Insurance Payments Company ePayPolicy Adds Product to Handle Checks
Insurance payments company ePayPolicy has expanded its digital payments platform to include a new product called CheckMate that helps the insurance industry rapidly route, process and reconcile paper check payments.
The company said in a Wednesday (Sept. 7) press release that its customers’ experiences align with recent PYMNTS research that found that check payments account for more than half of the payments in the industry industry, compared with a quarter or less of those in other industries.
“As easy as online payments are, we believe you can’t ultimately tell a customer they have to pay a certain way if they just don’t want to,” ePayPolicy CEO Mark Engels said in the release. “The insurance industry will eventually catch up in terms of digital payments, but we want to help our companies manage that gap in adoption now.”
With CheckMate, insurance companies can route checks to CheckMate locations for faster collection, schedule daily check collection and processing Monday through Friday, view check images and remittance details in a single dashboard that includes both digital and physical check payments, and reconcile check data with invoices from their accounting system.
This new product joins ePayPolicy’s other solutions, which include online payment pages, management system integrations, custom application programming interface (API) connections and network payables, per the release.
“We’re really fortunate to have such a clear focus on making insurance companies’ lives easier,” ePayPolicy Chief Product and Technology Officer Nish Modi said in the release. “CheckMate gives customers options with sacrificing efficiency, because it leverages the same tools we’ve come to be known for with electronic payments.”
PYMNTS research has found that 67% of insurance carriers say they view digitizing payments as an important part of their digital upgrade plans.
Read more: New Data: 67% of Insurance Carriers See Need to Digitize Payments
Among these insurance carriers, 64% say those upgrade plans are motivated by their desire to be less dependent on paper checks.