News from the Wire

InsurePay brings virtual payment options

Friday, September 23, 2022 — 14:29:53 (EDT)

NASHVILLE, TENN. (PRWEB) SEPTEMBER 20, 2022--InsurePay, a leading InsureTech billing and payments platform provider is now bringing virtual premium payment options, including Credit Card, Debit Card, ACH, EFT, and Interac, to the US insurance market.

Hundreds of North American Agencies, MGAs, Carriers, and other insurance solution providers already rely on InsurePay Premium Payments (formerly AcordPay) to ensure the flow of funds throughout the insurance policy lifecycle.

Developing additional virtual premium payment options has been driven by customer demand for more payment choices from the insurance industry and the need for safe and efficient ways to service policyholders.

Agents have been reluctant to offer the breadth of payment options expected by today’s consumers due to prohibitive costs and functional complexities. InsurePay has tailored its virtual payment solution to eliminate these obstacles for agents. Recognizing the opportunity to streamline the customer experience for agents and their customers, InsurePay’s Premium Payments allows agents to request payment directly from their Agency Management System (AMS) and manage the status of that payment to simplify the reconciliation and policy binding process.

InsurePay Premium Payments Features:

Integrated with major AMS platforms

Industry and PCI compliant across North America

Send agent-initiated payment requests from AMS or InsurePay Premium Payments portal

Multiple payment options including all major credit cards, ACH, financing

Ability to absorb credit card processing fees or pass them along to customers

Custom-branded deployment options

Credit card payments deposited the next business day to Trust Accounts

A consistent customer checkout experience

Embedded payment widget

Ability to split payments for additional flexibility

“Agents using our payment services consistently provide positive feedback about the cost advantages and convenience that InsurePay provides,” said Mike Senechal, EVP of Payments at InsurePay. “As agents continue to pivot to a more virtual focused strategy, payments have become an essential ingredient to success and are vital to servicing the needs of policyholders.”

Visit insurepay.com/premium-payments/ to learn more and to request a demo.

About InsurePay InsurePay® is a leading Insuretech SaaS billing and payments platform that ensures accuracy of insurance premiums and offers integrated payments and reconciliations for Agencies, Carriers, MGAs, and insurance technology providers. InsurePay® is empowering Carriers and their partners to allow policyholders to pay only for what they need with real-time system and data-driven accuracy and flexibility, through a feature-rich platform that offers policy holder payments, Carrier PayGo and payables, vendor payables, and claims payments and Agency receivables all integrated to back-office core systems. To learn more, visit www.insurepay.com. To learn more, visit www.insurepay.com or follow the company on LinkedIn.

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Source: Company press release.