7 Ways to Speed Up Your Brokerage’s Receivables

by Canada

We’ve all had them. Chronic late payers. Clients who violate your payment terms can wreak havoc with your brokerage’s cash flow.  

Add to that the reality of COVID-19. It’s anything but business as usual. This makes it more important than ever to rev up your payment collection and make sure you get paid timely.  

You may know businesses that protect themselves against accounts receivable losses with A/R insurance / trade credit insurance. You may even be one of the specialty brokers that sell it. We hope you will never need such coverage. 

Yet you should not need to shield yourself from late- and non-paying policyholders.The key is to speed up the payment process and minimize the chance of non-payment. We’ve put together 7 tips to help you do just that.

#1. Go Digital 

We’ve said it before and we’ll say it again: consumers (including businesses) have long since embraced digital payment.They live in a 24/7 digital world and they expect to pay instantaneously for purchases.The keyword here is “instantaneously.” It’s 2021. It’s time. 

#2 Offer Payment Options 

The trends in payment choice are clear. Debit cards, credit cards and ACH (direct payment) are on the rise.The move away from checks (and cash) was already accelerating before “touchless” payments became a public safety essential. Choice means clients are not tied to any one payment method. They can earn points on their Visa card this month or use their AmEx or a debit card next month.

#3 Make It Easy to Pay

Don’t stress about having to layer an ecommerce platform onto your website.You don’t need one to make online payments a breeze for your policyholders. First, be up front about it. Don’t make people have to search for your payment page. They’ll get frustrated. A link from your invoice template and a “pay now” button on your website will do the trick. Once clients know you offer card/ACH payment, they’ll quickly convert into delighted digital payers.

#4 Deliver Help on Demand 

Sometimes even tech savvy clients have questions or need help making their payment. They expect instant support (because they’re used to it from the other vendors). Be prepared to answer their questions, whether it is through chat, in an email, or over the phone, and have resources in hand that can help them solve problems on their own.

#5 Enable Automatic Payments

Many policies require multiple payments, either monthly, quarterly or semiannually. This creates multiple opportunities for clients to put off making payments. And you can never predict which client or which payment will be late! Offering recurring payments is a “set it and forget it” convenience for them. Equally important, it makes your receivables timely and predictable.

#6 Automate The Dunning Process

Imagine freeing your staff from sending out hundreds of invoice reminders and late payment notices each month. It’s a necessary task, but consumes a lot of staff time. Switching to automated emails makes sure these notices go out on schedule. At ePayPolicy, our invoice reminders feature makes it even easier by creating automated emails for your team.                                  

#7 Integrate With Your AMS

If you’re already using a management system, you know the power of automating business functions across your brokerage. While there are a number of industry agnostic payment processors out there (e.g., PayPal, Square, etc.) you’ll be better served with one that is designed specifically for insurance brokers and that integrates with your management system. 

The Bottom Line

I know it’s a cliche, but time really is money. Your time is valuable, and so is your client’s. When it comes to paying insurance premiums, you both have a “need for speed.” If your goal is to turbocharge your receivables, you need to minimize slow-pay opportunities.vThe best way to do that is with client-pleasing digital payments.  

ePayPolicy is here to help. Feel free to wander around our website. When you’re ready,  get started.

6 Reasons Why Brokerages Need A Strong Website

by Canada

Standing out as a brokerage can be surprisingly challenging. While you may not think that your website is a crucial part of that equation, that genuinely isn’t the case.

To put it simply, without a strong website for your brokerage, you are missing out on opportunities. If you are wondering why having an exceptional site matters, here’s what you need to know.

1. First Impressions Matter

In many cases, your website is the first interaction a client has with your brokerage online. It acts as a digital handshake, introducing the visitor to what you have to offer. If your messaging, aesthetic, and information fall short of expectations, you may miss out on a new client.

Similarly, if you don’t have a website at all, today’s digital-savvy consumers won’t even know you exist. That leads to more missed opportunities.

But if you have a well-presented, highly informative website, you create opportunities. You draw visitors in through this exceptional first impression, keeping them engaged longer and increasing the odds that they’ll reach out or move forward as a client.

2. Bolster Your Brand Credibility

If you don’t have a website, you’re hurting your brand credibility. Without a site, your  brokerage doesn’t seem as legitimate in the eyes of prospective clients.

Similarly, a poor-quality website harms your reputation. It makes it seem like you don’t care about the details or take your online presence seriously, both of which work against you.

Even a simple but well-crafted website makes your brokerage seem more credible. It creates a sense of longevity while also showing that you care about quality.

3. Showcase Your Company and Products

A website is, first and foremost, a resource brimming with information. When you spend time creating a standout site, you can highlight the best of what you have to offer, both as a company and in the way of the products.

