"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
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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