Case Study: MGA is First to Launch Automated Check Reconciliation

Bailey Specialty Risks, Inc. (BSR) recently launched CheckMate, our machine learning powered check reconciliation solution, becoming the first customer to utilize every ePayPolicy service. 

As a wholesale insurance MGA that offers professional lines, their journey with us has been unique, and it continues to broaden and deepen.

An indirect route to digital payments

BSR has been offering digital payments since 2017. Vickie Harmon, Vice President & CFO, says, “Our customers were not coming to us saying ‘Oh, I wish I could pay online.’ They were saying ‘I wish you would offer direct bill.’ She categorically could not. She also wondered if offering electronic payment to her agents would meet with resistance. But she checked out ePayPolicy and some other payment processors.

Milan Malkani, ePayPolicy Co-founder, convinced Vickie to try it. He promised that If she liked it, we could go deeper and customize it for BSR. Vickie picked a few agents she knew were tech savvy and had the type of business that would benefit from digital payment. She had some good response, although there was some pushback at first about who pays the ACH and credit card fees. Because of ePay’s ability to pass fees or absorb them, they have found a solution that works for them and their partners.

Integration with AMS

BSR uses Vertafore’s AIM, and integrated ePayPolicy fairly early on. Fast forward to 2022. Vickie says, “I was on the hunt for a new agency management system. AIM is not an ideal fit for our specialty business.”

At a conference she found herself at dinner with an amiable payment processor rep. She says: “I agreed to view a demo, and at every step asked questions like” ‘Who pays the fees? What about integration? What about dunning notices? We can pay our carriers as outgoing payables?’” She reports: “They had nothing, and they’ve been in business almost as long as ePayPolicy! No one else in the marketplace is offering the breadth of services you do.”

In the end, she stayed with ePayPolicy, and also decided to keep AIM. Vickie talked about a deposit reconciliation problem she encountered shortly after the integration. Suffice to say it got resolved once she brought it to our attention and ePayPolicy introduced Batch Deposits. Another milestone in our relationship was when Milan suggested ePayPolicy could send out Notifications of payment due.

Automated check processing

Most recently, BSR became our first customer to use CheckMate, our automated check processing service that consolidates check payments and digital payments in a single dashboard. Vickie says, “We have to create the payment in AIM regardless. Before CheckMate we would create the check in AIM and go through several extra steps to mail it. Now I export it to ePayPolicy and it goes to a safe digital lockbox, and I don’t have to think about it.” She loves having the same process in CheckMate as she has for electronic payments. She only wishes more carriers would sign up for a recipient account to be paid via ACH.

Biggest business benefit to BSR

Vickie credits ePayPolicy with creating an “incredible efficiency.” The accounting people get notified and they can stay on top of payables. “ePayPolicy makes it easier for those in our agencies to pay us timely. Operations people like us. They say, ‘they are so easy to work with. I can pay them in no time.’ Vickie says anything that gets people talking positively about BSR is a good thing. 

Advice to others on the fence about digital payment

“Just try it,” she advises. “There’s a really low barrier to entry. It’s a whole other way of doing business. Automated payments free up your time. Even if it’s five minutes, that’s five minutes you can spend on other things that aren’t not payment related.”

About BSR

Bailey Specialty Risks is a specialty insurance wholesale broker located in Hendersonville, Tennessee.  BRS offers coverages that include Professional Liability, Management Liability, and Privacy & Security/Cyber Liability. All business is written with licensed/contracted Retail Insurance Agencies throughout the United States