InsurTech Pioneers, ePayPolicy & Veruna, Ink Integration

by Industry News & Company Updates

AUSTIN, TX– June 16, 2020 –  ePayPolicy and Veruna have entered into a vendor-partner agreement to add the digital payment processing capabilities of ePayPolicy to the Veruna AMR, the company’s open-platform agency management system (AMS).

Both companies are InsurTech pioneers, redefining how independent insurance agencies conduct business through the innovative development and application of technology, and are committed to greater agency control and paperless operation.

ePayPolicy is on a mission to replace paper checks with convenient, simple, online payments via credit card or ACH. While digital payments are ubiquitous across the spectrum of consumer and business transactions, insurance has traditionally been slow to offer alternatives to checks — even though most are using an AMS to automate other aspects of the business. ePayPolicy gives policyholders the convenience of digital payment options while handling the specific accounting, compliance, and reporting requirements of independent agents and brokers.

“To reach today’s independent agents, it’s essential that we integrate with the agency management systems that are continuing to develop agency first solutions,” said Milan Malkani, ePayPolicy co-founder. “Veruna offers an exciting, innovative AMS that’s feature-rich. We’re honored to be named as their integration partner for payment processing.”

“Our goal is to help agencies outperform the past,” said Jennifer Carroll, CEO of Veruna. “We are in tune with their evolving needs in an ever-changing world, and the Veruna AMR offers agencies a robust, yet nimble, suite of management functions. Digital payment processing is a welcome and timely addition, and ePayPolicy is the perfect partner for us.”

The Veruna platform revolutionizes agency operations and makes higher levels of productivity possible with the ability to make more rapid, informed decisions utilizing real-time data, robust analytics, and automated workflows. By coupling exceptional technology with industry expertise, Veruna delivers an AMS designed to meet the needs of modern insurance agencies by enhancing mobility, flexibility, customization, and integration capabilities.

“ePayPolicy is redefining insurance payments, and Veruna is redefining agency management,” said Carroll. “I see exciting implications for forward-thinking agencies — and our clients.”

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About Veruna
Veruna delivers the insurance industry’s only modern agency management system (AMS) built on the Salesforce platform and capable of driving quicker decisions using real-time data, robust analytics, and automated workflows with increased mobility, flexibility, customization, and integration all backed by the expansion capabilities inherent to the Salesforce AppExchange. For more information, visit veruna.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 its clients to accept  payment via 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.

ePayPolicy Partners with Novidea’s SMART Management System

by Industry News & Company Updates

AUSTIN, TX – June 9, 2020 –  ePayPolicy now integrates with Novidea’s SMART AMS. ePayPolicy will extend e-payment capabilities to users of the cloud-based, Salesforce-powered agency management system that leverages automation and AI to help agencies scale faster and more efficiently than ever before.

ePayPolicy enables independent insurance agencies to collect payments instantly via credit card and ACH. The company’s digital payment portal is designed for independent insurance agents and brokers to handle their industry-specific  accounting, compliance and reporting requirements. Equally important, it’s convenient for customers. Policyholders can pay from any device, anywhere. They no longer need to track down a checkbook and wait for their check to clear, and for those trying to earn credit card points, they can do so on every transaction. Agents can bind policies faster and replace aging receivables with instant payment.

Milan Malkani, ePayPolicy Co-Founder, stated: “We have always advocated InsurTech solutions beyond our own, especially technology-driven agency management systems that utilize data to excel the workflow of today’s on-the-go agent . It’s exciting to be part of the Novidea SMART AMS, along with other integrated providers of AI-based SMS technology, digital marketing and e-signatures, to name a few.” 

Integration with popular agency management systems is essential to ePayPolicy’s growth strategy. Said Malkani, “We go where the action is. Whatever AMS your agency is using, ePayPolicy wants to be part of it.”

Novidea GM, Eric Ayala commented: “We created the SMART AMS to help agencies get to the future today. By selecting partners like ePayPolicy, we showcase how our open API architecture can easily integrate with best of breed new technologies, and further demonstrates our vision to help agencies scale by automating all processes. These capabilities go well beyond the typical AMS.”

