Referral Programs: Unlocking Benefits and Boosting Business Growth

by Uncategorized

In today’s competitive market, businesses are constantly searching for effective strategies to attract new customers and expand their reach. One approach that has proven to be highly successful is the use of referral programs. By harnessing the power of satisfied customers and incentivizing them to refer friends and family, referral programs can yield substantial benefits for businesses. 

What Are the Benefits? 

  1. Trust and Credibility

Referral programs tap into the power of trust and credibility. When a satisfied customer recommends a product or service to someone they know, it carries significant weight because personal recommendations are perceived as trustworthy. By leveraging these relationships, businesses can gain a competitive edge by capitalizing on the positive experiences and strong relationships their existing customers have with their brand.

  1. Increased Customer Acquisition

Referral programs act as a powerful customer acquisition tool. Traditional advertising and marketing efforts can sometimes come across as impersonal, but referral programs rely greatly on word-of-mouth marketing, which is highly targeted and personal. Satisfied customers become brand ambassadors, actively promoting products or services to their social circles. By offering incentives, such as discounts or rewards, referral programs motivate customers to actively spread the word. This leads to a higher likelihood of acquiring new customers who are genuinely interested in the offerings and have a higher conversion rate compared to other marketing channels.

  1. Cost-Effective Marketing

Referral programs are usually cost-effective. In contrast to traditional advertising, which typically demands significant financial investment, referrals can be a cost-free alternative (unless you opt to reward customers who generate successful leads). A big advantage is that you only pay for leads once they have converted, unlike other marketing efforts where the conversion rate is uncertain. This is why referral programs have demonstrated superior ROI than traditional marketing methods.

  1. Enhanced Customer Engagement

Referral programs can foster a sense of engagement and community among existing customers. Customers feel appreciated, which leads to increased satisfaction and a stronger emotional connection to the brand as well as other users. As customers engage in the referral process, they become more invested in the brand’s success, which leads to increased long-term business and further customer growth. 

  1. Measurable and Trackable Results

Referral programs offer businesses the advantage of tracking and measuring results. Through analytics systems and referral software, businesses can monitor the performance of their referrals in real-time. This data allows them to assess the effectiveness of their program, make necessary adjustments, and optimize their referral strategies. 

Where does ePay fit in? 

ePayPolicy recently introduced our newest referral program with Referral Rock; through which our customers can easily sign up and refer qualifying businesses. Both the referrer and referee earn $100 for each successful referral, which is a strategy used by many companies leveraging referral programs. If you’re a current ePay client, we encourage you to test it out, earn some money, and maybe even implement it in your business.

In conclusion

Referral programs have emerged as a highly effective marketing tool that harnesses the power of satisfied customers to drive business growth. The benefits they provide, such as trust-building, increased customer acquisition, cost-effectiveness, enhanced customer engagement, and measurable results, make them a valuable addition to any business’s marketing strategy. By leveraging the influence of word-of-mouth and incentivizing referrals, businesses can tap into a powerful network effect that propels their growth and fosters long-term success in today’s competitive marketplace.



30 Insurance Terms You Should Know

by Uncategorized

The insurance industry is an integral part of the modern economy, providing protection and peace of mind to individuals and businesses alike. With a wide variety of insurance products available, it can be overwhelming to navigate the terminology and concepts associated within the industry. That’s why we’ve put together a glossary of common insurance industry terms.  Whether you’re an insurance agent, broker, or policyholder, understanding these terms can help you make informed decisions and ensure that you have the right coverage for your needs.

The terms:

