Insurance brokers are finding innovative ways to boost efficiency and client satisfaction in an industry where every percentage point of margin can mean the difference between profitability or missing revenue goals.
RK Tongue has significantly streamlined its operations by leveraging Buy Now, Pay Later (BNPL) services and integrating advanced payment solutions.
Why Buy Now, Pay Later for Insurance Premiums?
The Buy Now, Pay Later (BNPL) model, originally popularized in retail, is now making significant inroads into the insurance sector. This innovative payment solution offers several compelling benefits for managing insurance premiums, making it an attractive option for many policyholders.
Convenience: With 45% of users choosing BNPL for its ease of payment, it simplifies the process of managing insurance premiums by breaking them into smaller, more manageable installments.
Adaptability: 44% of BNPL users appreciate the flexibility it offers. This flexibility is particularly beneficial for insurance premiums, allowing policyholders to align payments with their cash flow and financial planning.
Cost-Effectiveness: BNPL services often come with lower interest rates compared to traditional credit options. With 36% of users favoring BNPL for this reason, policyholders can benefit from more affordable financing options for their insurance needs.
Accessibility: The straightforward approval process of BNPL services appeals to 33% of users. This ease of access means more people can secure the insurance coverage they need without the stringent requirements of traditional financing.
Embracing Digital Payments for Insurance
RK Tongue has a history of embracing digital payment solutions to enhance operational efficiency and client satisfaction. The company’s journey with digital payments began during the Covid-19 pandemic, prompting a reevaluation of policies and procedures to adapt to the rapidly changing digital landscape.
RK Tongue started working with ePayPolicy as part of a strategy to streamline processes and increase efficiency. This transition allowed the company to make payment procedures more compatible with the new digital environment that emerged during the pandemic.
RK Tongue’s decision to implement Finance Connect was driven by the dual goals of enhancing client experience and increasing internal efficiencies.
“We were extremely interested in adopting Finance Connect for both internal and external reasons,” said Sarah Goldbach, Director of Operations at RK Tongue. “We are finding that more and more of our clients appreciate the ability to handle their payments and paperwork in more of a self-service function at their own discretion. By implementing Finance Connect, clients can choose their payment option or choose to finance at their own discretion.”
What Concerns Did They Have Implementing Finance Connect?
Initially, RK Tongue had concerns regarding the accuracy and seamlessness of data mapping from their agency management system to ePay. Ensuring that client agreements would correctly reflect all necessary information was crucial to maintaining high standards of service. However, these concerns were addressed through careful planning and testing, ensuring a smooth transition to the new system.
The existing integration between AMS360 and ePay was a major factor in the decision to implement Finance Connect. This integration ensured that clients could continue to finance as usual while significantly improving internal efficiencies. By leveraging this integration, RK Tongue was able to streamline the renewal billing process, eliminating the need for manual finance agreement quotes and reducing the steps involved in managing client payments. This not only enhanced operational workflow but also provided clients with a more efficient and user-friendly payment experience.
Results of Finance Connect Implementation
The implementation of Finance Connect at RK Tongue has yielded significant positive results, enhancing both operational efficiency and client satisfaction. Since the transition, the company has experienced a substantial improvement in its renewal billing process, particularly during the busiest seasons.
“Changing over to Finance Connect via ePay has allowed for a large lift in our efficiencies just in time for our heavy season where we tend to fall behind our billing goals,” said Goldbach. “This was a game changer for our billing team to manage our volume without the need to add any staff or support where in the past we have usually needed to pull in extra resources.”
To read more about RK Tongue’s Finance Connect experience, read the full case study here.
About RK Tongue
R.K. Tongue is an insurance broker that has been serving the Baltimore area since 1911. We are a full service broker that specializes in complex risk profiles, especially in professional and management liability for healthcare, professional services, tech, government contracting, and nonprofits. In addition to P&C, we also provide L&H products that go beyond typical benefits distribution. We partner with certain groups within the federal, state, and municipal employee sector to provide voluntary benefits through payroll deduction. We strive to be a trusted advisor to our clients to educate and empower them to make the right decisions to protect their businesses or families.
About ePayPolicy
ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. ePayPolicy is built for integration with the insurance industry’s most popular systems, and 8,000+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day.