Malkani concluded: “Digital payment is the norm in consumer and most business transactions today. ePayPolicy’s goal is to make it the norm in agency/customer transactions. We thank the Novidea team for not only choosing us, but promoting ePayPolicy along with the other Novidea-developed and integrated insurance agency capabilities available with the SMART AMS. ”

About Novidea
To compete in the digital economy, insurance agencies have to futurize – and fast. They must be able to offer the kind of customer experiences today’s consumers expect. But transforming an entire business at once seems radical, not to mention impossible with existing AMSs. Novidea makes it possible and painless for any agency. Our radical idea? The Smart AMS. It’s a cloud-based system like no other, designed to modernize every aspect of your business. From digital marketing to AI-based SMS to real-time analytics and self-service portals – nothing gets left behind. And you can offer the any-time, any-device experience your customers demand. A Salesforce Ventures portfolio company, Novidea operates in 16 countries globally and is now launching in the US.

For more information visit novideasoft.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 its clients to accept  payment via 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

Automating Your Agency Management

by InsurTech Award

Article 6 in a 6-part series

Agency Management is the last InsurTech category in our six-part series. We hope you have enjoyed learning about the strategies for investing in InsurTech and are getting ready to enter the 2020 InsurTech Award.

What is Agency Management?

An insurance agency management system (AMS) organizes all aspects of your agency’s book of business and increases operational efficiency. AMS automates the back office, carrier-facing and client-facing functions that agencies need to succeed.  

Why It’s Important to Use These Tools

As independent insurance agencies embrace InsurTech solutions, it makes sense to start with the most primary functions first. AMS typically perform insurance-specific functions that drive and support sales. These include:

  • Policy management
  • Claims management
  • Payment processing
  • Accounting
  • Commissions
  • Invoicing 

Once you get comfortable with your AMS, you can integrate function-specific apps and portals to manage allied functions such as team collaboration, customer support, payment processing, and more.  

As one AMS provider explains it, “Your AMS is the best employee you’ll ever hire.” This star “employee” gets work done faster and more accurately, freeing your agents and staff for more high-ROI activities, such as interacting with clients.

Agency Management Tools

Following are some of the tasks you can automate. We’ve also included some solution vendors as examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.

Automate Key Agency Functions

These multifaceted systems are designed to make agencies look good because they’re built for efficiency. AMS companies Applied Systems and Vertafore are perhaps the most widely  known AMS solution providers. Both offer a variety of system options and features. Innovators like Hawksoft, Veruna, and NowCerts are carving out their own niches and earning accolades, as they build in more functionality and run on popular platforms like Salesforce.

Integrations

An AMS provides a central hub for specialized integration tools that increase sales and marketing, team collaboration, client support, and engagement with both clients and carriers. As you explore which capabilities you want to add to your technology stack (e.g., sales, chatbox, CRM, payment processing) start with your existing AMS provider or the provider(s) you’re evaluating. Different agency management systems integrate with particular vendors’ apps, and they’re usually featured on the AMS company’s website. That’s your assurance that:

  • You’re seeing a pre-vetted list of preferred integrations partners
  • The partner vendors listed will easily integrate with their AMS

Thinking Ahead

The right AMS for your agency is out there, whether you write P&C or life and health policies, are large or small, InsurTech-savvy or just starting your automation journey. Agency Management Systems are foundational, customizable, and easy to set up and use. With or without any add-on to automation tools, the AMS enables your whole team to work smarter, not harder. 

Where Does Your Agency Stand?

Find out! ePayPolicy’s annual 2020 InsurTech Award is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:

  1. Sales
    2. Marketing
    3. Team Collaboration
    4. Client Experience
    5. Customer Support
    6.Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.

Automating Your Customer Support

by InsurTech Award

Article 5 in a 6-part series

Customer support automation is one of six primary categories we recommend independent insurance agencies invest in to build out their InsurTech strategy in 2020.

What is Customer Support?

Customer support tools engage clients and prospects through virtual assistance, enhanced personal interaction and multi-channel communication.

Why It’s Important to Use These Tools

Insurance is a service business. You want to help prospects and clients efficiently, while not burdening your staff needlessly.  Enter, automated customer support (ACX). ACX tools do two important things:

  1. They facilitate client communication, AND
  2. Allow you to help prospects and clients at scale without increasing staff count.

The New Model of Customer Support

Gone are the days when client support meant fielding calls or in-person visits during business hours. Clients have questions at all hours and expect instant answers. They access your agency via your website, text, mobile phone, even social media.

Today, customer support means engaging with your clients when, where and how they choose. The results are happier, empowered clients and happier, less stressed agents and staff.

