AUSTIN, Texas, October 10, 2019 – ePayPolicy has been named as the approved payment processing provider by the Independent Insurance Agents of Rhode Island (IIARI). The company joins a select group of vendors endorsed by IIARI to provide agency services to its members.
IIARI Executive Vice President Mark Male commented: “A central part of our mission is to enhance our members’ competitive position. Consumers today want the convenience of paying for purchases electronically. We researched payment processors and chose ePayPolicy because their platform is insurance-specific. They really understand the special needs of our industry.”
ePayPolicy Co-Founder Todd Sorrel concurred, stating: “We are more than just InsurTech geeks. We are insurance entrepreneurs helping insurance entrepreneurs give their clients better service. We live in an increasingly digital world. Our goal is to help IIARI’s members embrace all the client-nurturing and business growth opportunities afforded by digital technology.”
Endorsement by IIARI will expose ePayPolicy to the 140 agencies that write 82 percent of Rhode Island’s commercial policies and 39 percent of all personal insurance policies. IIARI members who implement ePayPolicy will discover a true business partner to help them speed up receivables, streamline their operations, and offer clients modern payment convenience.
IIARI is the 30th state association of independent insurance agents to endorse ePayPolicy.
Concluded Sorrell: “We rely on trusted associations like IIARI to open the door to independent agents who can benefit from electronic payments. We look forward to serving their members as we continue to spread the InsurTech gospel nationwide.”
The Independent Insurance Agents of Rhode Island (IIARI) is a trade association established July 25, 1900. IIARI membership includes most every independent agency in Rhode Island who employ nearly 1,400 individuals.
IIARI 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. IIARI membership automatically includes membership in IIABA and participation in the Trusted Choice consumer brand.
IIARI’s mission is to enhance the competitive position and satisfy the business, professional, education and political needs of member agents.
Learn more at: https://www.iiari.com/default.aspx
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/
The Independent Insurance Agents & Brokers of America
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.
Reduce paper checks, streamline payment processing and bind policies faster.
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.
“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
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.”