Duck Creek Technologies announced today that it has partnered with InsurePay, whose pay-as-you-go payroll aggregating, premium calculating, and billing Software-as-a-Service (SaaS) for the workers’ compensation industry can now be integrated with Duck Creek Policy and Billing via Anywhere Enabled Integrations available for download from the Duck Creek Content Exchange. InsurePay allows businesses to pay premiums based on real-time payroll wages, improving cash flow. Integrating with Duck Creek Technologies means any carrier using Duck Creek Policy and Billing can now offer and maintain a pay-as-you-go application, extending the powerful functionality of the Duck Creek Platform by allowing insurers to offer carrier-branded pay-as-you-go.
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InsurePay is a leading provider of pay-as-you-go payroll aggregating, premium calculating, and billing for the workers’ compensation industry. Its solution not only aggregates payrolls, but calculates, collects, and remits insurance premiums for each pay cycle using real-time payroll data. InsurePay brings together technology, efficient processes, best practices and a broad network of payroll partners to enhance policyholders’ experiences. The InsurePay result is an insured whose insurance expense matches cash flow coupled with less risk for the carrier. As payroll decreases, so does insurance expense, and likewise, as business returns and payroll ramps up, insurance expense matches, alleviating fear of a large end-of-the-year insurance audit expense and allowing carriers to better manage the risk of payroll variances. InsurePay’s pay-as-you-go solution is delivered through a cloud-based Software-as-a-Service platform and has white-label capabilities.
Gex “Jay” F. Richardson, InsurePay’s President, said, “COVID-19 is forcing many companies to reduce payroll overnight. InsurePay’s pay-as-you-go solution allows premiums to be adjusted concurrently with each pay cycle so that businesses can immediately access cash flow that otherwise wouldn’t be available until the end-of-the-year insurance audit adjustment.” He added, “In such unprecedented times, we want to do our part to help alleviate the burden of workers’ compensation expenses and increase cash flow as quickly as possible. InsurePay integrates with 1,400 different payroll providers; therefore, transitioning to a more dynamic payment program can occur immediately and without interruption.”
“Recent experience has shown that it is more important than ever for workers’ compensation insurers to handle claims, payments, and shifts in operating scale rapidly and efficiently,” said Elizabeth Del Ferro, Vice President, Partner GTM at Duck Creek Technologies. “InsurePay’s solution is a fantastic value-add for carriers, and Duck Creek is thrilled to welcome them into our partner ecosystem.”
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