing in a ton of new systems all at once. Instead, pace yourself, bringing in new solutions after your team has had a chance to get comfortable with the last implementation.
By using that approach, you can update your tech stack efficiently, keeping everything simple and boosting your agency’s effectiveness every step of the way.
At ePayPolicy, we understand the power of a great tech stack. If you’d like more tips about how independent agents can update their tech stack for the new year or how they can boost their business, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.
ICI Insurance has been serving Kansas families and businesses since 1885. Licensed in 48 states, ICI has 48 employees in six locations. The agency started accepting digital payments in May 2019. Director of finance, Megan McNary, explains: “We wanted to offer clients ease and convenience. We didn’t have a lot of folks asking for it, but it was hard having to say, ‘Sorry, we don’t accept credit cards.’”
Megan set out to find a payment portal that’s easy to use and integrates with their management system. ICI uses Applied Epic, and Megan got to know prospective vendors through Applied Net conferences. ICI interviewed a few others, but ePayPolicy blew the competition away—with its simplicity. “Anyone can use ePayPolicy, whether you’re tech savvy or not,” Megan says.
ICI has two payment-related goals: 1) to get more direct bill clients and, 2) to convert more agency bill clients to digital payment. Digital payers are still a minority at ICI. Most choose ACH over credit card payment, “likely because it has a lower transaction fee”.
“I can’t pick just one favorite,” Megan laughs. “I like so many things about ePayPolicy!”
She says clients find it extremely user-friendly. “We have the ‘pay online’ button on our website. There’s a direct link from invoice straight to payment.”
Megan’s finance team also likes the simplicity and the friendly and knowledgeable customer service. “We haven’t had many challenges, but you always have questions with a new vendor. We’ve always received a response from ePayPolicy the same day.”
“Technology is evolving. Offering payment convenience through technology is crucial to growing the agency,” says Megan.
For her team, digital payments are more efficient than checks. She explains, “When a check comes in, it has to go through so many hands in our agency. Checks require a lot of extra steps and work.”
With ePayPolicy, it’s “great to just be notified when a transaction has gone through.”
Megan is excited about the new ICI Connect app. The app will be a link between ICI clients, ePayPolicy and Epic. “Everyone uses apps, right?” She reasons that as clients use the app, they’ll happily use it to pay their invoices.
Of course there will always be clients who want to mail or drop by with a check. ICI will always take checks. Meanwhile, Megan expects to see more ACH and credit card payments once ICI Connect is up and running.
If you’re skeptical about offering digital payments, “I would challenge you to schedule a demo or talk to someone who’s using ePayPolicy—including me.”
“If you build it, they will come.” That worked for Kevin Costner, but for the rest of us, there’s one more step – promote it.
We’ve been helping our clients (insurance agencies, MGAs/brokers and specialty finance companies) promote digital payments for insureds for years. And we want it to be just as easy for our customers as well as yours to start going digital, so you can stop the check chase and bind policies with speed and security.
People appreciate the convenience of paying via credit/debit card or ACH — they really do. But they need constant reminders that they can pay online (and in some cases, some persuasion).
Here are five simple actions to announce and remind customers about your new payment options. We’ve also put together a Client Toolkit with ready-to-implement ideas, templates and content to help you spread the good news about accepting digital payments.
Some clients will be early adopters. Others will be unable to use your payment page because their accounts payable go through a centralized accounting department in another city or state. Still others are “old school” or “tech-averse.” But never say never! We live in an increasingly digital world, and momentum is moving away from checks.
Our Client Toolkit includes a Cost of a Paper Check infographic that breaks down the money and time they will save by switching — not to mention that digital payments through ePayPolicy are safer and more secure than checks.
Be persistent in your promotion of digital payments, but also be patient. We’ve talked with several ePayPolicy clients about their clients’ response rates. One thing we can say with confidence: agencies that actively promote digital payment see higher conversion rates in the first year than those that don’t.
Best of luck with your client outreach. Start with our helpful Client Toolkit. If you have questions or need further assistance, contact your Account Manager.
Based in Grosse Pointe Michigan, Noel Selewski Agency, Inc. has been in business since 1979 and is licensed in 47 states. They offer personal and commercial lines, specializing in investment properties.
Kevin Jenkins, the firm’s lead agent, and Paula Rausch, operations manager, shared how ePayPolicy is working for the agency and their clients.
