InsurExpo 2019 Presented by IIANC

by Industry News & Company Updates

Some of our team members from ePayPolicy attended the sold-out InsurEXPO on April 11 and 12, 2019.

InsurEXPO, which is the largest industry trade show in North Carolina, featured over 90 insurance companies and vendors. The trade show offered educational breakout sessions on important topics for insurance agents including management, sales, and technology.

Keynote speakers included Jess Roy, CEO of Excalibur Insurance Group, Marcus Sheridan, Author, Speaker, and Owner of Marcus Sheridan International, Inc., and Una Roy, VP Operations of Excalibur Insurance Group.

The trade show also featured producer and sales training, account manager and CSR sessions, and industry thought leaders. Attendees were also able to network with some of the top companies and vendors in North Carolina and were also able to earn up to five hours of CE credit.
“Having the chance to attend the InsurEXPO and be a part of the IIANC Sparks event was an amazing expereince,” says Todd Sorrel, Co-Founder of ePayPolicy. “At this event, we were given a 2:00 minute shot clock to explain to the audiance how ePayPolicy is changing the way the insurnace industry is collecting digital funds.”

The IIANC Sparks event allowed 10 companies and vendors on the main stage to have the chance to showcase their business. Presenters only had two minutes to make a great pitch about their company. Vendors featured in the IIANC Sparks event were able to present their innovative product or service to 300-400 agents.

“ePayPolicy allows easier collection of insurance payments by now allowing agents the ability to receive ACH and credit card payments online,” said Todd Sorrel. In a world where everything is going digital, it just made sense to find a way to use technology to help insurance agents, especially in terms of collecting payments.”

“Since implementing ePayPolicy our clients have fully embraced digital payments, says Chris Paradiso, an independent insurance agent. “The technology provides game-changing features, saves the agency money, and deliver an excellent client experience.”

Looking to speed up receivables?

ePayPolicy is an easy-to-use platform that allows for insurance agents collect their payments faster by allowing them to take ACH and credit card payments online. Request a demo today to find out how ePayPolicy can help you!
 
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The Independent Insurance Agents and Brokers of America: BIG I Client Spotlight

by Client Spotlight Series

Customer Spotlight:

The Independent Insurance Agents & Brokers of America

Executive Summary: 

The Independent Insurance Agents & Brokers of America is a national alliance of more than a quarter million business owners and their employees who offer all types of insurance and financial services products.

The Goals: 

Reduce paper checks,  streamline payment processing and bind policies faster.

The Results:

 No one understands the importance of expediency in the insurance industry quite like accounting employees. The ability to quickly track and reconcile payments effectively speeds up receivables and bind policies faster, things that typically improve an agency’s overall bottom line. For Annette Mertz, the VP of Accounting for IIABA, the biggest issue she was experiencing before signing up with ePayPolicy was timing. “We don’t have binding authority until we receive a payment,” said Mertz. “Typically it takes anywhere between three to seven days to get a paper check in the mail, which creates issues when you’re trying to bind quickly,” she said. After IIABA signed up with ePayPolicy, a lot of those issues faded. Not only do ePayPolicy customers like IIABA receive their funds in one to two business days (up to three times as fast as a paper check), they can rest easy knowing their payment is being routed to the correct place.

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“ePayPolicy is one of those products that is so easy you expect it to be more complicated but it’s not. You have to pinch yourself to realize there’s really a product like this.” – Annette Mertz,  VP of Accounting, IIABA
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There are a lot of potential errors with manually sending in a payment, for instance, sending a check to the wrong address or issuing it to the wrong person. “These things are eliminated now that we use ePayPolicy,” said Mertz. The ease of using ePayPolicy as one of the payment processor’s biggest draws. By focusing strictly on the insurance space, ePayPolicy is able to keep its product and services incredibly simple and straightforward. And for insurance professionals like Mertz, simple is King. “ePayPolicy makes day to day operations incredibly easy,” said Mertz. “You know right away if customers make a payment and we’re getting receivables much faster. We don’t have to wait on paper checks anymore.”

Consumers Expectations Fuel Growth of InsurTech Across Agencies & Brokers

by Business Strategy

Insurance has historically been a traditional industry, driven by personal relationships — and paper. While not the earliest adopters of technology, we’re making significant progress in this area. According to industry statistics, some 90 percent of agencies use an AMS. Chances are you’re reaping the benefits of your AMS system (Vertafore, Applied 24, other) to streamline your operations even as you read this.

Welcome to the digital age of InsurTech!

While you’re working smarter due to technology within your agency, what about your clients? What role does technology play in their lives? Quite frankly, they’re way ahead of us in the tech adoption department. Consumers today are not only demanding, but getting, service on-demand digitally, from a variety of sources.

Insurance offerings may not change much over time. But you’re selling them to modern consumers. They want immediate results, they want personalization, they want ease of use. In today’s digital world, convenience is king. Just look at the industries that have sprung up — and exploded — around the concept of convenience.