Customer Support Tools

Here are some of the major work tasks you can automate. We’ve included representative solutions vendors as well. These are just examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.

Live Chat

Live chat is like having a fully staffed customer service department. One live chat agent can handle multiple inquiries, while other employees attend to other business. And research shows customers are more satisfied with live chat than phone or email support. Companies like Zendesk,  Podium,  and Intercom help your agency:

  • Engage people via websites, mobile, or social media — even before they ask a question
  • Build credibility and trust with clients and prospects through personalized and non-intrusive interaction
  • Track who’s using the service and how, including who’s asking to chat with “Sales” or “Support”
Self-Service

Save staff from answering the same questions over and over. A good first step is to add a Frequently Asked Questions (FAQ) section to your website. FAQs:

  • Encourage prospects and clients to find their own answers
  • Cut down on the number of inquiries staff must handle

AI-powered chatbots are also a useful tool for self-service customer support. Chatbots use sophisticated natural language processing to simulate a human interaction. Vendors such as ChatBot, LivePerson, ada, and Bold360 make it easy to:

  • Tailor a ready-to-go bot template to industry-specific use cases
  • Assure that each inquiry triggers the right bot response
  • Engage your visitors with a seamless, conversational experience
Phone Service

Today’s virtual (internet-based) platforms bring multiple communication channels together. VoIp phone service providers such as RingCentral, Grasshopper, Nextiva, and Ooma amp up your business interactions. You and your staff can present a consistent business brand as you:

  • Conduct business via phone call, text message, or high-quality video session
  • Serve clients with greater ease and reliability
  • Do it all from your preferred device, anywhere you happen to be

Thinking Ahead

Your clients are quickly becoming used to automated support from other vendors and service providers. Adopting customer support solutions such as Live Chat, Self-Service and VoIP Phone Service shows clients you’re modern, highly responsive, and communication savvy for their convenience.

Where Does Your Agency Stand?

Find out! The InsurTech Award presented by ePayPolicy is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:

  1. Sales
  2. Marketing
  3. Team Collaboration
  4. Client Experience
  5. Customer Support
  6. Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.

Automating the Client Experience

by InsurTech Award
Article 4 in a 6-part series

Client Experience is one of six primary categories we recommend independent insurance agencies invest in to build out their InsurTech strategy in 2020.

What Is Client Experience?

Client experience is anything that gives your clients ease and comfort when doing business with you. 

Why It’s Important to Use These Tools

You’ve worked hard to build an agency your clients trust.  But in today’s digital world, more business is conducted virtually for buyer convenience. This presents opportunities for you to “up your game” and delight clients in new, tech-enhanced ways. 

The Importance of Client Experience

The agent/client relationship can never be replaced. However, today that relationship extends beyond personal interactions. It encompasses every single touchpoint a prospect or client has with your agency.

InsurTech both guides and reflects this trend. Technology that supports responsive service and puts clients at ease is a good thing. It also gives you greater control of your brand. 

Client Experience Automation Tools

Here are some of the major work tasks you can automate, and we’ve included representative solutions vendors as well. These are just examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.*

Payment Gateways 

Today’s shoppers expect convenient, cashless payment options.  Most payment gateways, PayPal and Apple Pay, for example, are industry agnostic. These services let consumers:

  • Make purchases via mobile device or computer
  • Be assured of payment security
  • Send or receive money instantly

Other portals (e.g., ePayPolicy)* are designed specifically for the insurance industry. They:

  • Offer check-free payment convenience while speeding up agency receivables
  • Handle the unique fiduciary and compliance requirements of the insurance industry
  • Integrate into your Account Management System
Website

People access websites on computers, laptops, tablets, and phones. They use browsers like Chrome, Microsoft Edge, and Safari. You:

  • Do want to provide a seamless experience on your website across all devices
  • Don’t want anyone to have to switch devices to visit your site

Likewise, you want your website to offer fresh, accurate and useful information. Web building platforms like Wix and WordPress:

  • Let you be your own web designer (no coding needed)
  • Make updating content a breeze
  • Give you control over the user experience (UX) of your site
Data Security 

Security threats are getting more aggressive. Give everyone peace of mind that all of their PII (Personally Identifiable Information), financial records, passwords, devices and applications are safe and secure. 

