Split Limit Studios, a leading provider of innovative specialty billing solutions in the insurance marketplace, announced the latest release of its signature pay-as-you-go software, TRUPAY, enabling the seamless, automatic payment and collection of premiums for insurance policies. The release features new functionality—Grace Period for Payments—giving workers compensation carriers the flexibility to provide their policyholders with a premium grace period to avoid cancellation, and to allow premiums to be paid over the course of any selected timeframe.
“Given the uncertainty faced by businesses around the COVID-19 crisis, our grace period feature gives workers compensation carriers an important tool to help their customers weather these difficult times by delivering much-needed cash flow relief,” said George Kostakos, Split Limit Studios’ CEO. “At the same time, this feature enables carriers to respond to the fast-changing COVID-19 regulatory landscape and any other crisis situation.”
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The grace period feature enables a carrier to:
- Quickly respond to emergency regulations to provide policyholders with grace periods so notices of cancellation are not sent;
- Allow premiums to be paid over the course of any timeframe outlined in a regulation;
- Customize a grace period for an individual policyholder at any time—whether it’s an offer to reschedule just one invoice, or to set up an individualized grace period to get a policyholder through a difficult period;
- Have the flexibility to collect all invoiced transactions in the first billing cycle after the end of the grace period, or to collect staggered payments, choosing a number of weeks to delay each payment date; and
- Allow a policyholder to simply pay all grace period invoices at annual audit.
“We are excited to be able to utilize this new feature as we have many insureds dealing with COVID-19 right now. The ability to reschedule premium payments over an extended period of time is critical given that some state regulators have mandated that we allow up to twelve months to repay the grace period premiums,” said Tom Tempeny, Director of Corporate Services at Merchants Insurance.
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