A prime example is food delivery. Thanks to apps like Grubhub, Doordash and Postmates, the term “take-out” now means ordering from your favorite restaurant and having the food delivered right to your door — for an extra fee.

Convenience can be defined in several ways:  time, accessibility, usability, design. Different consumers have their own definition, and it’s important a product or service caters to all their needs. It’s not just about the rate they pay, but the level of support, customer care, the ease of use of the company’s services. If consumers aren’t 100% satisfied with every aspect of the transaction — and every interaction with the vendor — they have plenty of other options that offer the same service.

This is the standard technology has set for service delivery in the digital age.

Your clients are mobile

With the growth of digital, consumers are conducting more business via their mobile devices. Some 40% of online transactions are happening via mobile.* A busy business owner orders supplies, books travel and even pays the company’s credit card bill with a few clicks of a button. Their business is not confined to “business hours,” because their phone/tablet allows them to multitask out in the field, or pay business bills from their home, hotel room or truck. It’s anything but business as usual.

Bridging the convenience gap

In response, many agents and brokers have made their websites responsive and even offer some type of convenient app. And that’s a good start. However, your client can easily spend 90 percent of their time on their phone. Agents and brokers need to put themselves in their client shoes and identify the disruptions that are causing the most pain because odds are there is a service or product currently available that would address the problem. Take for example the payment processing, consumers prefer to pay via digitally, however historically accepting credit cards and ACH payments were either to costly or there was just to much red tape to get started. But with a company like ePayPolicy they provide an easy and secure solution that allows agencies and brokers to start collecting payments within 24 hours after signing up.

Where to start with InsurTech?

With so many InsurTech providers in the marketplace it’s easy to get overwhelmed. The best place to start is internally. Working with your team and creating an action plan around your clients needs will set a solid foundation moving forward. Then as your attending tradeshows, sitting through product demos, and speaking with your peers you’ll be able to select solutions that address your current and future needs.

The Madness of Paper Checks & Insurance Payments

by Digital Payment Processing

I’ve always loved a good analogy, as it makes concepts concrete and relatable.  With March Madness underway I couldn’t help but turn to that annual phenomenon — the office pool — to help put what we do here at ePayPolicy into perspective.

With an estimated $9 billion bet on these games, participation obviously starts with an entry fee. Now I’ve been in pools with hundreds of people and in pools with only 10 people. Regardless of the pool size, the rules are simple now: digital payments only. Why? It’s only logical. Digital payment is instantaneous and it makes the pool easier to manage.

Using tech to provide simplicity

Imagine you’re the office pool  commissioner. Imagine trying to work with a steady line of people dropping off checks and cash throughout the day. In addition to creating, distributing, collecting and scoring the bracket sheets, you’ve added a whole other layer of headache to contend with: money. It takes time  for you to endorse and deposit and make sure those checks clear before you officially accept the payer into the pool. That causes a time delay neither of you can afford. Oh yes, and don’t forget about dealing with those people who inevitably wait till the last minute to pay their fee before tip off. What if their check bounces? Do you bounce them out of the pool, too?

Paying by check for a March Madness pool just slows the action to a crawl. Meanwhile, the games are scheduled and the Big Dance is in full swing. People are on high alert, boning up on stats and itching to make their picks. They  don’t want to have to remember to cut a check (like, who keeps their checkbook with them at work in the first place?), sign it and drop it off at your desk. If you’re not there, they have to follow up to make sure you got the check.

Old methods work but are they the best option?

And even paying by cash is a drag. Having the exact entry fee in cash is not impossible, but it’s pretty rare for people to walk around with that kind of green in their wallet.  In these days of credit cards and Apple Pay, you’re basically requiring participants to go the ATM. An added step for them.

And what if someone forgets (several days in a row) or is traveling and can’t get you a physical payment in  time? You either have to cover their fee initially or not allow them to participate. If you choose the latter, that’s a smaller pool and a smaller payout to the winners.

You can quickly see how cash or check payments can make your commissioner job much harder  than it needs to be. And the added pressure on everyone to pay in an an inconvenient way creates a barrier to participation. Here you are, inviting them to the biggest sports betting event of the year, but making it harder instead of easier to get their bracket in.

Where ePayPolicy’s digital payment service fits in

Now here comes the analogy part. In this scenario the office pool commissioner is you, a busy insurance agent or broker. The  participants are your clients. You have something they want. They’re ready and eager to pay to play. So why are you putting up barriers? Because that’s exactly what’s happening when the only methods of payment you accept from  your clients is a check or cash.

Now here’s the thing. Yours may be  the only March Madness pool in the office. But out here in the business world, your clients have their choice of insurance agents and brokers.  Paying by check is as much of a time-wasting hassle for them as it is for you. Your clients are used to paying for virtually everything else in their lives electronically.

