Overview
InsurePay® Reconciliation is designed specifically for the insurance industry as a closed environment to transfer both the funds and the settlement information. The service provides the brokerage the ability to establish the amount payable, date and electronically approve payments to carriers.
Transfer funds from the brokers’ designated bank account to the Carrier for both monthly receivables and one-time payments. Properly formatted reconciliation data is delivered back to the Carrier’s accounting and policy administration systems.
Key Features
Seamless Integration to AMS
Ability to integrate to all major AMS’, allowing for brokers to start + finish within the AMS.
InsurePay Reconciliation runs silently in the background.
Easy Installation
- No upfront costs.
- Local installation of connectivity tool to provide data to generate electronic payment and transmission of relevant policy data.
Pay Electronically
- Funds are transferred automatically - no specialized banking services required.
- Broker authorized – payment amount and deposit date are controlled by broker.
- Only carriers or MGA’s can receive funds.
Multiple Users with Customized Authority Levels
- Choose differing levels of authority in the brokerage – ability to view only, generate payments, or approve payments.
- Remote approval, designated authorities in brokerage can approve payments wherever you have an internet connection – phone, tablet or computer.
Automated reconciliation report
- Data and funds are transmitted based upon brokerages entries into AMS.
- Carriers receive real-time reconciliation reports in their preferred format.
Bank Level Security
- Funds are transferred based on established and safe banking procedures.
- InsurePay Reconciliation utilizes a level of system protection on par with many international banking institutions, including 256 bit encryption and data exchanged with standard security protocols.
Key Benefits
Save Time
Reduce handling and secure storage costs associated with checks.
Reduce needless communication between accounting departments of brokerages and carriers.
Reports are generated automatically with the payment approval.
Eliminate duplicate entry.
Automated real-time payment notifications to carriers (avoiding cancelations.)
Save Money
No more expensive printing costs for checks.
No more courier charges.
No more chasing down signatures.
Significantly reduce bank fees for electronic debits vs checks.
Eliminate Check Fraud
The insurance industry is a popular target by fraudsters
Electronic funds transfer is proven to be safe and secure
Simple Implementation
- Low time commitment (wizard driven set-up).
- Support available 12 hours a day.
Broker Controls the Date and Amount of Payment
- Know the exact date and amount that are going to be debited.
Instantly Have Access to Pay all your Carriers Electronically
- No need to maintain carrier account information.
- No need to log in to bank sites to make payments.