  1. Policy – A contract between the insurance company and the policyholder that outlines the coverage provided.
  2. Premium – The amount paid by the policyholder to the insurance company for coverage.
  3. Deductible – The amount the policyholder must pay out of pocket, in the event of a claim, before the insurance company pays their portion.
  4. Coverage – The amount of protection provided by an insurance policy.
  5. Claim – A request for payment made by the policyholder for a covered loss.
  6. Underwriting – The process by which insurance companies evaluate the risk of insuring an individual or entity.
  7. Risk – The likelihood of a loss or adverse event occurring.
  8. Insured – The person or entity covered by an insurance policy.
  9. Insurer – The insurance company providing coverage.
  10. Liability – Legal responsibility for something, such as an accident or damage.
  11. Umbrella policy – An insurance policy that provides additional liability coverage over and above your other insurance policies (protection against your assets if you were to be sued). You can have a personal umbrella policy which covers your home and auto, and then you can have a business umbrella policy which covers your business assets and commercial autos.  
  12. Endorsement – A change or addition to your insurance policy.
  13. Renewal – The process of continuing coverage under an insurance policy after the initial term has expired.
  14. Exclusions – Situations or events that are not covered by an insurance policy.
  15. Inclusions – Situations or events that are covered by an insurance policy.
  16. Benefit – The amount of money paid out by an insurance company for a covered loss.
  17. Agent – An individual who sells insurance policies and represents an insurance company.
  18. Broker – An individual or firm that acts as an intermediary between insurance companies and policyholders (can also be an agent).
  19. Indemnification – The process by which an insurance company compensates the policyholder for a covered loss.
  20. Actuary – A professional who uses mathematical models to evaluate the financial risk of insuring individuals or entities.
  21. Rate – The cost of insurance coverage, often expressed as a monthly or annual premium.
  22. Underinsured – A condition where the amount of insurance coverage is insufficient to cover the potential loss.
  23. Overinsured – A condition where the amount of insurance coverage on your policy is more than the potential loss (you are paying for more coverage than you can actually use).
  24. Cancellation – The termination of an insurance policy before the end of its term.
  25. Policyholder – The person or entity that holds an insurance policy.
  26. Subrogation – The process by which an insurance company seeks to recover costs paid out for a covered loss from a third party.
  27. Adjuster – An individual responsible for evaluating and settling insurance claims.
  28. Loss ratio – The proportion of premium dollars spent on claims and company expenses, compared to their profits.
  29. Insurance Fraud – Deception committed in order to obtain payment from an insurance company for a covered loss that did not actually occur.
  30. Solvency – The financial stability and ability of an insurance company to pay claims and meet its obligations.

 

We hope this glossary is a helpful resource for those within this industry. Understanding these terms can help you communicate more effectively with clients, evaluate risk and coverage options, and navigate the complex landscape of insurance products. As the insurance industry continues to evolve and adapt to changing market conditions, it’s more important than ever to stay informed and up-to-date on the latest trends and developments. By staying informed and knowledgeable, you can ensure that you’re providing the best possible service to your clients and protecting their interests for years to come.



Why Does PCI Compliance Matter For Your Insurance Organization?

by Business StrategyDigital Payment Processing

As the world becomes more and more digital, online payments have become the norm–even in the insurance world. However, with the convenience of online transactions come risks. It’s important for organizations to ensure that their card transactions are secure and compliant with industry standards.

When asked about data security standards and protecting your customers’ payment information we proudly state we’re PCI level 1 compliant. But what exactly does that mean and why is it so important to you and your business?

Here’s a quick overview of the different PCI DSS levels and what they entail, how we assure Level 1 compliance, and explain why digital payments can actually be the safest payment solution.

What is PCI DSS Compliance?

PCI compliance refers to adhering to the Payment Card Industry Data Security Standards (PCI DSS), a set of security requirements created to protect cardholder data and prevent data breaches. These standards apply to any organization that accepts, processes, stores, or transmits credit card information.

There are several levels of compliance, mostly determined by the number of transactions an organization handles each year. Because ePayPolicy is in the Level 1 (highest) tier, we must follow the strictest data security protocols as defined by PCI DSS.

PCI requires us to validate our PCI DSS compliance through:

  • Annual Audit of our PCI DSS compliance by a 3rd party Qualified Security Assessor (QSA)
  • Monthly network scan by an Approved Scanning Vendor (ASV)
  • Penetration Test of our Network and Application
  • Internal Scans

At ePayPolicy, we also utilize tokenization, a process by which the primary account number (PAN) is replaced with a surrogate value called a token. Implementing tokenization instead of storing PANs is a key technology that secures cardholder data and mitigates risk of data breaches; as a result preventing financial loss, identity theft and reputational damage.

Why is PCI Compliance Important?

The same technologies that make everyday business more efficient also make it easier for hackers to access sensitive information.

