Applied Systems Unveils New Features for Applied Pay
Applied Systems has recently unveiled exciting enhancements to Applied Pay, the only payments solution that is fully integrated with AMS, designed to automate the entire payments process. This advanced platform now includes several new features aimed at enhancing both efficiency and user experience in financial transactions.
Innovations to Simplify Workflows
The latest updates to Applied Pay have introduced tools that empower agencies to automate their workflows for collecting and reconciling digital payments more effectively. These improvements can cut down the time and effort needed for payment processing by as much as 70%, representing a significant advancement since over 900 agencies have adopted the platform since its launch in 2022.
Notable Automation Features
The updates released in the first half of the year feature:
- Automated Receipt Reconciliation: This functionality allows users to import payouts from Applied Pay into Applied Epic for automatic matching with existing general ledger receipts, significantly minimizing the manual and error-prone tasks typically associated with reconciliation.
- One-Click Payment Routing: A tool designed to assist agents in quickly and easily matching insured payments that lack essential customer identifying details, thus streamlining the payment process.
- Adaptive Checkout Page: This feature enables agencies to personalize the checkout experience for insured clients, allowing for single or multiple invoice payments, full or partial payments, and the ability to set limits on payment types.
Insights from Industry Experts
Raj Kalahasthi, Chief Digital & Information Officer at a leading firm, noted that the seamless integration of Applied Pay with their existing systems has been a significant advantage for their team. The capability for quick settlements along with precise reconciliation played a crucial role in their decision to adopt the platform, highlighting its practical utility.
The Growing Need for Efficient Payment Solutions
The necessity for improved payment systems has become increasingly evident as the industry acknowledges the importance of better managing premium payments. Chase Petrey, President of Applied Pay, emphasized that Applied Systems is committed to innovation in digital payments and aims to simplify financial management for independent insurance agents.
About Applied Systems
Applied Systems is recognized as the foremost global provider of cloud-based software tailored for the insurance industry. As a trailblazer in insurance automation, Applied stands as the largest provider of agency and brokerage management solutions, catering to clients across multiple countries. By automating the insurance lifecycle, the company enables millions to protect what matters most to them.
Frequently Asked Questions
What is Applied Pay?
Applied Pay is the only AMS-native payments solution that automates the payments process for insurance agencies, increasing efficiency and reducing errors.
What recent features were added to Applied Pay?
Recent enhancements include automated receipt reconciliation, one-click payment routing, and an adaptive checkout page for a tailored payment experience.
Who can benefit from Applied Pay updates?
Independent insurance agents and their clients can benefit from the streamlined payment processes and enhanced user experience offered by Applied Pay.
How does Applied Pay improve reconciliation processes?
By integrating with Applied Epic, the platform allows for automated matching of payouts against existing receipts, reducing manual errors and improving efficiency.
What is the mission of Applied Systems?
Applied Systems aims to provide cutting-edge innovation in the financial management of insurance, enabling agents to manage payments with less effort and increased security.