The foreseeable future includes social distancing, remote workforces, and grocery stores that feel apocalyptic. But it also provides the chance to build a stable business structure where your team feels prepared for productivity from anywhere.
As an organization who made the “work from home” transition seamless for our entire team, we wanted to reveal the tips and tricks that allowed our company to feel good about remote work. We narrowed down five key activities an agency should implement to be successful during a pandemic.
*Note, these tips work anytime and help your business perform better in general! It is just especially important to apply these activities now.
West Virginia Association Chooses ePayPolicy As Digital Payment Processor of Choice for its Members
AUSTIN, Texas, January 22, 2020 – ePayPolicy is proud to announce its latest state insurance association endorsement. Independent Insurance Agents of West Virginia (IIAWV) recently named ePayPolicy as the recommended payment processing provider for its member agencies.
IIAWV CEO Traci Nelson explained: “Our mission is to provide members with the tools they need to serve their clients and build their business. Technology is a huge driver of operational success. With ePayPolicy, our members get industry-specific payment technology that serves a dual purpose of increasing agency efficiency and increasing client satisfaction. That’s the kind of win-win we strive to deliver to IAWV members.”
ePayPolicy Co-Founder Todd Sorrel commented: “Digital payment is more than today’s reality, it’s today’s standard. Policyholders are consumers, and they’re used to paying by credit card or ACH. ePayPolicy enables IIAWV members to offer digital payment in lieu of check, thus speeding up policy binding and receivables. The platform also integrates with most agency management systems (AMS) and includes the fiduciary and other accounting and reporting capabilities specific to our industry.”
IIAWV is the 29 state association of independent insurance agents to endorse ePayPolicy.
Concluded Sorrell: “We’re always excited to partner with fellow technology evangelists. IIAWV recognized long ago that technology is the future of our industry. In fact, in 1999 (the association’s 100-year anniversary), their published history stated: ‘Even as we are in the midst of enormous operational and cultural change, we have come to view such dramatic change as commonplace and take it for granted. When we stop to think about the degree of change that engulfs and propels us, it is just short of unbelievable.’ They also recognized that ‘computerized operations have evolved from a novelty to a necessity.’ Two decades later, InsurTech continues to drive our industry forward. We’re delighted to extend ePayPolicy’s solutions to IIAWV members and to their clients.”
About IIAWV
With roots dating back to 1899, the Independent Insurance Agents of West Virginia (IIAWV) is the state’s oldest and largest insurance trade organization. IIAWV is an affiliate of the Independent Insurance Agents and Brokers of America, Inc. (IIABA), the largest property and casualty insurance producers organization in the world.
IIAWV is a strong and committed advocate for more effective representation of independent insurance agents and consumers with both the state and federal legislatures. The association offers its members a variety of products, educational programs and services to increase their effectiveness and give them a professional edge in today’s competitive business environment.
Learn more at https://www.iiawv.org/default.aspx
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 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 independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
ePayPolicy Poised for Growth with Serent Capital Investment
AUSTIN, Texas, January 8, 2020 – Electronic payment processing company ePayPolicy has received a significant investment from Serent Capital, a San Francisco- and Austin-based private equity firm focused on investing in high-growth technology and services businesses. ePayPolicy, an industry leader in electronic payment solutions for the independent insurance industry, will leverage the Serent funding for continued product enhancements, integration with the most widely used agency management systems (AMS), and accelerated growth.
Since its founding in 2014, ePayPolicy has been a proactive proponent of technology adoption by the insurance industry (“insurtech”). Specifically, the company has been on a mission to replace paper checks by enabling policyholders to pay electronically via credit card or ACH. Today ePayPolicy processes over $2 billion in payments annually, serving 2,300 independent agents, brokers, MGAs, and premium finance companies in the Excess & Surplus (“E&S”) insurance market. Some 28 Big “I” (Independent Insurance Agents and Brokers of America) state associations endorse ePayPolicy as their digital payment processor of choice for their members.
“This investment from Serent is a game-changer in our ability to strengthen our brand presence across the industry, integrate with even more agency management systems and take our platform to the next level in user (agency) and end-user (policyholder) experience,” said Todd Sorrel, Co-Founder of ePayPolicy.
Leonis Partners advised ePayPolicy on capital raising strategy.
Kevin Frick, Partner at Serent Capital, explained the firm’s decision by saying, “We knew immediately ePayPolicy would be a great fit for Serent. Their stellar reputation and innovative, industry-specific technology stood out. Their client satisfaction scores are exceptional and their references prove the most important point – they deliver.”