The Payment Card Industry Security Standards Council explains the seriousness this way: “The breach or theft of cardholder data affects the entire payment card ecosystem. Customers suddenly lose trust in merchants (that’s you) or financial institutions, their credit can be negatively affected — there is enormous personal fallout. Affected merchants and financial institutions lose credibility (and in turn, business).”

We’ve all heard the horrifying stories of major data breaches affecting millions of consumers. But security breaches are not just for big name retailers or credit bureaus. Theft of sensitive financial information can happen to any size or type of business.

Non-compliance with the PCI DSS can also result in fines and penalties from payment card companies, which can be significant. These fines can be issued if the organization is found to be non-compliant during a security assessment, or if a data breach occurs due to non-compliance. In addition to financial penalties, non-compliance can also result in reputational damage and loss of customer trust.

By following PCI requirements, insurance organizations can demonstrate their commitment to protecting customer data and providing a secure payment environment. This can help to build customer trust and loyalty, which is essential in the highly competitive insurance industry.

Secure Your Clients’ Sensitive Information with Digital Payments

As the payment processor, ePayPolicy takes full responsibility for safeguarding the security of all credit/debit card payments on behalf of clients. We’re constantly testing our platform to make sure it’s hack proof.

ePayPolicy is a PCI Level 1 service provider. A service provider is a business entity that isn’t a payment brand, but is directly involved in the processing, storage, or transmission of cardholder data on behalf of another business. In our case, we are a service provider for insurance organizations.

Irene Herman, CEO of Riskguard Insurance and ePay client says, “People have confidence in us that our system is confidential and private. We let them know, if they are skeptical, that ePayPolicy is PCI Level 1 compliant. The money goes straight into the bank. We don’t even know the client’s account number.”

We certify Level 1 compliance on our end — so you can concentrate on what you do best — delighting your customers and running your business.

If you’re still curious, you can educate yourself about all things PCI DSS compliance here: https://www.pcisecuritystandards.org

The 2019 Blue Ribbon Conference – IIABCAL

by Industry News & Company Updates


ePayPolicy had the pleasure of attending the Blue Ribbon Conference at the beautiful Monarch Beach Resort. The Blue Ribbon Conference, held at the beginning of May, not only focused on perfecting business practices, but it also insured that it’s participants had a little fun. While engaging in activities, we were looking over the breathtaking Pacific Waters, which added an overall sense of relaxation to the conference.

The conference offered an array of notary keynote speakers such as; Erick Dickerson, an NFL Hall of Famer, who spoke on the ability to succeed in any field as an Entrepreneur. Sarah Sladek, who presented her research on engaging the next generation in the workplace. Kate Browne, who pinpoints California’s climate and technology change as a barometer for the future of America.

Outside of listening to these knowledgeable speakers, we were able to enjoy a poolside gathering, designed to trade knowledge with like-minded industry professionals. There were also plenty of networking opportunities arranged during the conference. For instance, there were multiple gatherings in the beautiful wine room, dessert receptions for all, and a game of Texas Holdem to close out the event. There was even a golf tournament for attendees who like to take their conversations to the course.

“Coming events like these allows us to connect with the agents and understand their current pain points and strategic objectives. This combined with the information we receive from keynote speakers and panel discussions around industry trends allows us to continue to innovate around payment processing in the insurance industry” said Todd Sorrel, Co-Founder of ePayPolicy. “

A Business Guide to Surviving Any Natural Disaster

by Business Strategy

A Business Guide to Surviving Any Natural Disaster
2017 was a catastrophic year full of devastating storms. Harvey, Irma, Maria, Jose. The list of last year’s now-infamous hurricanes unfortunately goes on.

And as the rain and wind in 2018 continue to hammer down (many are still suffering setbacks of Hurricane Florence), it’s more important than ever to educate and prepare for inclement weather.

As a business owner, it can seem like spending time preparing for something out of your control is a waste of time. Or trivial. Especially in comparison to bringing in leads, serving customers, and improving general business.

But having a plan of action for natural disasters could be the difference between an organization sinking or swimming. Without a doubt, it is something any good business leader should have but hope to never use. Here are a few tips to help protect you from even the rainiest of days.