Without a website, clients may not know where to turn for helpful information. If your site is poor, they may struggle to navigate it or otherwise finding the details they are after.

By focusing on the quality of your website, you can showcase your company and products with ease. The information they are after will be right at their fingertips, whenever they want it.

4. Increase Brand Visibility

Without a website, many prospective clients won’t know you exist. It’s akin to not having a sign on your company’s office, something that a brokerage would never dream of skipping.

Since so many people head online to find out about businesses, you need to make sure you’re represented. Your website makes you visible to those clients, ensuring they know you’re there and ready to meet their needs.

5. Boost Your Online Marketing

If you aren’t marketing online, you’re missing out. A great website opens this door wider. You won’t just have an online presence, but you can also embrace SEO to place your site higher in results lists. This can increase traffic levels to your site, making it more likely that anyone looking for a brokerage finds you before your competitors.

Plus, if you decide to pursue other online marketing options, such as using Google Ads or a similar network, having a website is crucial. It gives you a place to direct people who see your advertisement that offers more than you can get those a social media profile alone.

6. Increase Accessibility

Today, shopping online is the go-to approach for many consumers. They can tackle research, make purchases, and more at any time, day or night. Plus, they can do it all while on the go, thanks to mobile devices.

If you don’t have a reliable, well-put-together website, you’re missing out on these digital-first prospective clients. By having a fantastic site, you’re essentially increasing accessibility, making it easier to do business with you.

Jumpstart Success: How to Crush Your 2021 Goals

by Business Strategy

The new year is classically a time when independent agents, like yourself, look to the future. Goal setting is typically a part of the equation.

Whether you call them New Year’s resolutions, career goals, strategic objectives, or anything else doesn’t matter; the purpose is the same. It’s all about identifying where you want to go and making it your mission to get there.

The thing is, goal setting alone isn’t enough. If you want to jumpstart success, you have to go further. Luckily, it isn’t as hard as it may seem on the surface. With the right approach, you can crush your 2021 goals. If you aren’t sure where to begin, here’s what you need to know.

Define Your Personal Goals

You can’t crush your goals if you don’t pick one to go after. After all, you can’t achieve success until you envision it, so let your imagination run a bit wild.

Spend a little time considering what you want to achieve. Jot down ideas as they come to you, even if they seem tiny or outlandish.

The purpose is to really reflect on what you want. If you’re struggling to come up with an idea, don’t be afraid to start small. Goal setting doesn’t mean you always have to go for broke. As long as the objective matters to you, keep it on the table.

Implement a Tactic

Once you’ve got some solid ideas, it’s time to refine them. If a goal is too broad, odds are you’ll run into trouble. That’s why you need to get a bit granular.

So, how do you get detailed goals? By implementing a reliable tactic.

SMART Goals

If you want to go with a classic goal-setting approach, try SMART goals. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. By going this route, you use the meaning of each letter as a guiding principle, empowering you to drill down into your ideas and refine your goal. Here’s a quick overview of what each point means:

  • Specific goals are well-defined. You need to know what you want to accomplish, why it matters to you, and what it might take to get there.
  • Measurable goals have a clear point of success. It’s a metric that lets you know you’ve accomplished what you’ve set out to do.
  • Achievable goals are realistic objectives. You want to make sure attaining it is possible.
  • Relevant goals feel worthwhile. What you’re trying to achieve needs to matter to you personally. Otherwise, staying motivated is going to be tricky at best.
  • Time-bound means having a deadline. It’s giving yourself a time constraint, creating a sense of urgency that can keep you focused.

Objectives and Key Results

The objectives and key results (OKRs) approach is another goal-setting tactic that may work for you. It’s a fairly simple (and incredibly agile) framework for creating meaningful, well-defined goals.

First, you identify an objective. Ideally, this will be a specific target that you can express concisely. They should be ambitious but reasonable. For example, “Improve work-life balance” is a potential personal objective.

Second, you determine the key results. Usually, these are deliverables or actions that allow you to achieve that goal. Using the “work-life balance” example again, a key result might be to “Stop responding to email at COB” if you tend to keep working after-hours.

The key results are what you’ll do to achieve the larger objective. They are crucial overall, but especially for goals that aren’t quantified or could otherwise be a bit vague.

Be Reasonable

As you set goals, make sure they are reasonable. While stretching a bit is fine, if you reach too far, you may topple well before you get there.

Make sure your objectives are challenging but technically doable. That way, you’re promoting growth and positive change in a way that’s inspiring, not frustrating.

Build a Roadmap for Success

Once you make achievable goals, it’s time for a roadmap. Essentially, you want to create a step-by-step process that gets you from where you are to where you want to be in the end.

In some cases, finding the lowest common denominator works. It can be a suitable beginning point, allowing you to envision what has to come next.

