AUSTIN,
Texas, May 14, 2024 /PRNewswire/ -- Agile Premium
Finance, a division of First Financial Bank, has integrated new
capabilities through its partnership with ePayPolicy to
simplify premium financing payments for clients in the insurance
industry.
With ePayPolicy's latest feature release, Finance Connect, Agile
now offers its customers convenient online financing enrollment and
premium payment solutions. Finance Connect enables Agile customers
to apply for premium financing – including e-signed premium finance
agreements (PFA) – in a single, online session, utilizing secure
connections to the customer's systems and popular industry
management systems.
"We are excited to expand our insurance agency partner offering
to include Finance Connect, and believe this will be a significant
efficiency enhancement to all parties involved," stated Agile
President and COO, Bob
Przespolewski.
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 purchasing helped the top 5
lenders in that space grow 970 percent from 2019 to 2021 (source -
CFPB).
The convenience of BNPL at checkout has been estimated to
increase conversion rates by 20 to 30 percent, as well as
increasing cart value by 30 to 50 percent (source). But unlike new
BNPL entrants, many premium financing companies (PFC) have
long-standing relationships with their partners, and need no
justification for the value they bring.
"Central to the creation of Finance Connect was our intent to
preserve existing partnerships with PFCs," added Mark Engels, CEO ePayPolicy. "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."
More information on Agile Premium Finance can be found at
www.agile-pf.com.
Key Features
- Allows insurance companies to work with their existing PFC
partners.
- Premium financing options presented at checkout alongside
pay-in-full options.
- Simplified financing enrollment and upfront terms for
insureds.
- Easily generates consolidated PFAs.
- ePayPolicy is integrated with over 90 percent of the most
popular agency management systems, saving time and manual data
entry.
About ePayPolicy
ePayPolicy offers easier payment
tools, built just for insurance. ePayPolicy's products bring
insurance payments up to speed for agencies, carriers, MGAs and
PFCs, with secure online payment pages, automated check processing,
payables reconciliation and more. 8,000+ insurance companies trust
ePayPolicy and their expert, live support team to handle their
payments every day. Learn more: ePayPolicy.com
Media Contact:
Justin Jaksha
8443729300
377398@email4pr.com
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SOURCE ePayPolicy