Moral of the story? If you want to make it as easy for your clients to pay their premiums as it is to buy into the office pool, give us a call at ePayPolicy.  We guarantee they’ll be excited about doing business with you — long after their March Madness bracket has busted.

ePayPolicy Named Preferred Payment Vendor by Big I New York

by Industry News & Company Updates

FOR IMMEDIATE RELEASE
MEDIA CONTACT:
Seth Nagle
512-200-2650
seth@epay3.com
ePayPolicy.com

February 27, 2019 – Electronic payment processor ePayPolicy adds Big I New York to its growing list of insurance industry association endorsements.

ePayPolicy now endorsed by 21 state insurance groups

AUSTIN, Texas, February 27, 2019 –ePayPolicy has been named electronic payment processor of choice by Big I New York, an association representing 1,750 independent insurance agencies and their 13,000 employees throughout the Empire State. ePayPolicy will enable Big I New York members to accept credit card and ACH payments online, with transaction fees passed on to the payer. Big I New York’s endorsement brings to 21  the number of state insurance associations recommending ePayPolicy to their members.

“Today’s consumers are demanding digital forms of payment for all their transactions, increasingly forgoing paper checks. ePayPolicy is dedicated to making online payments simple and seamless — for our clients and for their customers,” said Todd Sorrel, ePayPolicy co-founder. “By partnering with state associations such as BIG I New York and integrating with the leading account management systems, we broaden our ability to enhance the insurance-buying experience and support tech-enabled growth for agents and brokers nationwide.”

Lisa Lounsbury of Big I New York explained the group’s endorsement this way: “Big I New York provides members the resources they need to be their best and ePayPolicy is the best in its class, developed exclusively for retail agencies, brokers/MGAs and premium finance agencies. They truly understand our members’ business.” She continued, “Taking payments just got a lot easier. The platform facilitates collection of online payments without the hassle or expense of technical integration, hidden fees, or separate merchant accounts. It’s a win-win for our members and those they serve.”

About Big I New York
Big I New York believes independent insurance agents serve customers best with trusted advice and the right coverage options to protect what matters most. They exist to fulfill the educational, political, and business interests of more than 1,750 agencies and their 13,000 plus employees.
Big I New York members are independent insurance agents and brokers, which means they can provide consumers with a choice of products from more than one insurance company and in turn give consumers unrivaled service, and the best auto, homeowner, and business coverage to meet their changing needs. In addition, most Big I New York members proudly identify themselves as Trusted Choice® agents and brokers, a national consumer brand uniting more than 21,000 independent agencies across the United States.

For more information visit  www.biginy.org.

About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Designed for independent agents, brokers, MGAs 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 over 29 independent insurance associations nationwide.

The company’s annual InsurTech Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Call for entries for the 2019 award will be announced in May.

To find out more visit ePayPolicy.com.

GS Insurance Solutions named most tech-forward Brokerage in first-ever InsurTech competition

by InsurTech Award

GS Insurance Solutions named most tech-forward Brokerage in first-ever InsurTech competition
ePayPolicy has awarded its inaugural InsurTech Award to GS Insurance Solutions of Santa Clara, California. The award recognizes independent insurance agencies/brokerages for leveraging technology toenhance their sales, marketing, and customer service in 2018. 


We created the InsurTech Award to celebrate those firms — big and small — who are out  there leading the charge to tech-enabled growth.The Award acknowledges both achievement and effort in technology adoption. Evaluators score applicants on the impact of their technology use across business functions such as annual revenue trend, lead generation, client conversion, quoting opportunities and marketing and sales.


GS Insurance Solutions (GSI) earned the 2018 InsurTech Award title with an almost perfect score. GSI is a leading regional insurance and risk management agency based in the Bay Area. The firm has offices throughout California. 

Said Anthony Miller, GSI Founder & CEO: “GSI lives at the leading edge of industry trends. That’s who we are. Being the first to win this innovative award is solid evidence. We thank ePayPolicy for shining a light on technology’s contributions to our industry and to GSI’s own success.”

Anthony Miller, GS Insurance Solutions CEO
All aspects of the award are designed to foster business improvement. GSI’s prize package of cash and in-kind services includes two years of online payment processing courtesy of ePayPolicy and consulting time with insurance experts Mike Stromsoe and Chris Paradiso, two of the sharpest minds in insurance. 

While there is only one winner, the award seeks to incent widespread tech adoption. Each applicant receives a customized report based on their Insurance Technology Adoption Score (ITA). ITA is a subjective measure of the agency’s competitive standing in the insurance space, along with evaluators’ tips and suggestions to improve their score.


 
We congratulate GSI for being our first InsurTech Award winner and we applaud all the agencies that shared their progress with us. We at ePayPolicy won’t rest until we see every single agency in America catching and riding the wave. Until then, we look forward to growing the InsurTech Award. Thanks again to all who participated and supported us.

For more information on the InsurTech Award, including posting of the 2019 application, visit: https://www.insurtechaward.com.