In 18 years at Noel Selewski, Kevin has seen the agency evolve based on client needs. He says, “We’re living in a revolutionary time for insurance. Digital transactions are the future—and it’s happening now.” He and Paula wanted to offer clients the payment convenience offered by larger agencies. But they ran into a stumbling block. Michigan law prohibits insurance agents from passing on credit card fees to their policyholders. But absorbing the merchant account fees was financially unsustainable for the agency.
Kevin did extensive research and was pleased to find ePayPolicy, a payment processing platform specifically for independent insurance agencies and MGAs. Client payments are collected by ePayPolicy, not the agency. The system charges the associated fees directly to the payer. It’s completely legal, and clients are happy to pay for the convenience.
Says Paula, “Most of our policies are time-sensitive. Clients need to show coverage to close on a property. We’re talking high volumes and big sums of money. I get nervous waiting for a check to arrive, especially with the recent postal service delays. There’s a risk the check won’t arrive.Then you have to deposit the check, wait for it to clear, etc.”
With ePayPolicy, she says, “I know immediately when a payment has come in. I get an email. It’s so much faster.”
Kevin’s favorite feature is being able to take payments over the phone or copy and send clients a secure payment link. He says, “It makes binding policies faster and raises the level of client trust. They feel safer knowing the link I share is secure.” (Note: ePayPolicy is PCI Level 1 compliant.)
Paula also mentions these benefits: “It’s much more efficient for our internal filing. It’s a better customer experience, and less hassle for my team than paper checks.”
Kevin suggests: “I’d say look at the ease.The payment hits your account. You get a receipt. And you don’t have to wait for checks to clear. When you’re paid faster, you can bind faster, and move on to the next client’s needs. ePayPolicy has contributed to our agency’s growth.”
Paula concurs. “Save yourself the hassle and worry of paper checks and just do this. It’s simple!”
Congratulations! You’ve made the decision to offer digital payments and (fingers crossed) wean your clients off checkwriting forever. It should be easy to pick a payment processor for your agency, MGA or premium finance company — right?
Of course, we think it’s a no-brainer. But many of our clients come to us after starting out with general payment processors like Stripe, Square, Quickbooks, etc. We’d like to save you some of their frustrations. Such companies are perfectly fine. It’s just that they’re industry agnostic. (That’s their fancy way of saying ‘generic.’)
Your receivables are not a simple matter of collecting premium payments and depositing them as income into your bank account. You have fiduciary responsibilities to your carriers and to your insureds. You’re subject to state statutes and regulations specific to our industry.
It’s true. Co-founder Todd Sorrell actually owned a premium finance company for several years before launching ePayPolicy with Milan Malkani (software developer supreme) in 2015.
ePayPolicy was created specifically as a digital payment processing solution for the insurance industry.
Here are five benefits of ePayPolicy that (together) you’ll never get from Square (or Stripe, or…):
ePayPolicy integrates with today’s most popular agency and broker management systems, including AM360, Applied CSR24 and a growing number of legacy and new systems. Not surprisingly, generic payment processors don’t know or care which management system you use. And although we encourage integrations, not having one is also perfectly fine.
With generic processors you’re a square (no pun intended) peg in a round hole. Their features are not insurance-specific. Ours are. We know how agencies and MGAs run, so ePayPolicy offers features that apply to you. Not only do we help you take payments, but also send funds across the industry through our network for only 50 cents! Our online dashboard to track and manage payments is also clearly catered to insurance organizations and their accounting teams.
Your insureds can pay by either credit/debit card or by ACH,* depending on their financial situation and goals. Some like earning travel miles. Others want to see their bank account timely debited.
ePayPolicy takes security very seriously. We don’t ever save your clients’ sensitive information in our systems (to avoid any kind of fraud). Plus, we’re PCI Level 1 compliant—the highest of four levels based on annual transaction volume. This means we’re subject to the most stringent data security protocols in the payment processing industry.
What you see is what you pay. How easy is that? ePayPolicy subscriptions start at a flat $20/month. No hidden fees or set-up fees. We also pass all transaction fees to the insured, unless you want to absorb them partly or wholly.
ePayPolicy serves some 5,000 clients across the spectrum of independent agencies, MGAs/brokers, carriers and premium finance companies.
We’re endorsed by more than 70 industry organizations, including 38 Big I state associations. Check out all of our industry endorsements and ask your user group or association why they recommend ePayPolicy as their insurance payment processor of choice.
Take the first step. Get started online or schedule a free demo today.
*ePayPolicy Canada currently accepts credit card payments only.
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