McAfee, Duo Security, LastPass, and IBM Security are just a few of the powerful data security platforms you can choose to:

  • Protect your agency
  • Protect your staff
  • Protect your clients
Client Onboarding

Once you bring on a new client it’s now time to create a successful onboarding strategy. This can be anything from a dedicated landing page highlighting how to “Get Started” to setting up automated email drips to keep your new clients engaged. Remember at the end of any good onboarding strategy is the request for a review. Although this seems slightly awkward it’s the most beneficial thing a new client can offer your agency. There are services out there like Rocket Referrals that have this down to a science. Those referral platforms help you:

  • Simplify and automate client communications (e.g., personalized notes)
  • Stand out online (rank higher with search engines, get more reviews)
  • Track your performance and act on client insights
Integration Portals (client-facing)

This six-part series covers both agency-facing and client-facing integration portals. These are a few examples related to Client Experience. 

Customer support integrations enhance:

  • Client communication
  • Client engagement
  • Client satisfaction

And Sales and Marketing don’t stop when you ink a contract. You have ongoing opportunities to stay connected, keep learning about your clients, and build loyalty (including client referrals).

Thinking Ahead

There are many functions that individually and collectively work to create the client experience. Whether that experience is good or bad is determined by the tech solutions you have in place. The Client Experience tools mentioned above are designed to enhance client satisfaction. Enhancing internal satisfaction is just another InsurTech bonus!

Where Does Your Agency Stand?

Find out! The InsurTech Award presented by ePayPolicy is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before):

  1. Sales
    2. Marketing
    3. Team Collaboration
    4. Client Experience
    5. Customer Support
    6. Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.

Automating Your Team Collaboration

by InsurTech Award
Article 3 in a 6-part series

Team Collaboration  is one of six primary categories we recommend independent insurance agencies invest in to build out their InsurTech strategy in 2020.

What Is Team Collaboration?

Technology to keep your team organized and productive, using tools that allow you to message, meet virtually, share projects, and more. It’s often billed as a subcategory under the general heading “project management software.”

Why It’s Important to Use These Tools

Collaboration is essential for agencies of any size. You cannot do your job without the cooperation of multiple parties inside—and even outside—the agency.

Team collaboration software improves speed, efficiency and accuracy of teamwork. Sure, agencies will continue to use email and in-person communication, but why not take advantage of new tools that make it even easier to work together?

The New Importance of  Virtual Work

As we have all learned from the Coronavirus crisis, virtual and remote work heightens the need for collaborative technology. Even before the current situation, the trend toward technology-enhanced teamwork was clear. With mobile technology, agents and staff can log in and perform their work remotely. Imagine how efficient and effective your entire  team could be with a full suite of collaboration tools in place! And honestly, we don’t need a crisis to make these changes; better collaboration means better business, every day. 

Team Collaboration Tools

What follows are some of the major work tasks you can automate, including some solution vendors as examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another. 

Messaging

Communication is key to working effectively with your team. If you’re primarily using email, you might encounter some challenges that tools like Slack, Microsoft Teams, or Skype for Business could solve. These tools allow you to:

  • Save time by communicating instantly with coworkers
  • Stay harmonized by sharing files and ideas in a centralized location
  • Be in-the-know about teammates with status updates (“out for lunch,” “in a meeting,” “at home sick”)
Virtual Work / Video Meetings

It was not uncommon to work from home prior to the pandemic. Some days it’s a necessity—maybe you have a sick child at home, or you’re waiting on a maintenance fix—but meetings still need to take place. Having tools like GoToMeeting, Zoom, or Google Hangouts can allow you to:

  • Meet with multiple people in an organized manner
  • Simplify meetings with people outside of the office
  • Share screens with participants to show current progress on projects
Task Management

You might have your own way of keeping track of individual projects, but there are situations where your whole team is working together on one project. How do you keep track of everyone’s responsibilities? Task management tools like Asana, Trello, and Basecamp help teams:

  • Keep track of projects in a centralized place
  • Send reminders to themselves as well as other team members
  • Assign tasks and create checklists to stay organized

Thinking Ahead

Having team collaboration solutions in place is vital for a flexible, cohesive and powerful team. Technology developed for Messaging, Virtual Meetings and Task Management will make your team feel connected and empowered both inside and outside the office.

Where Does Your Agency Stand?

Find out! The InsurTech Award presented by ePayPolicy is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:

  1. Sales
    2. Marketing
    3. Team Collaboration
    4. Client Experience
    5. Customer Support
    6. Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.