For others, working backward is ideal. You look at your final goal and figure out what has to occur right before you achieve it. Then, you identify the step that has to happen immediately before that one, and so on.

As you proceed, identify and align the proper resources. Additionally, treat your roadmap as a flexible framework. Obstacles do happen, so embrace the idea that you might need to pivot along the way.

Track Your Progress

Once you have your roadmap, it’s time to get to work. Start working your steps, moving ever closer to your goal.

Additionally, perform regular progress check-ins. If you’re working on personal goals, pause once a month to see where you are and what needs to come next. If you’re focused on team or company goals, have high-value meetings each week or month to sync up.

Either way, determine if you’re on target. Then, if you aren’t, start problem-solving to get back on track.

Rinse and Repeat

The approach above can be used for all kinds of goals, including on personal, career, and company levels. Work one angle and then repeat the process on another. In the end, you’ll have well-defined goals that can help you move forward in 2021.

Looking for More Independent Insurance Agency Tips?

At ePayPolicy, we embrace the OKR approach. It lets us work from the top down, keeping our objectives and alignment clear.

If you’d like more tips about goal setting for independent agents, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

Mavon Makes Switch To Insurance Centric Digital Payment Processor

by Client Spotlight Series

Mavon Insurance is a managing general agent (MGA) based in Hinsdale, a suburb of Chicago. Mavon serves agents across the country, offering an eclectic mix of standard and specialty lines and insurance programs through esteemed carrier partners. 

Accounting Manager Jennifer Riter talked candidly about the firm’s technology journey. She says that Mavon likes to stay up-to-date on technology, but finding solutions that accommodate their needs has been a challenge because most InsurTech solutions cater to agencies rather than MGAs.

For example, Mavon had been using Applied TAM® for some time, but briefly switched to another system that offered a specific MGA customization they wanted. Ultimately, they went back to Applied, using Epic® since 2017. Since returning, she’s found the system has evolved and is increasingly accommodating of insurers and MGAs.

Paper Checks Became a Burden

A pressing InsurTech issue for Jennifer was digital payment processing. She says, “We need to cater to our policyholders and agents. They wanted it.” She also notes that mail was getting slower and slower, affecting both accounts receivable and accounts payable. Plus, as the payables processor for Mavon, Jennifer gets frustrated with payees who only take checks. She reasons, “If paying by check is a hurdle for me, it’s a hurdle for the people paying us.”

Mavon and Digital Payment Processing

The road to ePayPolicy started with a suggestion from Mavon’s office manager. Jennifer discovered that ePayPolicy is IIA of IL’s Payment Processor of Choice and an Applied Solution Partner. She attended Applied Net, met ePayPolicy representatives in person, and the rest is digital payment history.

ePayPolicy’s pay-as-you-go monthly pricing and ease of use definitely sold Mavon. Go-live was simple and straightforward. Another huge benefit has been expense reduction. Mavon had been absorbing credit card fees and maintenance fees on a few of their programs. With ePayPolicy, credit card fees are passed on to the payer, and the savings for the MGA have been substantial.

They customized their payment landing page with the Mavon logo, putting in customized fields they want the brokers to enter. Mavon’s brokers are happy that they can now pay online. Mavon also set up ePayPolicy for their in-house finance company, GAMCO Premium Finance. Currently, ePayPolicy integrates with the system used by GAMCO, and brokers can now have their insureds who choose to finance pay directly online as well. Once payment information is in the ePay system, it integrates with the finance system. Jennifer looks forward to using ePayPolicy as they further their Applied Epic integration.

She’s also a big fan of ePayPolicy’s “super-fast” response time. She mentions their help pinning down specifics on rejected payments. In all instances, CSRs diagnosed the problem and found the cause to be user, not system error.

Overall, the biggest plus for Mavon is being able to offer more payment options. Jennifer is also happy to now be able to pay their carriers faster.

Advice to Other MGAs and Independent Insurance Agencies

Jennifer suggests anyone considering digital payments through ePayPolicy should “Just do it, like we did. There’s no long-term contract. You can try it and see how it works. ePay fees start at only $20 per month, $50 per month for customization—not much out of pocket to make these enhancements.” She concludes: “We were happy right from the start. After a couple of months, I bet you will be, too.

5 Ways to Speed Up Your Receivables with ePayPolicy

by Business Strategy

I’ve never heard an insurance agency say, “We really need to slow down receivables.” Have you? Of course not. 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 ePayPolicy features to turbocharge payment collection (and reduce those dunning process tasks that are no fun for anyone).

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

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

The key to geting 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
  • Access the client marketing tool kit containing 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. No wonder payers drag their feet. 