When it comes to being prepared for Mother Nature, checklists are your best friend.
 

1. Be Proactive
This is so important. Don’t wait until the eye of the storm is over your business to start reacting. Take charge. Make a preparation checklist. Check the weather reports regularly, especially during peak hurricane season. Purchase any gear or groceries you need BEFORE stores start to run out of everything and mobs of people begin fighting over bread, water, and generators.

2. Protect the Property
This one is a given. It’s in your best interest to do everything within your power to reduce property damage (and thus hopefully reduce repair costs). This can include sandbagging areas that have a high flood risk or installing shutters or plywood to windows and doors. You may also want to consider removing surrounding tree branches that could potentially fall on your building.

3. Protect the Gear
Inclement weather hardly ever equals good news for hardware. Whether you’re preparing for a flood, hurricane, tornado, or an earthquake, one thing remains constant: protect your gear.
Electronics are valuable, fragile, and expensive to replace. Take precautions as early as possible to avoid having to buy your whole staff brand new desktops. Move gadgets to an elevated area if you’re expecting floodwaters. Put them in the safest room in your office (one with no windows is ideal). Make sure to shut down computers and unplug machines, cables, and power surges.
Certain tech like external hard drives often hold lots of valuable and irreplaceable information and data. Which brings us to our next, very important, tip.

3. Back Up Data
Boy, is this a big one. Even if you are lucky enough to suffer no property damage, there is always a huge risk of losing important company data, customer insights, contact information, contracts, etc. And while it is challenging to recover from physical damage, losing crucial business documentation could be the end of your organization.

The easiest and most secure way to backup electronic data is by saving files to an external hard drive and then keep that hard drive with you. Do not leave it at the office. Wherever you go, the hard drive goes, too.

What data can your business absolutely NOT function without? Find out, then be sure to back it up on your hard drive.


4. Digitize Everything
Insurance is an old-school business. The industry is changing as insurtech continues to explode, but there will always be a few folks who still don’t do everything electronically. For the most part, this isn’t a problem. But where inclement weather is concerned it can be a huge issue.

If you have valuable paper documents, scan them ASAP and then save those files to the hard drive mentioned in tip #3. It’s still wise to place the physical documents in a Ziploc bag and store them in a dry area while you ride out the storm. But if they get swept away with the rain/wind/whatever, it’s not the end of the world…as long as you have a digital copy on your hard drive, of course.

—
Companies are constantly at risk. They are at risk of losing money, stagnant business, fierce competition, and on and on the list goes. Sometimes risk is outside of our control, but being proactive and preparing for the worst of Mother Nature is totally and completely within our power. There are no excuses.

According to an August 2017 article by the Associated Press, Hurricane Harvey damaged nearly 700 business in Texas alone. Each natural disaster means every business in the storm’s path is on the chopping block. So it’s up to you as your business’ leader to heed our advice and weather each storm before they arrive at your office door.

Higginbotham Insurance Makes The Switch To Digital Payments

by Client Spotlight Series

ePayPolicy Case Study: Higginbotham Insurance

Executive Summary
Tony Haas, Controller at Higginbotham Insurance, noticed that customers were frequently asking for electronic payment options to pay their insurance policies. While Higginbotham did accept credit cards, it did not offer the choice to pay via ACH. Haas began searching for a more robust processor and finally stumbled upon ePayPolicy. Signing up, he said, was a must.

“We were getting requests from clients to pay electronically, and after seeing ePayPolicy’s demo, the ACH solution was a much better solution than a wire solution,” said Haas. “A client could either set up a wire account and send money to us, or they could just pull up ePayPolicy and pay us right there. It’s a much easier process,” he said.
“The simplicity of it made it a no-brainer.”

The Goals
Offer clients electronic payments
Integrate with management system, Sagitta
Speed up receivables
Bind policy faster
Streamline reconciliation process

The Results
ePayPolicy Co-Founder Todd Sorrel met Hass for the first time at NetVU 2017, and shortly after, the Higginbotham payment page was live.

After Higginbotham was up and running, it was immediately able to offer clients the option to make electronic payments. Now, the insurance company is able to accept both credit cards and ACH, with payments seamlessly integrating into its management system Sagitta (powered by Vertafore). The technology has allowed them to bind business much faster.