“We’re incredibly excited to partner with Co-Founders Todd Sorrel and Milan Malkani to expand ePayPolicy’s market reach and continue to drive exceptional value for their clients and the insurance industry as a whole,” concluded Frick.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive.
For more information on Serent Capital, visit www.serentcapital.com
About Leonis Partners
Leonis Partners serves as a full-service advisor to entrepreneur-led technology businesses. Calling on decades of experience from some of the largest leading global financial institutions, Leonis crafts highly calibrated solutions to achieve their clients’ needs as they pertain to M&A, capital raising, fairness & valuation opinions, and other special situations. Leonis Partners’ experience and track record in these core areas provide clients with superior results. The firm is headquartered in New York.
For more information visit http://leonispartners.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 clients to accept credit cards 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 https://epaypolicy.com
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OIA Endorses ePayPolicy for Digital Payment Processing
We Welcome Ohio to Our Endorsers List
AUSTIN, Texas, November 21, 2019 –Ohio Insurance Agents (OIA) has named ePayPolicy as its electronic payment processor partner. The partnership offers OIA members a special signup offer on ePayPolicy services, which enable them to improve their customer experience by accepting credit card and ACH payments online.
“Independent insurance agents are embracing technology at a rapid pace. We’re here to help them meet increasing consumer demand for digital forms of payment. ePayPolicy makes online payments simple and seamless — for the consumer and for the agency,” said Todd Sorrel, ePayPolicy co-founder. “We’ve eliminated the traditional barriers like pesky merchant accounts and long-term contracts. Plus, with ePayPolicy agents and brokers can get setup in 2 – 3 business days.”
According to OIA’s chief executive officer, Jeff Smith, JD, CIC CAE, “We have high standards for the products we recommend to our members. Partners must be agent-friendly champions of the independent agency system, as well as best in their class. ePayPolicy scores 100 percent on all measures.”
Concluded Sorrel: “Selection by OIA significantly broadens our penetration within Ohio and elevates our profile across the country. We appreciate their confidence in our abilities. We look forward to enhancing the insurance-buying experience for consumers and to supporting OIA members’ tech-enabled growth. Online payment is a big step forward for all involved in these goals.”
Bring seamless online payments to your agency
Agents who want to join OIA, or learn more about ePayPolicy and the other benefits and resources available to them through an OIA membership should visit www.ohioinsuranceagents.com/agent or call (800) 555-1742.
About Ohio Insurance Agents (OIA)
Ohio Insurance Agents Association (OIA) is the collective voice of 1,200 independent agencies that employ nearly 10,000 Ohioans and protect hundreds of thousands of Ohio consumers through personalized insurance plans. OIA members write 82 percent of the commercial insurance policies and 44 percent of personal insurance policies in Ohio.
OIA promotes, progresses and protects the professional advice and guidance only independent insurance agents provide. The company helps agents by providing professional consulting services, agency valuation and succession planning, operational benchmarking reports, and other business solutions and industry thought leadership.
For more information visit https://www.ohioinsuranceagents.com/
About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Designed for independent agents, brokers, MGAs, premium finance companies, 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 independent insurance associations nationwide.
To find out more visit ePayPolicy.com.
Finding The Perfect Payment Processor For Your Agency
“It’s not us, it’s you.” Several insurance agents that use large payment processors (operate in multiple verticals) have reported being kicked off their payment processor, with no other explanation than “our product is not a good fit for your industry.” Well, their loss is potentially your gain.
We can’t tell you exactly why these companies are rejecting business from the insurance industry. But we have some educated guesses. Even better, we have a solution!
First and foremost, the insurance industry is highly regulated and involves a lot of tracking funds for compliance purposes. Some payment processors are designed for straight sales transactions. They simply can’t handle the additional levels of accounting and code compliance the insurance industry demands, in other words, they don’t speak insurance.
