InsurTech News

Exactuals Launches Innovative Product to Streamline and Modernize Insurance Commission Payments

Exactuals’ PaymentHub More than Doubles in Size in 2020; Reaches $1 Billion in Volume

Already a Leader in Innovative Solutions for Complex Payments in the Entertainment Industry, Exactuals Is Expanding to the Insurance Industry

Exactuals, a leading provider of cloud-based payment services, today announced it will launch PaymentHub for Insurance, a modern SaaS, high-tech product that will streamline insurance commission payments.

The platform delivers commission and compensation payment processing, deep analytics capabilities, and online engagement tools for insurance carriers, brokers, third-party administrators (TPAs), provider networks and producers. Easy to use, PaymentHub is comprehensive and feature-rich. Its modular design offers single sign-on with fast, accurate and transparent payments.

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PaymentHub for Insurance offers a unique automated system that replaces a company’s outdated payment process, reducing or eliminating the need for costly paper checks and reporting. Exactuals’ system provides payments and reporting functions with greater security, accuracy, transparency and speed. Firms can process global payments through operating accounts at Los Angeles-based City National Bank, which purchased Exactuals in 2018 and has been helping the firm grow to serve more clients in the entertainment industry. This is the first time Exactuals has expanded to a new industry.

“PaymentHub for Insurance is an example of how we’re working together with City National to modernize and broaden our product offerings,” said Mike Hurst, chief executive and co-founder of Exactuals. “This revolutionary product will transform the insurance commission payments space and provide our clients with a comprehensive, simple and secure solution.”

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“We’re all about driving efficiency, and helping our clients achieve more through simplified digital processes,” said Linda Duncombe, executive vice president and chief marketing, product and digital officer at City National Bank. “PaymentHub for Insurance is another significant way we can use innovative technologies to strengthen our relationships with clients and provide them with better, faster and more customized service.”

The new service is white-labeled and customizable for client branding. The portal does not require clients to replace their existing systems, but sits on top of them, providing rich, integrated reporting. The user may easily filter statement information created with real-time data analytics.

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