InsurePay, a leading Insuretech SaaS platform that enables the accuracy of premiums, integrated payments, and reconciliation in real-time is now offering embedded credit card payments in its Pay-as-you-go platform
InsurePay, a leading Insuretech SaaS platform that enables the accuracy of premiums, integrated payments, and reconciliation in real-time is now offering embedded credit card payments in its Pay-as-you-go platform.
Embedded payments have been key to helping companies like Uber and Airbnb revolutionize the customer experience and insurance is overdue to adopt this trend. With InsurePay’s suite of payment solutions, it was a natural enhancement that gives policyholders the payment options that they have been requesting. Carriers will benefit from increased retention rates and streamlined operational efficiencies.
InsurePay’s web-based Pay-as-you-go platform allows policyholders to pay their workers’ compensation premiums directly to Insurers via credit cards. The Carrier can now simply notify their policyholders of the new payment option and choose to either absorb the credit card fee or pass it on to the policyholder as part of each automatic payment transaction.
“We listened to our customers’ need to improve their policyholders’ experience and quickly prioritized credit card payment acceptance as a key enhancement to our Pay-as-you-go platform,” said George Kostakos, CRO at InsurePay.
Policyholders already leveraging InsurePay’s Pay-as-you-go payroll provider data feeds will have a completely automated monthly workflow for their workers’ compensation policies when combined with the newly embedded credit card payment option.
Carriers can depend on InsurePay to help them grow their workers’ compensation policy retention through the following customer experience enhancements:
- Policyholders have more payment options for their workers’ compensation premiums
- Premium payment credit card payments are automated, safe, and efficient
- The ability to pay with a credit card helps manage cash flow for small business owners
- Policyholders can accrue points from their credit card transactions
- Non-sufficient fund instances are removed as a possibility from the payment process
“We are thrilled to provide embedded credit card payments for our Carriers and their policyholders,” said Scott Martin, CTO at InsurePay. “This provides the best experience for pay-as-you-go policyholders, bringing transformation to the insurance experience through data and technology, which is InsurePay’s fundamental value to our customers.”
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