Integrated Lockbox and expanded digital payment choices help agencies get paid faster and enable insureds to more easily pay premiums
Applied Systems announced new innovations to Applied Pay, the industry’s only AMS-native payments solution, that make it faster and easier for insurance agencies to collect premiums and for their customers to pay them. The new Integrated Lockbox feature streamlines the processing of paper checks, while added payment options like Google Pay and Apple Pay give insureds more convenient ways to pay.
The latest release of Integrated Lockbox allows paper checks to be sent directly to a centralized processing center where they’re sorted, scanned, and digitized, reducing manual work and making funds available in 1–2 business days. Automated workflows then match payment data in Applied Pay with the correct client account in Applied Epic®, creating transactions, applying payments, and storing check images—saving staff time and reducing errors.
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Applied Pay is a cloud-based electronic payments hub that enables agents and brokers to provide their clients with a secure, online way to pay for new and recurring premiums. Directly integrated into Applied Epic, Applied CSR24 and EZLynx Client Center, Applied Pay provides intuitive, branded checkout pages where policyholders can go to pay for premiums via credit/debit card, Apple Pay, Google Pay or ACH bank transfer. It automatically handles payment authorization and tokenizes sensitive information to increase security and ensure compliance. Embedded premium financing allows insured customers to solicit financing and enter into Premium Finance Agreements with upfront terms and instant approval without ever leaving the payment page. The solution also leverages intelligent automation to reconcile receivables at the account level, reducing the time and effort presently needed to reconcile payments.
“The insurance industry has long struggled with the inefficiencies of manually processing paper checks, creating delays and frustration for agencies and insureds who increasingly expect fast, seamless digital experiences,” said Chase Petrey, president, Applied Pay, Applied Systems. “By integrating Lockbox and expanding flexible payment options, we’re helping insurance agencies improve cash flow, cut administrative work and deliver the kind of seamless, digital experiences customers expect.”
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