“As soon as customers make payments, we’re getting email notifications to let us know that a transaction is in process,” said Haas. “We can bind things immediately and move onto the next project, instead of waiting a few days.”

Haas said the processor has cut down the reconciliation process by two business days and that ePayPolicy & its ability to integrate with Sagitta has streamlined Higginbotham’s overall process.


“Anytime you can do electronic payments, versus sending an actual check, it makes the whole process easier,” said Hass. “Handling checks is old school.”

The Extras – Hig Helps Page
After Hurricane Harvey tore through Houston last year, Higginbotham reached out to ePayPolicy for help in setting up a donation page for those affected by the storm. Harvey had completely devastated the homes of several Higginbotham team members, and the organization wanted a way to help them through the rebuilding process.

“It was fantastic what ePayPolicy did to help us get that page up and running. We raised about $150,000,” said Haas. “It was a big help to get money and help out to our employees that were hurting.”


Higginbotham Insurance offers risk management and financial services, providing access to commercial and personal property/casualty coverage, employee benefits, retirement plans, life insurance, and executive compensation plans through more than 250 regional and national carriers. As of 2017, the company is ranked #18 on Insurance Journal’s annual list of Top 100 Property / Casualty Agencies. There are over 25 Higginbotham offices in the state of Texas.

Paradiso Insurance, a Yardstick of Quality

by Client Spotlight Series

The value of good marketing cannot be overstated. If your marketing plan isn’t working (or worse, if you have no marketing plan at all), your organization won’t last long.

You can count on that.

The Internet and social media have made marketing more accessible. But they’ve also created a massive cloud of competition and a hailstorm of noise.

We live in a world of sensory overload. Every company is fighting for consumer attention. With millions of organizations vying for eyes and business 24/7, how do you make yourself stand out?
“Be a yardstick of quality.”

The advice comes from someone who knows a thing or two about marketing, the iconic CEO of Apple, Steve Jobs.

When I think about the insurance space and who makes a good “yardstick” of quality, one name in particular stands out – Chris Paradiso.

Paradiso started his own insurance business in 1998 with just three employees. Today there are over 15 team members and counting, and Paradiso has grown his company and brand into an insurance powerhouse.

Paradiso Presents, LLC is at the forefront of that powerhouse. It began as an endeavor Chris started in order to “teach small agencies how to survive in today’s complex online marketing world.” Since the LLC’s inception, it has grown into one of the most reputable resources for small agency survival.

One facet of Paradiso Presents is the popular industry magazine Be the Last Agent Standing. The publication is one of those tools that belongs in any agency’s survival kit. New and experienced insurance professionals alike will benefit from Last Agent. Readers can expect insight like marketing tips, tricks, and tools designed specifically to help insurance folks grow their business.
Everything from building a brand to search engine optimization to Google Analytics is discussed. Nothing is off the table. Nothing is overlooked. With so much information on the Interwebs these days, it’s difficult to sift through what’s valuable and what’s just fluff. Fortunately, Last Agent is chalk full of rich, valuable, pearls of wisdom from the man himself.

“What Chris does with Paradiso Presents and Last Agent is truly a testament to how well he knows the insurance landscape,” said Milan Malkani, my partner and fellow ePayPolicy co-founder.
“He’s been in this business a long time and still finds all these ways to keep things fresh and fun and current. I think a lot of agencies can learn from him.”


Digital marketing is undoubtedly a frontier that is overwhelming for many. There are a lot of new tricks to learn and insurance is an old business. One that has historically used more “traditional” methods.

For example, using print ads (instead of digital ones), and paper checks (instead of electronic payment processors). However, insurance has gradually been shifting towards a more tech-based industry. And while some are happy with this shift, many are not.

Luckily, there are organizations like Chris Paradiso’s that are dedicated to helping those who do feel overwhelmed. The goal is to elevate the industry and level the playing field. With Paradiso, even the little guys and underdogs have a fighting chance.

What the magazine represents is so much more than articles printed on paper. Be the Last Agent Standing is an integral part of a larger puzzle — a good marketing foundation for budding insurance agencies.

