TRUPAY®

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Overview

TRUPAY® is a SaaS pay-as-you-go billing platform designed for insurance companies to cost effectively offer their workers comp policyholders the convenience of automatically paying insurance premiums each payroll period. TRUPAY® uses real-time payroll data provided by the payroll company or the policyholder to calculate workers comp premiums based on current carrier rates and invoices and collects the premium via ACH each pay-period.

Key Features

  • SaaS solution which is white labeled for each customer
  • Connectivity to hundreds of payroll providers, inlcuding Intuit's QuickBooks
  • Flexibility in reporting payroll
    • Policyholders can report payroll each pay period, weekly, bi-weekly, semi-monthly and monthly
    • TRUPAY® can take automated feeds from payroll companies or policyholders can self-report using a custom spreadsheet, the TRUPAY® Template or through the TRUPAY® web interface
  • Built-in NCCI and state bureau rules (for capping, payroll mininums and maximums)
  • Premiums are invoiced automatically each reported payroll period
  • Multiple built-in reports including an Audit Report that is generated automatically at the end of the policy period

Key Benefits

  • Cashflow for policyholders
    • No downpayment with pay-as-you-go billing
    • Workers comp premiums are calculated using current rates and real-time payroll data
    • Premium payments are spread across payroll cycles
  • No software to install
  • Increased customer retention, typically 3-4% higher
  • Lower audit costs for the insurance company since they have payroll data available
  • Reduced audit surpises for the policyholder
  • Sales tool for agents to compete
  • NCCI and state bureau rules ensure accurate calculation of workers comp premiums

Product/Service details

SOLUTION OR SERVICE TYPE