US Premium Finance has partnered with ePayPolicy to make their premium financing solutions for insurance companies easier to access for the industry.
Over the last several years, e-commerce customers have grown increasingly familiar with “Buy Now, Pay Later” (BNPL) options at checkout – the retail equivalent of installment plans. Companies like Affirm and Klarna have become globally recognized brands, as a surge in online shopping helped the top 5 lenders in that space grow 970% from 2019 to 2021 (source – CFPB).
With ePayPolicy’s latest feature release, Finance Connect, US Premium Finance can now offer the same level of convenience when paying premiums online.
The convenience of BNPL at checkout has been estimated to increase conversion rates by 20-30%, as well as increasing cart value by 30-50% (source). But unlike new BNPL entrants, many PFCs have long standing existing relationships with their partners, and need no justification for the value they bring.
“USPF and ePayPolicy have a history of success since ePay’s early days as a startup payments technology company,” said Matt Essary, Vice President of Operations for US Premium Finance. “Our mutual clients have expressed interest in making the premium finance transaction a more seamless experience. Finance Connect will add additional capabilities to meet our client’s insurance payment needs.”
“Central to the creation of Finance Connect was our intent to preserve existing partnerships with PFCs,” added Mark Engels, ePayPolicy CEO. “We didn’t want to try and take business from them, or create a marketplace. We want to help both sides work together faster, for the convenience of the insured.”
By utilizing ePayPolicy’s new feature, US Premium Finance’s customers can now enroll on financing – complete with e-signed PFAs and automatic payments – in a single online session, utilizing secure connections to US Premium Finance’s systems and popular industry management systems.
In Matt Essary’s view, “Finance Connect allows our client base to have a more fulsome suite of payment options with simultaneous end to end integration benefits for USPF, combined with an expected increase in market penetration rates by introducing the next evolution in payment options.”
Key Features
- Allows insurance companies to work with their existing PFC partners
- Premium financing options presented at checkout alongside pay in full options
- Simplified financing enrollment and upfront terms for insureds
- Easily generates consolidated premium finance agreements (PFAs)
- ePayPolicy is integrated with over 90% of the most popular agency management systems, saving time and manual data entry
About US Premium Finance
For more than 30 years, US Premium Finance has offered innovative, customer-centric solutions for insurance premium financing. We have worked diligently to maintain strong relationships with existing agency partners and have consistently added new clients. Today, we serve property and casualty insurance agencies of all sizes, from boutiques to the world’s largest insurance agencies.
US Premium Finance is a division of Ameris Bank, which makes us a financially secure and stable commercial insurance financing resource backed by a strong capital position. Ameris Bank is a subsidiary of Ameris Bancorp, a bank holding company headquartered in Atlanta, Georgia, with a 50-plus-year history and over $20 billion in assets. Learn More.
About ePayPolicy
ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy’s products bring insurance payments up to speed for agencies, carriers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. 8,000+ insurance companies trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com