But we have the perfect antidote: Prefilled ePayPolicy Payment Pages. In the dashboard you can send a payment link that 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 extra valuable for those who need that “extra nudge” to complete their payments on time. 

Tip 3:  Promote player-friendly features

As noted in #2, we want to remove obstacles to prompt payment.  Reduce (or eliminate) clients’ time and effort with features like save payment information and autopay.

When you pay the same vendor regularly, it’s a drag to re-enter your payment information every time. 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 card 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 touchpoints

Our new feature lets you 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.  How easy is that? 

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. 

Try these tips and let us know the effect on your clients and your accounts receivable! Contact support if you need help setting up any of these features.

8 Tips for Staying Productive While Working from Home

by Business Strategy

Today, the working from home (WFM) paradigm is undoubtedly here to stay. WFM became the new normal the moment COVID-19 entered our lives, and many independent agents in the insurance industry have since discovered its virtues.

If you want to stay productive when you work from home long-term, you need to make sure that your home office works for you, not against you. That way, it’s comfortable, efficient, and boosts productivity. If you don’t know where to begin, here’s what you need to know.

Adjusting to the Work from Home New Normal

WFH is undoubtedly here to stay, and it does bring with it some advantages. You get to skip commuting, for one. For another, it gives you the ability to cultivate your perfect workspace. Plus, if you’re a bit under the weather, you don’t necessarily have to take a day off. Instead, you can curl up in some comfy clothes and tackle what you can, keeping productivity high.

Now, that doesn’t mean there aren’t drawbacks. Being at home all day can get boring, and may even lead to some burnout. But if you take the right steps, you can stave that off and remain productive day in and day out. Here are 8 tips that will allow you to stay productive while working from home. 

1. Have a Designated Home Office Space To Work In 

While working from your dining room table may have worked for independent agents at the beginning of the pandemic, it’s not a good long-term solution. Not only is that setup not built to support great ergonomics, but it allows your work life to bleed into your personal one.

Instead, designate a space for working from home. This could be an entire room, a desk in an alcove, or anything else that lets you separate work from personal time.

2. Invest in a Great “Chair” For Your Office 

An uncomfortable chair can sap your energy and leave you distracted. Ideally, you want to choose a chair that supports your body well and promotes good posture.

However, this doesn’t mean you can’t use alternatives to traditional chairs. Some people do well on exercise balls, for example. Figure out what positions work best for you, and find an option that fits your workspace and style. 

3. Reduce Neck and Back Pain 

While working on a laptop occasionally is fine, the screen and keyboard positions aren’t great for your neck. Luckily, this is a pretty easy issue to solve. You can either create your own DIY stand, invest in a laptop stand, or add a monitor with a separate keyboard and mouse. That way, you can position your screen at the right height. 

4. Try an Adjustable Standing Desk

If you can invest in a new desk or enjoy small DIY projects consider switching to an adjustable height desk. Adjustable standing desks give you a chance to stretch your body when the need arises and reduces the chances that you’ll spend all day sitting. Just make sure to grab a mat as well so that you can keep your feet and back comfortable.

5. Keep a Set Schedule and Follow It

When your home office is only a few steps away at all times, it’s easy to let work creep into your personal time. This can increase your odds of burnout, mainly because you feel like you are “always-on.”

If you want to stay productive and reduce burnout, follow a set schedule. Define your work hours, schedule breaks, and lunch into your calendar, and completely disconnect when the workday is done.

6. Have a Video Call Space

As an independent agent, when you have a video call, you need privacy, quiet, and a distraction-free space, preferably with a solid background. This will help you not just look your best but sound your best as well.  Find an area in your home where you can make this happen. Ideally, it will be part of your home office. However, if you live in a smaller home, you may need to carve out a nook for these calls.

7. Have Water and Healthy Snacks Nearby

Hunger, thirst, and dehydration can all cause your productivity to tumble. Make sure it doesn’t happen to you by keeping water and a healthy snack accessible (thank you Costco). A nice water bottle and a stash of almonds in a desk drawer could do the trick. That way, when you feel hunger or thirst creeping in, you can handle it.

8. Tap into Nature 

Being close to nature can keep your mood up and help you stay productive. Try to place your work desk near a window so that you can use natural light. Bring some houseplants into your space for a touch of greenery. Not only will this make your workspace more pleasant, but it can reduce your stress levels, too.

Bonus Tip: Dress for Success

While you have the option of working in your pajamas, if you find your productivity dipping, switch things up. If you dress like a professional, your mindset will shift. It could be just the boost you need.

Looking for More Independent Insurance Agency Tips?

WFH is part of the new normal, including for insurance agencies and independent agents. Take advantage of what the arrangement offers, ensuring you can stay productive long-term.

If you’d like more tips about to thrive as an independent agent, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.