The startup offers an online insurance payments platform that enables insurance agencies and brokers to securely process credit card payments through a personalized payment portal. This solution eliminates the need for long-term contracts and hidden fees, streamlining the collection of insurance payments.
Funding
$15.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Insurance agencies and brokers face challenges in efficiently collecting payments due to reliance on traditional methods, leading to delays, increased administrative burden, and potential security risks. Managing various payment methods and integrating them with existing accounting systems can be complex and time-consuming.
Solution
ePayPolicy provides a secure, cloud-based payment platform tailored for the insurance industry, enabling agencies, brokers, MGAs, and carriers to streamline payment collection and reconciliation. The platform offers customizable payment pages that can be branded to match the agency's identity, allowing customers to pay via ACH or credit card. ePayPolicy integrates with popular insurance management systems, automating data entry and reconciliation processes. Additionally, the platform offers features like automated invoice notifications, recurring payments, and the ability to pass fees to insureds or absorb them, providing flexibility and control over the payment process.
Target Audience
The primary target audience includes insurance agencies, brokers, MGAs (Managing General Agents), MGUs (Managing General Underwriters), premium finance companies, and insurance carriers seeking to streamline payment processes and improve customer experience.
Features
- Customizable payment pages with agency branding
- Support for ACH and credit card payments
- Integration with popular insurance management systems (e.g., AMS360, Applied Epic, NowCerts, HawkSoft) via APIs
- Automated invoice notifications and payment reminders
- Recurring payment options for installment plans
- CheckMate feature for automating check payments with rapid check routing and reconciliation
- Finance Connect for integrating premium financing at checkout
- Payables Connect for scanning, matching, and reconciling market invoices
- Real-time transaction tracking and reporting dashboard
- PCI Level 1 compliant security
- Fee flexibility to pass or absorb payment fees
- Client portal for insureds to review and select invoices for payment