Three PFCs accomplice with ePayPolicy on latest financing characteristic

The next article has been supplied by ePayPolicy.

Three premium finance corporations have partnered with ePayPolicy as a part of the continuing rollout of ePay’s latest characteristic, Finance Join. US Premium Finance, AFCO Direct and Individuals’s Premium Finance introduced connections to the platform, with a purpose to allow simpler entry to premium financing for the insurance coverage trade.

“Insurance coverage organizations of every kind are serious about methods they’ll enhance the shopper expertise,” stated ePayPolicy CEO Mark Engels. “This was such an apparent win-win for our prospects and their PFC companions. Entry to financing is significant, and we knew we may work collectively to enhance each the entry and the expertise.”

Over the past a number of years, e-commerce prospects have grown more and more acquainted with “Purchase Now, Pay Later” (BNPL) choices at checkout – the retail equal of installment plans. Corporations like Affirm and Klarna have develop into globally acknowledged manufacturers, as a surge in on-line procuring helped the highest 5 lenders in that area develop 970% from 2019 to 2021 (supply – CFPB).

A latest AMEX / PYMNTS examine indicated that half of Gen Z and Millennials want the comfort of on-line funds when searching for insurance coverage. With Finance Join, premium finance corporations can now provide this stage of fee flexibility to insureds.

“Central to the creation of Finance Join was our intent to protect present partnerships with PFCs,” stated Engels. “We didn’t wish to attempt to take enterprise from them, or create a market. We wish to assist each side work collectively sooner, for the comfort of the insured.”

By using ePayPolicy’s new characteristic, insureds can now enroll in financing – full with e-signed PFAs and automated funds – in a single on-line session, using safe connections to the PFC’s methods and standard trade administration methods.

“Many insurance coverage prospects pay their premiums simply annually,” stated Nish Modi, CTO at ePayPolicy. “If you happen to solely get one or a couple of interactions per 12 months, you wish to benefit from that have.”

Conventional BNPL choices have been estimated to extend conversion charges by 20-30%, in addition to growing cart worth by 30-50% (supply). Modi believes, based mostly on early product suggestions, that the characteristic will enhance the variety of prospects who choose to finance in the identical method.

“Instantly, we had companies approaching us at commerce reveals and different occasions asking after they may get began, as a result of they believed it removes a sure awkwardness they may really feel at occasions with the insured,” stated Modi. “They felt that by providing it, you’d be suggesting they want to finance. And vice-versa, possibly the insured feels too sheepish to ask. This removes that fully and places the ability within the insured’s palms.”

Finance Join is reside on ePayPolicy’s fee pages, and has already begun facilitating new financing agreements. Engels indicated that extra PFCs are anticipated to hitch within the coming weeks and months.

“Corporations say this on a regular basis, however we actually are simply getting began,” stated Engels. “We see this as the subsequent evolution of customer-centric flexibility, and we’ll preserve working with our PFC and company prospects to construct the instruments that make funds the simplest factor they do.”

• Permits insurance coverage corporations to work with their present PFC companions, together with a number of PFCs on one fee web page, with dynamic routing
• Premium financing choices offered at checkout alongside pay in full choices
• Simplified financing enrollment and upfront phrases for insureds
• Simply generates consolidated premium finance agreements (PFAs)
• ePayPolicy is built-in with over 90% of the most well-liked company administration methods, saving time and handbook knowledge entry

About ePayPolicy

ePayPolicy affords simpler fee instruments, constructed only for insurance coverage. ePayPolicy’s merchandise convey insurance coverage funds up to the mark for companies, carriers, MGAs and PFCs, with safe on-line fee pages, automated verify processing, payables reconciliation and extra. 8,000+ insurance coverage corporations belief ePayPolicy and their skilled, reside assist crew to deal with their funds day-after-day. Study extra: ePayPolicy.com