"Finance Connect" allows mutual insurance customers to enroll in premium financing on ePayPolicy's payment pages, right at checkout

AUSTIN, Texas, April 30, 2024 /PRNewswire/ -- ePayPolicy has partnered with Peoples Premium Finance to make their premium financing solutions for insurance companies easier to access for the industry. 

Since the start of the COVID-19 pandemic, e-commerce customers have grown increasingly familiar with "Buy Now, Pay Later" (BNPL) options at checkout - the retail equivalent of installment plans. Companies like Affirm and Klarna have become globally recognized brands, as a surge in online shopping helped the top 5 lenders in that space grow 970% from 2019 to 2021 (source - CFPB).

But unlike new BNPL entrants, Premium Finance Companies (PFCs) like Peoples Premium Finance have long standing existing relationships with their partners, and need no justification for the value they bring. PFCs work with their Agency partners to offer a BNPL option for the insured customer, but the process can involve multiple data entry points, added communications, and signatures from the insured before the policy can be bound. 

With ePayPolicy's latest feature release, Finance Connect, Peoples Premium Finance can now offer a level of convenience on par with retail offerings when paying premiums online.

"Premium financing is a core part of the insurance ecosystem," said Jeff Puffinburger, VP at Peoples Premium Finance. "We're always looking for ways to make it faster, easier and more secure. This helps with all the above, and we believe it improves the customer experience."

ePayPolicy's Finance Connect feature eliminates the complexities associated with the financing process, empowering Agents/Brokers to seamlessly offer their customer financing on every eligible invoice directly on the ePayPolicy payment page. The secure connection between Peoples Premium Finance and ePayPolicy allows the insured to review terms, sign the agreement and make the down payment all at one time.

"Central to the creation of Finance Connect was our intent to preserve existing partnerships with PFCs," added Engels. "We didn't want to try and take business from them or create a marketplace. We want to help both sides work together faster, for the convenience of the insured."

The integration between Peoples and ePayPolicy is live, and the company has confirmed that mutual customers have already begun using the new feature to enroll mutual customers in new financing agreements.

About ePayPolicy
ePayPolicy offers easier payment tools, built just for insurance. ePayPolicy's products bring insurance payments up to speed for Agencies, Carriers, Wholesalers, MGAs and PFCs, with secure online payment pages, automated check processing, payables reconciliation and more. 8,000+ insurance organizations trust ePayPolicy and their expert, live support team to handle their payments every day. Learn more: ePayPolicy.com

Media Contact:
Justin Jaksha
8443729300
376858@email4pr.com

Cision View original content:https://www.prnewswire.com/news-releases/epaypolicy-adds-peoples-premium-finance-to-finance-connect-platform-to-make-financing-easier-for-mutual-agentbroker-partners-302131071.html

SOURCE ePayPolicy

Copyright 2024 PR Newswire