Applied Pay Revolutionizes Premium Financing for Insurers
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Innovative Premium Financing Solutions at Checkout
Applied Systems has taken a significant step forward in the insurance industry by integrating premium financing directly into Applied Pay, a native payments solution designed to streamline the payment process for insurers. This groundbreaking integration allows insured customers to initiate financing requests and complete agreements swiftly, ensuring immediate approvals and clarity on terms while making online premium payments.
Enhanced Workflow for Insured Customers
This new insured-led workflow for premium financing requires no agent involvement for loans up to $100,000. This not only simplifies the financing process but also reduces the time required for all parties involved. Insured customers are given enhanced control over their payment options, making financing decisions independently and with more confidence. The integration with top premium finance companies such as AFCO Direct, FIRST Insurance Funding, and Imperial PFS underscores Applied Systems' commitment to providing efficient and user-friendly financing solutions.
Increased Funded Premiums and Efficiency
One of the most striking benefits of this integrated system is the potential increase in funded premiums, which can reach up to 40% with at-payment financing. This is a substantial improvement compared to the conventional methods that report only 10-15% funding. Furthermore, the process accelerates the premium collection timeline dramatically, reducing the traditional wait time of up to 20 days down to less than five days. This faster turnaround is advantageous for agents and customers alike, fostering a healthier cash flow for agencies.
Core Capabilities of Applied Pay
The integration within Applied Pay offers a robust array of capabilities designed to cater to the needs of modern insurers:
- At-Payment Financing: Customers can easily review and electronically sign financing agreements while making their initial payment, eliminating extensive conversations and multiple document exchanges.
- Flexible Financing Options: Insured customers can request financing for a single large premium or combine multiple invoices, ensuring that their financial arrangements are tailored to their specific needs.
- Real-Time Funding Notifications: The system automatically informs all stakeholders about the status of financing, from the insured to the finance provider, reducing the need for manual communication.
- Seamless Payment Credit Application: Integrated processes ensure premium payments are applied correctly in Applied Epic, minimizing reconciliation errors and saving valuable time for agents.
Empowering Agents and Clients
With Applied Pay, independent agents are now equipped to offer their clients a secure and straightforward way to settle premiums online. The solution is deeply embedded within essential tools like Applied Epic, Applied CSR24, and EZLynx Client Center, which brings about a highly efficient payment journey that leverages automation and best-in-class features.
“The leaps made in digital premium financing capabilities over the last decade are noteworthy, yet many agents still encounter a frustratingly static adoption of agency bill financing. This stagnation arises from cumbersome manual processes that plague the interaction between insured parties, agencies, AMS, and premium finance providers,” noted Chase Petrey, president of Applied Pay. He emphasized that the enhanced integration within Applied Pay mitigates these issues by eliminating excessive communication amongst all parties, empowering clients to secure financing independently. This not only enhances client satisfaction but also supports agency growth in both revenue and reputation.
Conclusion
Overall, Applied Systems is at the forefront of transforming the insurance landscape with innovative solutions that not only cater to customer needs but also drive efficiency and profitability for agents. As the industry evolves, the integration of premium financing within Applied Pay represents a pivotal advancement, creating a more agile, transparent, and user-friendly experience for everyone involved in the insurance process.
Frequently Asked Questions
What is Applied Pay?
Applied Pay is an AMS-native payments solution that allows insured customers to pay premiums efficiently and securely online.
How does the new premium financing integration work?
The integration enables insured customers to request financing and finalize agreements instantly at checkout, simplifying the payment process.
What are the benefits of at-payment financing?
At-payment financing can lead to a significant increase in funded premiums and drastically reduce the collection period for agencies.
Which companies are integrated with Applied Pay for premium financing?
Applied Pay integrates with leading premium financing companies, including AFCO Direct, FIRST Insurance Funding, and Imperial PFS.
How does this system benefit agents?
This system reduces manual processes, increases funded premiums, and provides real-time information, ultimately improving the overall client experience and agency growth.
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