“Not a good fit” is their way of admitting they’re not set up for a complex, regulation-driven industry like insurance. Here are some likely reasons why they might be rejecting business from insurance agencies:
Insurance Code Mandates and Trust Account Management
Most vendors who use a large multi-vertical payment processor have a simple business model: receive payment in exchange for goods or services provided. It’s straightforward. No fancy accounting required. Think coffee shops, digital storefronts, hotdog guy at the block party. But not the insurance industry. As you know, premium payments in some states are subject to insurance code regulations. When you receive premiums you are operating in a “fiduciary” capacity. You are not the “owner” of the premiums paid but are acting as a fiduciary of those funds. As such, you must keep premiums in separate trust accounts that are segregated from the agency’s business operating funds. This is to protect premium funds from agency creditors. And you can’t take them out of the trust account without proper documentation of the commission earned and an audit trail, either. Truth be told, general payment processors are not set up for this level of sophistication. Volume, yes. Sophisticated accounting, no. Trust account (TA) management is a huge responsibility with potentially heavy consequences. You need a payment processor that understands the “ins and outs” — which, for insurance agents, involves more than simply depositing money from the client into your agency account, or even passing it directly through to the carrier! Terms like net funding and premium funds should sound familiar.State Compliance and Regulations
Each state has its own set of regulations for selling insurance. The requirements in Ohio may be different from those in New York, California or Florida. That’s one reason why the trusted choice / BIG I associations are so valuable. They keep you on track to maintain compliance with any and all state-specific mandates. Needless to say, the big global payment processing companies are not operating at this micro (state regulations) level. But you are. And so are we at ePayPolicy. We maintain close relationships with the Big I / Trusted Choice state insurance associations nationwide and are in the process of getting all 50 states endorsements. Their stamp of approval is their way of saying, “This vendor gets it. We trust them. You should, too.”An insurance Industry-Specific Solution
I’ve kind of hinted at the solution in the “issues/problems with general payment processors” sections above. Yes. I am talking about ePayPolicy — the insurance payment processing platform built specifically for independent insurance agents. We are not a general-purpose payment processor. We are a payment processor that was built by insurance professionals for insurance. We work exclusively with and for the insurance industry. By focusing on your business needs, as well as the highly regulated nature of insurance, we have created an ecosystem that streamlines your operations while ensuring compliance across the board. Check out ePayPolicy. We make collecting credit card and ACH payments as easy as possible and to get started takes only 5 minutes.IIAB Arizona Favors ePayPolicy Payment Processing
AUSTIN, Texas, September 27, 2019 – ePayPolicy has recently contracted with Independent Insurance Agents and Brokers of Arizona (IIABAZ) to offer digital payment processing to the association’s 350+ members at a special members-only rate. The partnership offers Arizona’s independent P&C agents and brokers the ability to accept credit card and ACH payments online instead of a paper check.
ePayPolicy co-founder Todd Sorrel commented: “We are on a mission to make paper checks obsolete in the insurance industry. Consumers today expect the convenience of digital payment options. ePayPolicy developed our platform to satisfy that demand, while also managing the unique compliance and reporting needs of independent insurance agents/brokers. As our industry becomes ever more InsurTech-driven, we’re happy to offer IIABAZ members a powerful yet simple-to-use solution that’s designed just for them.”
Said IIABAZ Executive Vice President, Terri Edwards, CIC, CISR: “Our members know we’re serious when we say, ‘We understand what matters most to you and we have the tools to help — that’s our job.’ We evaluate products and vendors to make sure they’re able to fulfill our commitment to helping our members be successful. We chose ePayPolicy because it’s the only payment processing platform built specifically for independent agents and brokers. These guys really know payment processing. More importantly, they know our industry.”
Concluded Sorrell: “We’re excited to formalize our relationship with IIABAZ and bring modern, convenient digital payment to association members and their clients. Like IIABAZ, ePayPolicy is all in for helping today’s independent agents to build, grow and thrive.”
About Independent Insurance Agents and Brokers of Arizona
The Independent Insurance Agents and Brokers of Arizona (IIABAZ) was founded in 1932 and incorporated in 1936 and for all those years has worked to support the independent insurance agents and brokers, providing products and services unparalleled in the industry.
Joining IIABAZ means having available the resources of local, regional, state, and national organizations fully devoted to the success of insurance professionals. Members of the IIABAZ are among the more than 300,000 agents and agency employees across the country. IIABAZ serves from the one man shop in rural Arizona, to the national brokerage firm in the metro areas. The association’s mission is the same: SERVICE.
For more information visit https://www.iiabaz.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 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 independent insurance associations nationwide.
To find out more visit https://epaypolicy.com
ePayPolicy Integrates with Vertafore’s AMS360
AUSTIN, TX – July 23, 2019 – ePayPolicy, a Vertafore Orange Partner, today announced it is adding payment processing capabilities to Vertafore’s AMS360 agency management system and extending its integrations into five Vertafore management systems.
ePayPolicy supports independent insurance agency efficiency and superior customer experiences by enabling agencies to accept payment via credit card or ACH instead of check.
“It makes paying for insurance like paying for most any other purchase in today’s digital environment — instant and easy,” explained Milan Malkani, ePayPolicy co-founder.
AMS360 is Vertafore’s foundational agency management system, designed to help independent agencies to streamline workflows , improve renewals and retention , and drive new business, resulting in improved employee productivity and a superior customer experience.