“Any agency worth their salt will pick up Chris’ magazine,” said Malkani. “Everyone can learn something from Last Agent.”

Do something great with the ePayPolicy InsurTech Award!

by InsurTech Award

Do something great with the ePayPolicy InsurTech Award!

We’re less than a month away from closing applications for the ePayPolicy InsurTech Award!
ePayPolicy believes that great technology can change the insurance world. That’s why we are committed to recognizing the agency that has best adapted and leveraged technology to grow and improve their sales, marketing, and customer service in 2018.

Additionally, each applicant will receive an Insurance Technology Adoption Score (i.e. an “ITA Score”), a subjective measure of an agency’s tech adoption in the insurance space, along with comprehensive reporting including feedback, tips, and opportunities to improve that score.
If you haven’t entered yet, there’s still time!

Apply now to win $7,500 in prizes, including:

– A $1,000 cash prize
– $1,000 toward an insurance conference of winner’s choice
– Two FREE years of ePayPolicy’s Custom Plan
– Consulting time with Mike Stromsoe and Chris Paradiso
– Website services with Alicor Solutions
– A gift basket stocked with local treats from AustiNuts
– BRAGGING RIGHTS!

Do something great,
apply for the ePayPolicy InsurTech Award today.

Modern Mobility

by Business Strategy

Modern Mobility

“If it’s not broken, don’t fix it.”

This is a common phrase people use to convey that if something works at least somewhat well, then leave it alone. It’s good enough.

This is sound advice for some things, like if you have a perfectly good car but want a new one, just because.

However, this practice falls short in other areas of life. Take insurance for example. Insurance is an industry that places heavy emphasis and value on tradition. And in this case, tradition dictates that business practices remain largely the same, and adopting new tech isn’t necessary since, after all, what’s already in place is good enough.


“If it’s not broken, don’t fix it.”
Not so fast. Let’s talk payments.
Insurance professionals everywhere have been accepting paper checks since the dawn of the modern insurance industry. The practice reigned supreme for a long while, and for some agencies, it is still the preferred way to accept payments from insureds. However, paper checks, and its cousins wire transfers and cash payments, come with a slew of caveats and complications.
Both paper checks and cash have to be snail-mailed or handed off in person. Wire transfers are costly, require a ton of manual work, and both of the participating banks require representation on the phone to initiate the transfer.

What if an agent is pressed for time and needs those funds immediately? Every insurance professional has been there — when it’s 4:45 PM on a Friday, the banks are closing soon, and there’s nothing to do but watch the clock tick by while waiting on the insured, impending doom hanging overhead.

“Inconvenient,” is an understatement.

Traditions are great. But even good ones need updating every once in a while.
That’s where electronic payments come into play.


According to a Federal Reserve Payments Study, paper checks have been on a staggering 6% yearly average decline since 1999, and by 2014, only 3% of consumers said they preferred to use paper checks.

Conversely, and unsurprisingly, the preference for electronic payment options has been on the rise, with the Federal Reserve Study reporting that credit card payments were recorded as the “highest growth rate” (at a 10.2% increase) among core payment types from 2015-2016.

At the end of the day, e-payments are undeniably more convenient and easier to track than old-school methods.

“In our space, if you don’t have an electronic payment solution, you’re way behind the times,” said Russ Goldstein, President of Agile Premium Finance.

It’s truly astonishing what a little mobility can do to help a business’ overall bottom line.
For insurance professionals and customers, the entire process of making and accepting payments has flipped on its head. Funds can be remitted in seconds and deposited into a bank account just as quickly.

This instantaneous gratification may seem the norm in 2018, but a few years ago this was still unheard of.

More and more, insurance professionals everywhere want a more seamless, end-to-end solution for tracking and reconciling payments. Paper checks, wire transfers, cash, and the like may not be broken, but that doesn’t mean it’s the best option.

With mobile payments, the question isn’t “why?” it’s “why not?”

ePayPolicy is the simplest way to collect insurance payments online. The processor allows insurance professionals to accept electronic payments via credit card and ACH, while also allowing agents and brokers to pass on transaction fees to the insured. ePayPolicy serves over 800 national clients and continues to expand its growing list of independent association endorsements and management system integrations each day. To find out more, visit www.epaypolicy.com.