April 28, 2021 by ClearPay
TORONTO, ON, APR. 28, 2021/insPRESS/ – ClearPay, the leader in automating payment settlements and reconciliation for the Insurance Industry, announced today that 99% of carriers in Canada are accepting payments and reporting from brokers using ClearPay.
“We are excited to reach this milestone and our success in advancing the business of payments and policy reconciliation for hundreds of brokerages and over two hundred and ninety different insurance payees in Canada,” said John Knotek, Chief Executive Officer of ClearPay. “Our team has done a phenomenal job to meet the needs of the marketplace. We have proven the acceptance of the service and are thrilled with the benefits experienced by the industry everyday. While this is a great achievement, we are now focused on getting carriers to activate additional features so all brokers can benefit from ClearPay’s payables automation.”
ClearPay currently has forty-two carriers who have activated additional features. These features make ClearPay accessible to all brokers, regardless of the broker’s size or financial institution. This expansion of the existing service ensures that all brokers have economical access to payable automation, something that only a few years ago was believed to be impossible.
“Our service ensures that all brokers can benefit from payable and reporting automation directly from their broker management systems. However until all carriers have activated the enhanced features with ClearPay they are leaving many brokers behind.” continues Knotek. “We are grateful for the support of the first forty-two carriers that have activated the additional features. In order for the industry to experience the maximum savings of up to one hundred million dollars annually, the remaining carriers need to do the same.”
ClearPay’s standardization of reporting data and its assurance of funds are the fundamental building blocks for auto reconciliation. ClearPay enjoyed a banner year in 2020 and is expected to grow to moving $5 billion between brokers and carriers in 2021. With the corresponding growth in reporting associated with these payments, carriers’ accounting operations with custom ClearPay integrations in place will experience greater efficiencies. Later this year, ClearPay will deliver off the shelf integrations with two major systems making auto-reconciliation for more carriers not only a reality, but easy.
ClearPay is part of the AcordPay Group and was created by professionals with years of experience in the insurance and banking industries to automate payments and account reconciliation for the insurance industry. For more information connect with ClearPay on Twitter or Linkedin or visit clearpaycanada.com.
John Knotek – Chief Executive Officer