“ePayPolicy has proven to be an indispensable solution partner. Its team is as avidly customer-centric in its thinking and product delivery as we are at Vertafore,” said Doug Mohr, VP of Industry Relations & Partnerships, Vertafore. “The 6,000+ agency users of our best-in-class AMS360 system now have best-in-class payment processing capabilities. This partnership is truly customer service at its technology-driven best.”
ePayPolicy shows the exact balances due. Once payments are made, activities and suspenses are created automatically within AMS360. Users will also benefit from easy on-boarding, quick setup, clean accounting and a fast, one-to-two-day go-live timeline.
“Our valued relationship with Vertafore just got deeper and stronger,” added Malkani. “Integration with such a powerhouse system as AMS360 exponentially increases our exposure within the independent agency market. More important, it offers thousands more independent agents and brokers the ability to modernize the way they accept insurance payments.”
About Vertafore
For over 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior InsurTech solutions to connect every point of the distribution channel. Vertafore agency management, ratings, regulation, compliance, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider—including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference.
For more information about Vertafore visit https://www.vertafore.com
To learn specifically about AMS360 visit https://www.vertafore.com/products/ams360
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 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 independent insurance associations nationwide. To find out more visit https://epaypolicy.com
The company’s annual InsurTech Agency Award recognizes independent insurance agencies/brokerages for leveraging technology to enhance their sales, marketing, and customer service. Details and call for entry are at https://www.insurtechaward.com/
Media Contact:
Seth Nagle, Director of Marketing, ePayPolicy | 512-643-9015 | Seth@epay3.com
Alexea Candreva, SSPR | 719-475-0370 | vertafore@sspr.com
Let's Connect at The 2019 WSIA Marketplace Event!
Simplify your accounting, easily send funds, and receive your payments faster all with ePayPolicy. Created by insurance experts for the insurance industry ePayPolicy provides the simplest solution for MGAs, premium finance companies, brokers and agents to collect and send ACH and credit card funds across the industry.
We reserved a table within The Club and will hold meetings Monday through Wednesday during the Annual Marketplace. Book a time now on our caladnar to schedule a time during the event! We look forward to seeing you there.
About ePayPolicy
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 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 independent insurance associations nationwide. To find out more visit https://epaypolicy.com
About WSIA Marketplace
The 2019 WSIA Annual Marketplace event is in two months! The event will be held in San Diego, CA at the Manchester Grand Hyatt and the Marriott Marquis in San Diego Marina and is the premier event for the wholesale, specialty and surplus lines industry
The 2019 MIIAB EXPO Is In The Books
Team members from ePayPolicy headed to the MN Independent Insurance Agents & Brokers (MIIAB) Expo on April 30, 2019 at the Mystic Lake Center in Prior Lake, MN.
Fun fact, the MN Independent Insurance Agents & Brokers Expo is the largest independent insurance agent and company expo in the Midwest. Over 1,000 insurance agents attended the event and more than 90 vendors were also present, including ePayPolicy!
“We are a new customer of ePayPolicy and we have already had several clients use the service to make payments. It is quick and easy for the client, and is very easy for us to monitor and record the payments on our end. Our staff have been very receptive to ePayPolicy, and have been communicating this new payment option to customers via the ePayPolicy flyer and listing our ePayPolicy payment site on all our agency billed invoices.” – Sean Karsch Controller at Christensen Group Insurance.
Todd Sorrel, co-founder of ePayPolicy, presented at the MN Independent Insurance Agents & Brokers Expo and highlighted just how easy it is to start collecting digital payments.
The MN Independent Insurance Agents & Brokers Expo also featured breakout sessions for independent agents and offered tips on technology, agency service tips, MIIAB tools, and cyber-crime.
The technology breakout focused on performance, strategy, and ways that agents could better their service. The second breakout focused on MIIAB member services that agents could utilize, and the last breakout sessions centered on cyber-crime and how to stay protected as an independent insurance agent in the digital age.
“ePayPolicy is a tool that independent insurance agents can utilize in order to keep their business running smoothly and increase their bottom line,” says Todd Sorrel. “The technology we use allows for safe and secure payments in an age where cyber-crime is a real threat.”
Want to receive secure payments for your policies?
ePayPolicy allows for you to receive ACH and credit card payments online in order to help speed up receivables and increase your bottom line. If you want to introduce new technology that will not only help your business, but that your clients will also love, schedule a call with us today at 844-372-9300!
The Independent Insurance Agents and Brokers of America: BIG I Client Spotlight
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.”