TORONTO, ON, November 1, 2021/insPRESS/ – AcordPay, the leading digital payments platform for the insurance industry, announced today that it is expanding its payment integration with Applied Epic. Brokerages will be able to pay vendors, refund premiums to customers, and send other payables from Applied Epic with the ClearPay service functionality enabled.
“For the past five years brokerages using Applied Epic have benefitted from the ClearPay service’s capabilities of carrier payable and reporting automation” said Mike Senechal, Chief Executive Officer of AcordPay. “We are excited to be able to expand this automation to all types of payables.”
With this expansion, brokerages will be able to automate payables to all payees and leverage the operational efficiencies that AcordPay provides. With automation in place, brokerage personnel will no longer need to chase down signatures, send emails to payees or log into bank sites.
The enhancements also extend to MGAs on Applied Epic, who will also be able to simplify their payable process. MGAs will have the added capability to automate commissions payable and reporting to all brokerages; and the brokerages will benefit from automated direct deposits and secure access to commission statements.
“We welcome the additional payables capabilities that AcordPay is bringing to our valued customer base,” said Steve Whitelaw, Vice President and General Manager Canada, Applied Systems. “We are excited to expand this successful integration and look forward to our mutual customers experiencing the benefits.”
AcordPay is the leader in insurance payments technology, providing a suite of services for collecting premiums (Credit Card, Debit Card, ACH, EFT and Interac), receivables management and settling claims, premium refunds and reconciling payments between brokers and carriers through its ClearPay service. Brokers, MGAs, Carriers and other insurance solution providers rely on AcordPay’s payments-as-a-service platform to ensure flow of funds throughout the insurance policy lifecycle. With offices throughout North America, the insurance industry relies on AcordPay to process billions of dollars per year in digital payments.